Cybersecurity risk management is a strategic approach to prioritizing threats. Organizations implement cybersecurity risk management in order to ensure the most critical threats are handled in a timely manner. This approach helps identify, analyze, evaluate, and address threats based on the potential impact each threat poses.
A risk management strategy acknowledges that organizations cannot entirely eliminate all system vulnerabilities or block all cyber attacks. Establishing a cybersecurity risk management initiative helps organizations attend first to the most critical flaws, threat trends, and attacks.
evaluating the organization’s environment to identify current or potential risks that could affect business operations
analyzing identified risks to see how likely they are to impact the organization, and what the impact could be
define methods, procedures, technologies, or other measures that can help the organization mitigate the risks.
evaluating, on an ongoing basis, how effective controls are at mitigating risks, and adding or adjusting controls as needed.
A cybersecurity risk assessment is a process that helps organizations determine key business objectives and then identify the appropriate IT assets required to realize their objectives. It involves the identification of cyber attacks that may negatively impact these IT assets. The organization is required to determine the likelihood of the occurrence of these attacks, and define the impact each attack may incur.
A cybersecurity risk assessment maps out the entire threat environment and how it can impact the organization’s business objectives. The result of the assessment would assist security teams and relevant stakeholders in making informed decisions about the implementation of security measures that mitigate these risks.