Your organization cyber security policy outlines your guidelines and provisions for preserving the security of your data and technology infrastructure. Many organizations still prioritize bricks and mortar over informational assets and data, but it is crucially important when insuring assets that you know your cyber risks. These policies are sold under a number of different names, including cyber risk, information security, privacy, and media liability coverage.
You need a comprehensive range of cyber security and data privacy services to help you assess, build, and manage your cyber security capabilities and respond to incidents. All those who manage security, from systems administrators to senior managers, need a succinct understanding of your organization’s potential threats and ability to respond to those threats. IT staff should conduct a robust risk analysis, which will generate data on the types of information and information systems that need security controls and therefore serve as the foundation of a strong and effective risk management plan.
A cyber security policy should be included as part of the employment agreement. Yellow or elevated indicates a significant risk due to increased hacking, virus, or other malicious activity that compromises systems or diminishes service. After you have determined what risks exist for your project and assessed importance, you need to choose a strategy for dealing with each risk if and when it comes into play.
Management identifies and evaluates risk which has to be controlled, minimized, or accepted. Well implemented physical security protects the facility, resources and equipment against theft, vandalism, natural disaster, sabotage, cyber-attack, and other malicious acts. As a rule, from an IT management perspective, your risk appetite should inform your due diligence, ongoing monitoring, and willingness to invest in reducing risk.
In ideal risk management, a prioritization process is followed whereby the risks with the greatest loss (or impact) and the greatest probability of occurring are handled first, and risks with lower probability of occurrence and lower loss are handled in descending order. As a security professional, it is your responsibility to work with management and help them understand what it means to define an acceptable level of risk. It is therefore up to security professionals to help their executives become more cyber security literate and thereby assist in framing security considerations as an integral part of any risk/opportunity discussion, as well as a wider enterprise risk management strategy.
DDOS attacks against exposed cyber infrastructure, electronic jamming of wireless transmissions, vulnerability exploitation, and credential brute forcing attacks all scored the highest risk. Having a defined risk tolerance level means the security program knows the degree that management requires the organization to be protected against confidentiality, integrity, or availability compromise. While privileged access to such accounts typically requires managerial approval for security reasons, it is usually an inefficient manual process that lacks any auditability.
Cyber risk management has become a fundamental component of business operations, and understanding and mitigating risk has become an essential skill for business leaders, analysts, and security and technology specialists. Risk management should prevent or reduce the likelihood of damage to its information resources through implementation of security controls to protect a system or technologies against natural, human, and environmental threats Moreover, you can even integrate your services with your existing solutions to support existing workflows, streamline your operations, and simplify compliance reporting.
To summarize, a risk is the likelihood that damage, loss or injury will have to be caused by a hazard and how severe it may be. Assess the overall security posture of the system to determine the impact of the data type and the security holes in it. Your cyber security solutions should use data and analytics to help you understand your security posture and protect your business from the threats most likely to impact it.
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: