10 Considerations for Cybersecurity Risk Management
New cybersecurity services, data breaches, attack methods, and newly uncovered vulnerabilities appear every year. The strategy for dealing with cyber threats is the same regardless of zero-day vulnerabilities like EternalBlue: a solid risk management framework with a methodical approach to risk assessment and response.
The constant process of discovering, evaluating, and dealing with risks is known as risk management. In order to manage risk, you must first evaluate the possibility and potential consequences of an event before choosing the optimal strategy, such as avoidance, transfer, acceptance, or mitigation.
You must eventually decide which security measures (prevent, deter, detect, fix, etc.) to implement in order to reduce cybersecurity risk. The fact is, not all risks can be completely removed, and you don’t have an endless amount of money or staff to deal with every risk. You may lower your cybersecurity risk by using some doable methods.
Managing the impacts of uncertainty in a way that is economical and makes the most use of the limited resources available is the goal of an effective cybersecurity risk management approach. Ideally, risk management aids in the early identification of risks and the implementation of suitable mitigations to avoid incidents or lessen their impact.
This encourages thoughtful decision-making within the framework of your goals and typically includes the following six components:
- Alignment to your goals and objectives
- Identification of risks
- Assessment of risks
- Selection of risk response
- Ongoing monitoring of risks
- Communication and reporting on risks
Tips for Developing Your Cyber Risk Management Strategy
Build a Risk Management Culture
Firstly, Leaders must instill a culture of risk management and cybersecurity throughout the company. Leaders and managers can assure proper staff involvement, accountability, and training by designing a governance structure and conveying intent and expectations.
A risk management culture is essential given that the average cost of a cyber attack exceeds $1.1 million. There is a major negative business impact in addition to the financial losses; 54% of businesses report a loss in productivity, 43% report unhappy customers, and 37% report a decline in brand reputation.
Data breaches are expensive, costing an average of $4 million globally and $8.19 million in the United States.
This is why the core of risk management is creating a cybersecurity-focused culture across your entire organisation, from part-time employees to board members.
Ensure Proper Cyber Hygiene
Firstly, in managing cyber risk is to implement effective cyber hygiene practices.
The idea of personal hygiene in public health literature is analogous to the concept of cyber hygiene in cybersecurity.
“Cyber hygiene should be viewed in the same manner as personal hygiene,” according to the Agency for Network and Information Security (ENISA) of the European Union. “Once properly integrated into an organisation, it will be simple daily routines, good behaviours, and occasionally checkups to ensure the organization’s online health is in top condition.”
Ensure You Comply With Relevant Regulations
The requirements for regulatory compliance increasingly include risk management, notably third-party risk management and vendor risk management.
This is especially true if you work in the financial services or healthcare industries (HIPAA) (CPS 234, PCI DSS, 23 NYCRR 500). That being said, the advent of general data protection legislation like GDPR, LGPD, the SHIELD Act, PIPEDA, CCPA, and FIPA has resulted in the need for risk management in the majority of enterprises.
Your IT security staff cannot bear the entire responsibility for enterprise risk management and cybersecurity.
While cybersecurity experts make every effort to account for all potential threats, no security programme can be properly executed without the support of the entire enterprise.
Every employee must be informed of potential dangers, including social engineering assaults like phishing, email attachments that distribute malware, or misuse of access control and privilege escalation, according to your information security regulations.
Pay Attention to Your Threat Environment
CISOs frequently neglect to consider the context in which they operate. For its high-profile CEOs, organisations should think about investing in OPSEC and social media training. However, Cybercriminals are increasingly launching sophisticated whaling attacks utilising data they have obtained from open sources like LinkedIn or Facebook.
A whaling assault is a kind of phishing attempt that targets senior executives, including the CEO or CFO, in an effort to acquire confidential data from a business.
Invest in Security Awareness Training
You need adequately qualified people at all levels who can identify hazards and carry out the processes and procedures required to reduce such risks in order to fulfil your cybersecurity plan.
Every organisation, but especially those that depend significantly on contract workers or outside vendors, needs regular training.
Teamwork is a must in security. Everyone needs to be aware of how cyber attacks could affect their business and what they can do to assist prevent them.
Dashboards with pertinent data are an example of an information-sharing tool that can keep stakeholders informed and interested.
A security ratings solution that can deliver a single, simple statistic that nontechnical stakeholders can comprehend would be worth investing in. Here is more information on security ratings.
Implement a Cybersecurity Framework
It’s crucial to put in place a suitable cybersecurity architecture for your business. Usually, your industry’s adopted standards or legal requirements will determine this.
- Firstly, Payment Card Industry Data Security Standards (PCI DSS): A security protocol for businesses that manage branded credit cards from significant credit card networks.
- Secondly, As a member of the ISO/IEC 27000 family of standards, ISO 27001 is one of the most well-known and widely applied information security standards.
- Thirdly, CIS Critical Security Controls: A prioritised list of cybersecurity measures that together comprise a set of explicit and implementable best practises for defense-in-depth to lessen the most frequent cyberattacks. The CIS Controls prioritise and concentrate on a small number of behaviours that significantly lower cybersecurity risk, which is one of their main advantages. Here is further information on the CIS Controls.
- NIST Cybersecurity Framework: A framework for private sector enterprises in the United States to effectively manage and mitigate cybersecurity risk. It is based on current standards, recommendations, and practices. As of 2015, 30 percent of American firms were utilizing the framework as best practice;
Prioritize Cybersecurity Risks
Budget and human resources are scarce at your organization. You need information, such as historical trends, prospective impacts, likelihood of impacts, and when the risk may manifest itself, in order to prioritize risks and responses (near term, medium term, long term).
Encourage Different Points of View
The problem is that cybercriminals don’t frequently hold the same opinion. Malicious actors are more likely to employ unconventional thinking or your external security posture to find vulnerabilities in your system that you might not have thought of cybersecurity services.
Encourage team members from all disciplines to consider and debate various attack possibilities as a result of this. This variety of thought will aid in identifying more dangers and potential outcomes.