In this digital era, almost everyone is familiar with technologies, data, social media, and much
more. The global level organizations are broadly shifting their work model based on
digitalization. But we know every single thing has its goods and bad.
Cybersecurity has lessened the pressure of security but somehow or somewhere it is insecure
to be trusted. The reason behind this is the risk factors possessed by Cybersecurity.
What is Risk Management in Cybersecurity?
Cybersecurity risk management is the procedure to identify, analyze, evaluate or assess the
security threats discovered in any organization.
The main aim of cybersecurity risk is to manage or mitigate the loopholes and to secure the
data of an organization.
Here we discuss the major factors affecting cyber risk management:
a. Loss of Data
This kind of loss occurs due to weak API integration and the transaction of data through
it.
b. Hacking
Hacking is the factor that searches out for the weakest points and attacks with the help
of these keys. It may cause the loss of reputation and customer to an organization.
c. Insider Threats
This is very common yet hard to mitigate because it is caused by the organization’s
employees who may have left it but still carry the authority to access the assets.
d. Internet of Things
IoT is the most booming technology in the digital era, most of the devices are connected
to the internet and have been executed on the basis of it. Along with ease, it carries the
chances of risk due to its inadequate security plans.
What is the risk in Cybersecurity?
It is time to learn the types of risks an organization can face in Cybersecurity.
Major cyber threats are explained below:
● Malware
Malware is a kind of malicious software that activates when a user clicks on any random
malicious links to download or to check further information. The most common malware
are spyware, ransomware, viruses, and worms.
● Denial of Services
Denial of Services attack is in which the attacker denies the request of a user and harms
the system by making it inaccessible. This attack occurs due to an overflow of requests.
Some common examples are UDP flooding, SYN flooding, and DNS amplification.
● Man in the middle
In man in a middle attack, an attacker drives himself in the conversation between user
and application. An attacker does it to harm personal assets such as personal
information, login credentials, account, and so on.
Risk Assessment in Cybersecurity
Risk assessment in cybersecurity can be divided into many parts but there are 5 major steps to
handle or assess the risk are:
- Scope determination of risk, means it is necessary to define the area that can be affected due to the risk which may occur in the future.
- Identification of Cybersecurity risks stands to identify the risk category, its root cause, and how it will be resolved.
- Analyzing the potential impact of risk means it becomes important to analyze the risk impact.
d. Prioritization of risks involves the decision to treat the risk following the precedence of
impact.
e. Documentation of risks stands to maintain the record in the form of documents that can
be utilized in the future to mitigate the risk and its impact.
Risk Management Framework in Cybersecurity
Applying Risk Management Framework is one of the best practices to secure an organization
from cyber or any risk. It assures the financial and personnel assets stability of the companies.
The 5 Component of the risk management framework are discussed below:
a. Risk Identification
It is the first stage to identify the risk and the point of the arrival so that it can be handled
effectively.
b. Risk Measurement
In this step, an organization is accountable to check the level of harm an indemnified risk
can possess to an organization.
c. Risk Mitigation
After measuring the risk, it is time to mitigate it with the help of resources.
Mitigation is the process to eliminate the risk based on their priorities.
d. Risk Report & Monitor
Preparing the report and monitoring it can help to checklist its effect on a regular basis.
This report analysis can let you decide a better approach to handle the risks.
e. Risk Governance
Governance of the risks means tracking the performance of an organization’s
employees. In this governance, assigning the duties to an individual, defining authority to
individuals, committees, and the boards of approval.
Benefits of Risk Management in Cybersecurity
- It prevents attacks and mitigates the impacts of an organization.
- It allows organizations to protect themselves from risks that are identified earlier and can be terminated by utilizing a risk treatment plan.
- Cost reduction is one of the keys to handling risks within an organization and it also helps in cost reduction.
- Money is the prime factor in many attacks so attacking an intruder can disrupt the finance of the organization.
- It increases the reputation of an organization in the market to secure potential clients.
Conclusion
At last, we can conclude that cyber security is playing an indispensable role today as well as in
the future and hence there is a requirement to manage the risks indulge in cybersecurity.
The following discussed procedures, importance, frameworks, types etc will help an
organization to ensure better risk management protocols.