Cybersecurity Risk Management

9 Steps for Effective Cybersecurity Risk Management

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Cybersecurity issues are becoming more alarming as businesses strive to have normal operations in their daily activities. According to Purplesec, cybercrime has surged up to 600% due to the COVID-19 pandemic. Repercussions from an attack lead to grave impacts on business objectives.

Enhancing the security of your organization will build a mightier defense system as attackers are attracted to vulnerabilities present in your asset. To fight off malicious attacks, it’s essential to have an effective risk management plan for your organization. Read on to find out how to go about implementing one and the benefits you will reap.

What Is Cybersecurity Risk Management?

Cybersecurity risk management is the action of prioritizing cybersecurity measures in regards to possible consequences of vulnerabilities within the process. IT professionals depend on technologies and combinations of strategies to protect their organization against cybercrime.

Cybersecurity risk management is similar to real-world risk management, but takes place in the cyber world. The need for cybersecurity risk management grows as the volume of compromised systems, stolen data, and damaged reputation increases with hundreds of cybercrimes happening every day.

Why Is Cybersecurity Risk Management Important?

Cybersecurity risk management ensures that an organization keeps vulnerabilities or flaws in check. Along with cyber threats and attacks that can possibly be done to your organization, cybersecurity risk management involves the identification of risks while applying regulatory actions and thorough solutions to ensure protection. It is essential that every organization is ready and well-prepared with a cyber risk management plan in place.

This gives awareness to business partners, decision-makers, and staff about the cyber risks that can be exploited during their normal operations. Gaining knowledge on threats that your business may have through cyber risk assessments can help you prevent further damage and eliminate the likelihood of being attacked. Cybersecurity risk management, when done properly, can lead you to these objectives: cyber risks and attacks are mitigated, operational costs are reduced, business revenue/assets are protected, and business reputation is further increased.

Guide to a Rewarding Cybersecurity Risk Management Framework

To ensure effective cybersecurity risk management and fight off malicious attacks, make sure to follow this checklist:

1. Understand the organization’s security landscape

It is essential for the security team to have a clear overview of the organization’s security landscape. Immediate response is required whenever a cyberattack occurs, and it will take longer to tackle the threat if the security team does not have a clear perspective of the security architecture. Knowing and understanding the organization’s landscape, from the location of servers and devices down to the location of pathways leading to the fire exit, is essential to provide speedy reaction when a security breach is present and to contain further damages.

2. Identify the gaps

Look for loopholes along the process. . It is better to be wary of gaps and flaws before a breach happens, rather than be sorry later on with the high cost of the consequences. Prioritize security risks accordingly. Also, it is specifically important to constantly check risks with high levels of impact.

3. Create a team

Creating a cybersecurity team to address emerging security threats can be quite difficult. Because cybersecurity requires a committed full-time team, it is more likely that highly experienced staff should be deployed. It is also recommended to staff up cybersecurity teams from the core backbone of your organization. It is better to expand an internal staff’s skills with trainings and programs related to the work rather than hiring a skilled worker from the outside. Aside from providing your employee with extra credentials, it provides them with enhanced productivity to do better at their work.

4. Assign responsibilities

Every employee in the organization must be aware of the possible risks and know the suitable actions to prevent breaches. The challenge of maintaining cybersecurity cannot be thrust on only the IT or security teams. Duties and responsibilities should be given accordingly to other employees in order to guard the organization against human-related intrusions. Do not assign all cybersecurity tasks to one team. Provide policies and tasks to different teams and departments so that there can be an optimized strategy regarding which teams are responsible in case of an intrusion. The better organization of teams, the faster they can inform others for a speedy response and recovery.

5. Train and upskill employees

The implementation of an organization’s cybersecurity plan won’t come to life without experienced staff. An employee without knowledge can become a liability to a company, instead of being an asset. You need to train staff with risk management programs to encourage a security-aware workspace. Risk management trainings ensure that employees are knowledgeable on how to use systems and tools that are essential to mitigate risks. A trained employee has a better understanding of the different levels of procedures and systems, and can spread wiser productivity to other employees within the organization.

6. Implement cyber awareness across departments

Information security policies should be enforced after assessing risks. These policies outline the risks that have been determined and the measures that the organization has decided to implement to prevent disruptions to a greater extent. Information security policies shall also be in a document. This document provides cyber awareness to all other employees within the organization, for them to have a clear understanding of each risk, relevant controls and strategies needed, and how they can maintain the security of the company.

7. Implement a risk management framework

Enforce the suitable cybersecurity risk management framework for your organization. Frameworks are normally determined by the standards embraced by your industry. The most frequently embraced cybersecurity frameworks are: PCI DSS, ISO 27001/27002, CIS Critical Security Controls, and NIST Framework for Improving Critical Infrastructure Security.

8. Develop risk assessment programs

A cybersecurity risk assessment aids organizations in evaluating their vulnerabilities and gain an understanding on the best ways to handle them. The risk assessment program allocates the parameters for the comprehensive organizational configuration, assets, responsibilities, and documented procedures used to outline and implement cybersecurity risk assessment plans.

9. Create and maintain a sound incident response and business continuity plan

A business continuity plan covers the actions an organization must take to make sure its critical processes continue with its normal operations in the event of a major disruption. This plan is typically put into paper, in which the document is frequently tested, developed, and improved to ensure that the organization has recovery strategies prepared for tragedies that can happen any time ahead.

Assess Your Company’s Cyber Risks!

Being in charge of your organization’s cybersecurity is a nonstop challenge, as unique and more sophisticated cyberattacks come out every day. Security teams exist to protect organizations from losing important and confidential data from these attacks. Being a Certified Chief Information Security Officer (CISO) amplifies the security of your business thanks to the enhanced cybersecurity skill sets and knowledge you bring. At EC-Council, we’ve established the most flexible and cost-effective training program to help you acquire the credentials and skills you need as an executive in cybersecurity.

What are you waiting for? Enroll now and assess your cybersecurity skill sets!

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