In the information age, cyber threats are ceaselessly growing. Adopting the Cybersecurity Risk Management approach is the most effective way to keep your business or organization secure from the risk of cyber attacks. Cybersecurity Risk Management is identifying, analyzing, evaluating, and managing potential security risks to an organization to minimize their impact or keep them at bay. Ransomware, Phishing, Data Leakage, Hacking, Malware, Distributed Denial of Service (DDoS), Spam, Corporate Account Takeover (CATO), and Insider Threats are some of the significant cyber risks you need to be aware of.
A risk-based approach helps identify the most potential cyber threats that may cause negative impacts on organizations, such as ransom payments, fraudulent money transfers, drop in sales, decreasing company valuation, and productivity losses. The Cybersecurity Risk Management process provides guidelines to handle a variety of cyber threats and measures to manage security challenges.
Risk management in cybersecurity involves numerous process flows, such as asset inventory, risk assessment, and risk treatment. Risk treatment provides another four options, including risk acceptance, risk mitigation, risk transfer, and risk avoidance to treat risks. In general, the risk management process in cybersecurity consists of four parts: risk identification, risk assessment, risk evaluation, and risk treatment.
Now, we will thoroughly delve into each step involved in managing risks related to cybersecurity. We can apply these steps to risk management for daily business needs and requirements.
Steps for successful risk management process in cybersecurity
1. Risk identification
The first step in cybersecurity risk management involves the identification of risks using an approach that divides risk into two parts- trigger and consequence. Trigger implies some adverse events, whereas consequence stands for the event’s outcome. You can identify risks with the help of experts in your team. You can take instances from recent projects and use standard risk lists to identify potential threats.
2. Risk assessment
Accessing a risk is another significant step in the risk management process. Risk assessment analyzes how considerable the threat is. In this process, you have to evaluate an organization’s exposure to unpredictable events or threats that are likely to impact everyday business. Effectively assessing an organization’s risks helps protect assets and save resources.
3. Risk evaluation
Risk evaluation takes place after analyzing risks. This process involves estimating risks against the risk criteria established by the organization. The organization’s risk criteria include associated costs, economic factors, and other legal requirements.
4. Risk treatment
It is the final stage in the risk management process. In this stage, organizations implement policies to minimize or keep threats at bay. Risk treatment has four options: risk acceptance, risk mitigation, risk transfer, and risk avoidance. As risk management is a continuous process, organizations must revisit their policies yearly to ensure safety.
The digital world is prone to several cyber attacks, so there is a massive demand for professionals with expertise in cyber security risk management. According to Indeed, an Information Security Analyst in Canada makes CAD 83,658 annually. So, enroll in a top Canadian institute’s Cybersecurity Risk Management course now!