Organizations are considering enhanced cyber risk management standards for organizations to increase their operational resilience and reduce the potential impact on the financial system as a result of a cyber-attack at a firm or a failure to implement appropriate cyber risk management. With increasingly advanced and persistent attacks and the simple fact that every organization must protect itself against all varieties of attacks (while an attacker only needs one successful attempt), organizations must rethink their cybersecurity concepts.
Investing in cyber threat research and publishing your findings helps foster collaboration between the private sector, security industry, and trusted third parties to bolster a strong, united front against cyber-attacks. One of the challenges to collaboration has been the technical nature of the cybersecurity environment, an abiding condition that must be addressed when organizations embed both the risk function and risk thinking in their cybersecurity strategy. Information security professionals are the foundation of data security, and security professionals associated with IT prioritize resources first before dealing with threats.
High velocity works with organizations to develop a sophisticated, multi-pronged approach to identifying, hiring, and retaining the talent needed to address cyber threats. The market in cyber risk insurance is still developing, with options of first-party insurance involving a policy that applies to oneself or property, covering instances of trade secret theft or extortion, and third-party risk, which is protection against the actions of another, as in the case of cyber attackers. At the strategic business level, organizations must meet more demanding user expectations, reduce risk, and control costs, all while keeping the operational lights on and leveraging innovation to drive growth and performance.
Cyber incident management helps mitigate the risks associated with internal and external threats as well as helping your organization maintain regulatory compliance where required. Your cybersecurity services should provide an integrated approach to ensuring optimal protection against suspicious activity, data theft, crippling attacks, and security threats across your IT infrastructure. They should also cover the strategies, implementation, and management of your organization’s information continuity plan, mitigation of cyber vulnerabilities, and incident response and analysis protocols.
Performing data analysis and interpreting the results lets you identify vulnerabilities, threats, and risks to your organization. Ignorance of these threats has never been a legitimate defense against liability and so, by incorporating sound risk management principles into your cybersecurity programs, you are protecting yourself in the event of an incident and its aftermath.
Many organizations have set up defenses to keep hackers on the outside to protect the information of customers and organizations. You need to offer a range of risk management and risk transfer solutions to enable you to assess, manage, and respond effectively to the cyber threats which your organization faces on a daily basis.
Cybersecurity is comprised of an evolving set of tools and risk management approaches designed to protect an organization’s technologies, devices, programs, and data from attacks or unauthorized access, as well as to assist in the deployment and management of enterprise risk management strategies. Innovative solutions utilize emerging technologies to support organizations in optimizing security programs, creating a mature security environment, and operating new business processes.
Success depends on your organization’s ability to protect its proprietary information and customer data from those who would abuse it. Good policies maximize the ability of organizations to complete critical or essential missions or business functions despite an adversary presence in their systems and infrastructure threatening mission-critical systems and system components.
Want to check how your Cyber Security Risk Management Processes are performing? You don’t know what you don’t know. Find out with our Cyber Security Risk Management Self Assessment Toolkit: