For many organisations, the concept of risk management is a term that they only relate to investments or possibly the launch of a new product. Few have instituted the critical actions of risk management when it comes to cybersecurity. This attitude can be compared to the “it won’t happen to me”perspective, and when it comes to a major cyberattack that you were unprepared for, it can mean the loss of your proprietary data, your customer information, and the downfall of a company.

The generic definition of risk management is the process of assessing, identifying, and controlling any and all potential threats to the earnings and capital of an organization. When referring to “threats”, it can encompass all of those that result from any source. It is time to include cyberattacks as part of risk management considerations.

Using ISO Standards for Cybersecurity:

ISO has established a clear line for risk management and recommend the main principles as part of the process of risk management. These should be incorporated into network, user, and website security. The ISO standards as well as others that are similar to them, have been created as part of a worldwide method for implementation strategies in best practices.

• The process should create value for the organisation.
• It should be an integral part of the overall organisational process.
• It should factor into the company’s overall decision-making process.
• It must explicitly address any uncertainty.
• It should be systematic and structured.
• It should be based on the best available information.
• It should be tailored to the project.
• It must take into account human factors, including potential errors.
• It should be transparent and all-inclusive.
• It should be adaptable to change.
• It should be continuously monitored and improved upon.

Risk Management requires Time, Resources, and Investment

There is no doubting that the process and strategies of risk management can be a costly venture. However, just as in the analysis of a potential success or failure of any portion of the organisation, ignoring cybersecurity as a risk could be catastrophic.  The steps involved in general risk management should be applied to cybersecurity and involve all team players and professionals involved in maintaining the integrity of your company information.

• Identifying the risk:Participants define and identify possible risks that could cause a negative company situation.

• Analysis of the risk: Once identified, the company analyses the odds of occurrence and extrapolates the consequence results. The ultimate goal is to understand each risk level and how it might create a cause and effect for the projects and objectives of the company.

• Evaluation and assessment of the risk: This takes things into a deeper level as it may be determined that there is a likelihood of occurrence. Decisions are then made as to whether the risk would be considered acceptable and if not what actions will be required to protect against it.

• Mitigation of the risk: A company will assess the highest-ranking risks and then develop plans involving specific risk controls that will reduce or eliminate the possibility of the occurrence. This includes mitigation, prevention, and a full contingency plan in the case that the risk indeed occurs.

• Monitoring the risk: This is a subset of risk mitigation as it involves complete follow up on the overall plan and a constant system of tracking and monitoring both existing and new risks.

As professionals in the cybersecurity world, Da Vinci Forensics will work with an organisation to establish and create a risk management solution that matches your company needs. Our goal is to maintain the type of crucial information exchange that is required in today’s cyber world so that your team can protect proprietary company data.

Da Vinci Forensics

Source:

Tech Target

Computer Weekly