Tips For Effective Cybersecurity Risk Management

Tips For Effective Cybersecurity Risk Management

INTRODUCTION ● Cybersecurity risk management is an uphill task that does not fall under the sole purview of the IT security cell, it requires the combined efforts of an entire organization. ● With all information transitioning into digital content and all aspects of our life being controlled by the digital world, the security risks are daunting. ● Digital risk management platform has to navigate its way through an intricate obstacle course in order to protect the digital assets of an organization.



Tips to achieve effective cybersecurity risk Management ● Establish a culture for cyber security ● Outline a risk assessment plan ● Prioritize risks ● Focus on speed ● Create an incident response plan ● Study the threat environments

Establish a culture for cyber security ● This is the most basic step towards an effective cyber threat management platform. ● An organization should take initiative to establish a culture that is focussed on cyber security. ● This step should include the entire organization right from the part-time workers to the executives.

Outline a risk assessment plan Assessing risks is a crucial step towards a good cyber risk management platform. Here you have to take the following steps:- 1. Identifying all the digital data of the organization, including stored and intellectual. 2. Identifying external and internal cyber threats. 3. Assessing the impact ( financial and others) 4. Ranking the risks according to the likelihood of them occurring.

Prioritize risks ● There is no way that an organization can protect itself from all possible sources of cyber attacks. ● So the need here is to prioritize the risks in terms of probability of occurence and level of impact.

Focus on speed ● Immediate action is a necessity when you are under cyber attack. ● A good cyber threat intelligence platform will focus on speedy solutions since the longer you take to respond, the more damage it can cause.

Create an incident response plan ● Once you have identified potential risks, you need to outline the methods of dealing with the threat and also name the person who has to deal with it. ● This plan needs to be properly coded and passed on to the appropriate person, if the person in charge resigns.



Study the threat environments ● High-level executives need special training to understand the cyber threat environments around them. ● Whaling attacks can happen through public profiles on Facebook. ● These attacks target high level executives and steal sensitive information from them. ● If the employees are trained properly, they will be aware and react accordingly.

CONCLUSION ● Today, third party vendors also have to access the digital information of an organization. ● This along with the onset of cloud services has made the task of cyber risk monitoring platform very tough. ● The pandemic too has contributed to the requirement of an effective digital threat intelligence solution that can tackle the issues of unsecured networks and undefined security protocols.