Below, you are going to find one of the most important topics for all organisations, companies, and brands: cyber risk management. Unfortunately, today, cyber security is no longer considered a simple technology risk. IT departments cannot handle these risks on their own anymore.
A cyber security vulnerability can make your organisation inoperable and cause the loss of millions. Thus, such a violation can also have long-term effects. Its effects can continue to tarnish the reputation of your organisation or brand even if you eliminate such problems. If you would like to learn more about this concept, keep reading this blog post!
- 1 What Is Cyber Risk?
- 2 What Is Cyber Risk Assessment?
- 3 Why Every Organisation Needs a Cyber Risk Assessment?
- 4 Who Should Do Cyber Security Risk Management?
- 5 How to Conduct Risk Assessment for Cyber Risk Management?
- 6 What Do We Offer for Cyber Risk Management?
- 7 Employees in Cyber Risk Management
- 8 Capital in Cyber Risk Management
- 9 Technology in Cyber Risk Management
What Is Cyber Risk?
Risk is the probability of reputational or financial loss. It can be scaled between zero, low, medium, and high. Moreover, there are three factors that contribute to the risk vulnerability assessment, and these are:
- What is the threat?
- How vulnerable is the system?
- What would be the reputational or financial loss if cybercriminals exploit the system or prevent its operations?
Risk assessments are not a new concept. If you are experienced in the field of information security, then you may know that risk management is already included in the operation.
As organisations rely more on information technology and information systems to operate, the inherent risks increase, including risks that did not exist before. Cyber risk management is a crucial part of the strategy and data protection efforts of any organisation.
What Is Cyber Risk Assessment?
National Institute of Standards and Technology defines cyber risk assessments. Moreover, the main purpose of cyber risk assessment is to inform decision-makers and support appropriate risk responses.
In addition to this, it helps managers and directors to make informed decisions about security. In general, the security risk assessment process is about the answers to the following questions:
- Which data breach could have a big impact on our business whether it is due to malware, cyber attack, or human error?
- What are the relevant threats and sources of threats to your organisation?
- What are the internal and external cyber security vulnerabilities?
- Do you know the impact, if these vulnerabilities are exploited?
- What is the probability of a cyber attack?
- Which cyber attacks, threats, or security incidents might affect the ability of the organisation to operate?
- What is the level of risk the organisation is comfortable taking?
You will be able to identify what to protect once you provide answers to these questions. Answering these questions means that you can develop cyber security controls and data security strategies to reduce the risk.
Why Every Organisation Needs a Cyber Risk Assessment?
Below, you can find some of the most prominent reasons for your organisation to have a cyber risk assessment:
- Reducing long-term costs
- Providing cyber security risk management template for future plans
- Better organisational information
- Avoiding data breaches
- Avoiding legal problems
- Prevent application interruptions
- Avoiding data loss
Besides these, cyber risk assessments are an integral part of any organisation’s risk management strategy and information risk management.
Who Should Do Cyber Security Risk Management?
Organisational transparency is the key to comprehensive cyber risk management. Thus, small businesses may not have the right people to do a complete job and in such cases, they need to outsource the risk assessment services.
This is where MS Cyber Security can be quite handy for your organisation. We can help you to develop a better cyber risk management plan while providing value to your organisation and employees.
How to Conduct Risk Assessment for Cyber Risk Management?
Below, you can find some articles that are closely related to the procedures and approaches used in cyber risk assessment.
- Determining the value of the information
- Identifying and prioritizing assets
- Determining cyber threats
- Identifying security vulnerabilities
- Analyzing controls and applying new ones
- Calculating the probability and impact of various scenarios on an annual basis
- Prioritizing risks based on information value versus prevention cost
- Documenting the results in the risk assessment report
As MS Cyber Security, we can protect your organisation from data breaches, identify the vulnerabilities of your systems with penetration tests and help you continuously monitor the security of all your partners.
What Do We Offer for Cyber Risk Management?
MS Cyber Security adopts a holistic and integrated approach to help you manage all aspects of vulnerabilities throughout your organisation. Thus, we take a three-step approach to assess and manage the cyber risks of our clients.
We benefit from a number of tools for diagnostic purposes and focus on employee, capital, and technology risks to identify and analyze your vulnerabilities across the organisation.
After identifying the vulnerabilities, we offer solutions to help you eliminate these vulnerabilities and create a cyber-conscious structure. Our approach includes the following topics for better cyber risk management:
- Risk Profile Diagnosis
- Risk Culture Survey
- Business Readiness Diagnosis
We offer the best strategic solutions to minimize and reduce the risks for the organisation. While doing so, we use data results and our customized assessment tools. In this regard, we carry out the following procedure:
- Cyber Measurement
We transfer the remaining risk after considering all proactive mitigation strategies. Thus, we protect our customers with quick reporting on compensation notification and forensic accounting after they are exposed to hacking. Here are some of the procedures we follow:
- Insurance Consultancy
- Brokerage and Placement
- Claims Consultancy
Of course, cyber risk management requires a detailed approach. Here are some of the services we offer as a part of cyber risk management services:
Employees in Cyber Risk Management
Two-thirds of cyber attacks are due to employee behavior such as the loss of devices or resentful employees. Our proven cyber risk culture survey can help you to evaluate the attitudes and behaviors of employees to identify vulnerable spots, raise awareness, and determine action steps to reduce the risks that may come within the organisation.
Our cyber business readiness diagnosis can help you to create and optimize a cyber workforce by identifying qualification and skill vulnerabilities. You need to evaluate the possible sources of cyber risks to create a needs-based recruitment and acquisition plan while constantly fighting for qualified employees in cyberspace.
Moreover, our market-leading human resources consultants and risk consultants offer customized solutions, taking into account the unique operations and priorities of each customer.
Capital in Cyber Risk Management
In 2020, organisations spend nearly $134 billion to protect themselves against cyber threats. However, only 2-3% of this amount is allocated to the protection of capital through insurance. Our risk transfer solutions, especially in the field of insurance consultancy and placement, provide the necessary protection for the remaining risks after the implementation of appropriate protection measures and practices.
Our proven cyber measurement and cyber risk profile diagnosis tools can help you make strategic decisions about how to allocate capital effectively in high-priority areas including risk transfer decisions.
Among our post-breach solutions, compensation counseling and forensic accounting are available to ensure maximum recovery of capital under the relevant insurance policies.
Technology in Cyber Risk Management
Although almost 77% of corporate spending on cybersecurity is allocated to information and operations technology solutions, most organisations still believe that they are vulnerable to cyber attacks.
Our expert team assesses each organisation’s own technological risk level and works together with our technology partners to mitigate and manage organisation-wide cyber risk.
Cyber risk management cannot be adapted and implemented without external influences. Moreover, it is extremely important that there is a common relationship between employees and technology to make sure that cyber strategies are linked to the institution and its functions.
In conclusion, MS Cyber Security offers a holistic approach to cybersecurity and cyber risk management. As a result, we evaluate all possible cyber threats (employees, capital, technology) to ensure we take all necessary measures to make your organization aware of the risks and reduce the possible damage.
Lastly, you can contact us any time to get detailed information and receive a free quote.