Cyber Risk Management

What Is Cyber Risk Management? Frameworks and Strategies to Know

Explore strategies and frameworks to help secure your organization’s digital infrastructure.

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Cyber Risk Management FAQs

Cyber risk management is the continuous process of identifying, evaluating, and addressing threats to your digital assets, such as customer data and cloud infrastructure. It involves deciding which risks to mitigate, accept, or transfer through insurance, all based on your organization's specific goals, resources, and tolerance for risk.

A robust cyber risk management strategy helps protect your organization's critical digital assets from a variety of threats, including external attacks, insider misuse, and misconfigured applications. It ensures you are prepared for evolving compliance requirements and can maintain a strong defense against modern security challenges.

A comprehensive cyber risk management strategy should include several key components: governing policies and roles, identifying critical systems and data, protecting assets with appropriate safeguards, detecting threats, and having a plan to respond and recover from any security incidents that may occur.

Cyber risks can be categorized into operational risks, such as system outages and software bugs, and insider threats, which involve employees, contractors, or vendors who may misuse their access to sensitive data, either intentionally or accidentally. Both types of risks can disrupt daily activities and compromise security.

Traditional defenses like firewalls and antivirus software are no longer enough because of the shift to cloud services, SaaS applications, and remote work. These changes have expanded the digital landscape, making data more vulnerable. A Zero Trust approach is now often adopted to address these modern security realities.

The cyber threat landscape has evolved from primarily external threats to include significant risks from within an organization. Insider misuse, misconfigured applications, and software supply chain attacks are now major security concerns. This shift requires a more comprehensive approach to security.

Effective cyber risk management involves embedding cybersecurity into the overall business strategy, engaging leadership, and promoting a culture of security awareness. It also requires collaboration, building resilience across supply chains, and preparing for recovery and business continuity in the event of a breach.