Protect Your Assets with Cyber Risk Management

Information security threats drawn by a hand

Cyber threats come in a variety of forms, and no business is the same when it comes to what their unique risks are. As a result of this, there is no one sizes fits all approach when compiling a strategy for mitigating these cyber risks. No matter what the unique security business are, the process for creating and executing the right security plan to handle these cyber threats will also be similar. Here is a list of some essential points businesses should consider when composing a strategy for their cyber risk management:

Use a Cyber Security Framework

An effective framework that has its basis in the company’s specific industry is a good place to begin since it is at the core of the cyber security management plan for the business. For instance, the National Institute of Standards and Technology (NIST) Cyber Security Framework is being used across a variety of industries. This framework provides business of all sizes that are in a variety of industries the backbone needed to strengthen their cyber security efforts. The framework also lists five functions by which data is managed – identify, protect, detect, respond, and recover. From there, the framework outlines action items as to how a business could better secure these five core functions.

Determine the Scope

However, identifying a framework to use is only one piece of the puzzle when determining a cyber risk management plan. The program’s scope needs to be identified, as well. More specifically, the plan needs to be as specific and address all the elements that will be used to protect the company’s assets. For instance, with most businesses, the scope will include networks, personal computers, and other devices. In fact, the scope will include anything that is connected to company’s network, even a computer-controlled thermostat, automatic doors controlled by a computer, and anything else that is accessible to the company’s internet connection. Savvy hackers can take advantage of anything that is unprotected so nothing should be left out.

Prioritize the Risks

Because a company’s resources are usually not unlimited, the goal is to develop a cyber risk management that maximizes protection using the resources they have available. To do this, a good first step is to prioritize the risks that make the company’s resources most vulnerable and then develop a strategy for combating these issues. For instance, weak passwords or passwords that haven’t been changed in a while continue to be a problem and to solve this issue, companies can put a strategy in place to encourage employees to strengthen their passwords and change them on a regular schedule. For most companies, it isn’t necessarily a good use of resources to come up with a security strategy for everything.

Since each business is different, cyber risk management protocols won’t be the same from one company to the next. Developing effective ones for businesses of all sizes requires some advanced research, such as using a cyber security framework, identifying the company’s unique risks, and determine which of these risks has a higher priority.

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