Aquia Solutions | Risk Management
Don’t fool yourself into thinking that cyber security is the end-all-be-all. It is impossible for Cyber security to prevent all cyber attacks. At some point, your business will be threatened by any number of malicious actors; and if your business still survives, consider yourself lucky.
Why Cyber Security Risk Assessment & Management is important for your business?
The ones that do survive understand that cyber security comes down to one basic concept: Risk Management. Cyber security is not just a software you install on a computer, it’s a step-by-step approach to reduce the risk of your network being compromised and having your data breached.
There are numerous areas for attacking an information system: fraud, malware, social engineering, exploitation, credential, and infrastructure. These can be further broken down into their individual categories which are then refined by their evolving methods. You can then understand why no single tactic will eliminate all forms of cyber crime.
Cyber Security Risk Management is your next best option
Think about how you would manage your risk, in terms of data, and you’ll begin to gain a unique perspective of how that data should be handled.An excellent question to ask yourself when assessing your risk:“If our data was exposed, manipulated, or permanently inaccessible; which datasets would cause our business to experience…”
- Minor Disruption?
- Financial Damage?
- Total Shutdown?
Answering these questions provide you a sense of how critical your data is to the business. You need to understand that not all data needs the highest level of protection. Instead, your information systems should be categorized by the type of information it contains and level of impact it poses if breached.
If it’s been a while since you’ve inventoried and categorized your data, then it may take some time. And if you’re unsure of how to categorize your data, then it’s time have a conversation with your risk management lead.
What is Cyber security Risk Framework?
As part of an organizational risk management strategy, a Cyber security Risk Framework is a structured process of identifying and implementing security measures that reduce the risk of operating your information systems.
There are several recognized risk management frameworks available depending on your business needs. The three listed below are the most commonly used risk frameworks as they encompass a wide range of risk categories.
- National Institute of Standards and Technology (NIST)
- Control Objectives for Information and Related Technology (COBIT)
- International Standards Organization (ISO)
Trying to decide which risk framework is right for your business can be extremely overwhelming. It becomes even more confusing when you already have an enterprise risk management (ERM) strategy and are looking for ways to integrate an IT risk management strategy. Should you choose a single strategy or look for a hybrid approach?
If you don’t have a risk framework, don’t know if your current risk framework is appropriate for your business, or simply need advice about which framework is best for your situation; we encourage you to do a bit of research on the matter by talking with your risk management lead. If you don’t have a risk management team or would like to supplement your existing team with a Cyber Risk Management team, allow us to help you by talking with one of our experts.