What Enterprises Should Consider for Effective Risk Management

Enterprise Security Magazine | Tuesday, July 21, 2020

Risks management controls organizations' capital and earnings threats. These threat issues can stem from various sources, including financial uncertainty, legal liabilities, strategic management errors, and more.

FREMONT, CA: In the previous years, the average cost of one data breach was estimated to be over 7 million dollars. On an average, it takes approximately 46 days to resolve a cyber-attack. In spite of these numbers, it's very obvious that the cybersecurity risk is increasing as attacks are becoming increasingly tenacious and sophisticated. The types of cyber-attacks continue to develop, as well, ranging from phishing scams to developed viruses that exploit zero-day vulnerabilities. It is very crucial to set up a baseline to identify components that are necessary to incorporate into a cybersecurity risk management approach. A base of any cybersecurity risk management program is an operational and effective framework. Let's have a look at what enterprises should keep in mind for management of risks.

Effective Framework

Frameworks are designed to help with managing integrity, the availability, and confidentiality of the critical infrastructure and information. There are numerous risk management frameworks and also the cybersecurity guidance available. Even though the cybersecurity structures are different from company to company, they all aim to concentrate on the same basic functions. These functions are identified, protected, responded to, and recovered. Whatever framework a company chooses, needs to be adapted and tuned. Specifically, the framework must suit the company's needs. Along with this, it is also very important to protect the data. In protecting the organization from cyber-threats, it important to choose and implement a framework, and set a cybersecurity risk management program in motion.

Check Out: Top Risk and Compliance Solution Companies

Cybersecurity team

It is very important to have a capable, well-trained, and expert team of cybersecurity professionals. Often the cybersecurity team's everyday responsibilities focus on system management and ensuring the system is active and working properly.  The threats which are even more difficult to detect also need attention and focus. The size and level of a cybersecurity team will vary from firm to firm. To implement cybersecurity risk management, it is fundamental to have an experienced cybersecurity team.

Evaluating the Risk and Threat

Risk and threat assessment offer recommendations that enhance the protection of the integrity, availability, and confidentiality, all along while proving functionality and accessibility. It is essential that a risk assessment be a joint process. Without involvement from different organizational levels, the assessment may lead to an expensive and ineffectual security measure. The risk assessment process demonstrates the reason why having the right framework set in place is essential. Guarding known threats is common amongst the cybersecurity teams, but they must also guard against unknown threats. Cybersecurity teams need to look beyond the value of data and consider the value the data offers and presents to any outside sources.

IR Planning

An incident response (IR) is an approach to address and manage the aftermath of a security breach or cyber-attack. The focus is to manage situations, limit damage, minimize cost, as well as reducing the recovery time. IR Planning should begin with data breach detection, focusing on the frameworks monitoring and logging. Without an IR Plan, an organization may not detect any breaches and may not have a proper protocol set in motion to contain the violations.

Check out: Top Enterprise Security Solution Companies

Weekly Brief