Enterprise Cyber Risk Management, also known as Cybersecurity Risk Management, involves the process of identifying, analyzing, and managing risks related to computer infrastructure.
Cyber risk represents a constant threat that all companies and public organizations must address. The process of digitization and the proliferation of new technologies are leading to an increasingly frequent production of data, as evidenced by the convergence of OT and IT Security.
This trend, while a development factor, also brings with it elevated risks due to the increasingly frequent and evolving nature of cyberattacks.
These attacks can potentially cause catastrophic damage, such as the breach of sensitive data, interruption of operational continuity, and harm to the organization’s reputation.
Adopting a comprehensive and structured Enterprise Cyber Risk Management strategy at the corporate level is an essential requirement to protect against cyber threats, preserve data integrity, and ensure operational continuity.
The Enterprise Cyber Risk Management Process
- Phase 1: Risk Identification
In the first step of information risk management, companies identify and classify all potential security-related risks.
This phase involves the analysis of data, resources, and external threats. It aims to identify weaknesses in systems and procedures, such as software vulnerabilities, unauthorized access, malware, and internal threats.
- Phase 2: Risk Assessment
Once risks are identified, the assessment is conducted to determine the potential damage and the likelihood of occurrence.
This phase helps classify risks based on their severity. For example, some risks may have a significant impact on data confidentiality, while others may affect system availability.
- Phase 3: Risk Mitigation
After identifying and assessing risks, the company develops a mitigation strategy.
This may include implementing security controls, updating software, educating employees, and other measures aimed at reducing the likelihood of an incident and its impact, thereby protecting the company from potential harm.
- Phase 4: Continuous Monitoring
Information risk management is an ongoing process. Companies must constantly monitor the digital environment to detect new threats or changes in circumstances.
Monitoring includes intrusion detection, server log analysis, and updating security policies based on evolving threats.
- Phase 5: Communication and Reporting
Communication is crucial. Companies must share information about threats and actions taken to address them within the organization.
Creating regular reports allows executives to understand the state of cybersecurity and make informed decisions.
Benefits of Cyber Risk Management
- Increased Security: an Enterprise Cyber Risk Management strategy helps protect sensitive data and digital resources, reducing the risk of breaches and data loss.
- Privacy Compliance: many sectors are subject to strict cybersecurity regulations. Cyber risk management helps ensure compliance with these regulations.
- Cost Reduction: preventing incidents is more cost-effective than managing their consequences. Investing in cybersecurity can reduce costs related to data breaches and repairs.
- Enhanced Corporate Reputation: effective risk management demonstrates to customers and partners that the company cares about their privacy and security.
- Operational Continuity: minimizing cyber risks ensures operational continuity, avoiding unexpected disruptions in business processes that can cause significant financial losses.
- Competitiveness: companies with strong cybersecurity strategies can be more competitive in the market and attract new customers.
CyberTrust 365’s Approach to Risk Management
CyberTrust 365 offers Enterprise Risk Management (ERM) services, assisting companies in defining their strategy and managing all activities related to the risk management process.
What sets CyberTrust 365 apart is the development of in-depth prevention activities combined with incident response.
Proactive monitoring of potential threats allows intervention before attacks manifest, a fundamental requirement for continually improving an organization’s security posture.