The importance of Cyber Security Risk Management | GRMI

The importance of Cybersecurity Risk Management

Cyber Security Risk Management 

Cyber Risk is the potential for harm to come through a company’s communication or information systems. Data breaches and cyber-attacks are two of the most regularly reported cyber threats. Cyber hazards, on the other hand, extend beyond data and financial loss to include intellectual property theft, reputational damage and lost productivity. The practice of securing systems, networks, and programmes from digital threats is known as cyber security. These cyber-attacks are typically aimed at gaining access to, altering, or destroying sensitive data, extorting money from users, or disrupting normal corporate activities.
Traditional risk management principles are applied to digital systems and infrastructure in cyber security risk management. It entails assessing your risks and weaknesses, as well as taking administrative steps and implementing complete solutions to ensure your company is appropriately protected. 

 

Major Cyber Risk Challenges  

Businesses today have the challenge of taking preventative action before attackers take advantage of the system. There have been various cyber-attacks, one of which included India’s major airlines. Air India was attacked by a data-server breach that affected 4.5 million customers worldwide. Due to the attack, all of the customer details were compromised including passport and ticket information as well as their credit card information. So, the danger isn’t simply financial or reputational loss; it is also the risk that businesses may go bankrupt as a result of the consequences. 

 

Some of the best Cyber security Risk Management practices

Best practices in cybersecurity risk management-GRMI

The threat landscape evolves over time, as vulnerabilities expand, technology advances, business processes change, and the dangers to which the company is exposed alter as well. Total protection against all of these dangers is just unattainable due to budgetary and time restrictions. As a result, all firms require a constantly changing cyber security risk management approach built on best practices.

 

Reference:
https://hyperproof.io/resource/cybersecurity-risk-management-process/#What_is_Cybersecurity_Risk_Management
https://www.metricstream.com/importance-of-robust-cyber-risk-management.html
https://www.indusface.com/blog/6-best-practices-in-cyber-security-risk-management/
https://www.itgovernance.co.uk/cyber-security-risk-management

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