Relationship between Cyber Security and Risk Management
By: Swati Verma
Tags: Cybercrime, Information Security, Cybersecurity, Risk Assessment, Risk Management

Cybersecurity threats are an everyday problem, it is something that we can’t ignore, and it should not be a concern only for the IT department, this is something that puts at risk all the employees and sensitive information of the client and company. Risk management is the concept where strategies, technologies, and users are educated to safeguard from the severe cyber-attacks that can make the company vulnerable at the hands of the attack. So, the relationship between them is that risk management helps to safe and well-informed from any kind of cyber-attacks, it follows guidelines that help to find risk areas, applies measures and actions that help to resolve the risks and mitigates solutions to keep the company protected. It helps to improve the cybersecurity framework, it saves us from lawsuits that any client may file due to security concerns, saves us from financial and operational risks. In certain situations, such as low-risk incidents do not have much impact on the company but in case of high-risk incidents where probability might be equivalent to zero but in these scenarios, we don’t stand to take a chance, in these cases risk management helps us to mitigate solutions. As an IT manager, I will use the concepts in the management of IT risks within your company as follows -

“A Risk Breakdown Structure (RBS) approach was proposed for managing the risks of CPS. Countermeasures were proposed based on the risk matrix method and classified. Risk values were introduced in an information security management system (ISMS) and quantitative evaluation was conducted for detailed risk assessment.” I will implement best practices and approach to secure our systems so that we can immediately detect any potential issues, it will help us to be more forthcoming. In this way, we can take care of vulnerabilities and make sure that they do not become a threat. “Using a risk-based approach to apply cybersecurity standards and practices allows for a more comprehensive and cost-effective management of cyber risks than compliance activities alone.” 1. Security is a team effort, I will make sure that all the team members are aware and involved in decision-making and escalating risk, as information sharing is integral to curb such risks from becoming a threat. 1. We can also try to create a risk center that helps to bring all the operational functional, risk control, and adds more visibility at the company level, it will help to divide work and branches out with different employees in the company.

Risk management training is very integral in all companies and they are being given to employees during hiring week which is a good practice, so new employees can understand the protocol and it can eventually become a habit that they can follow. Companies are appointing a reporting person who will address all issues related to cybersecurity involving risk management and keep those issues resolved, the appointee will be vigilant and try to take measures to avoid such incidences. They will work with the team and address issues, plan a mitigation plan, and provide all employees with training. Assigning a point of contact in the team for other members helps to create a communication flow during any crisis as well as keep a mitigation plan ready to keep organization aware from cyberattacks, it keeps systems and networks well maintained and safe. The assigned individual also helps to follow guidelines to identify risk areas, take immediate action to resolve issues and take precautions so that such occurrences reduce in the future.

Conclusion

Before setting up risk management in place, companies need to identify the areas that need to take care of and based on that a priority needs to list as there is no single solution that will help to solve all the problems, depending on the problem we need a solution to work on the potential risks. It should follow a step by step approach so to add additional protection for the important information, financial and health-based companies need to be more careful as any type of attack can be more harmful in terms of reputation and can reduce the amount of business drastically. A cybersecurity framework needs to be added in the business at various steps in the workflow which helps to mitigate risk factors and manages it in a better way. Cybersecurity management helps to secure organizations from vulnerabilities by applying administrative approaches and solutions to make sure organizations’ information is protected.