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Methods of Managing Cyber Risk

ThreatAdvice Course Overview

The threat landscape is constantly evolving as cybercriminals discover new ways to compromise an organization’s network. A strong cybersecurity plan is the primary protection for organizations to avoid falling victim to an attack. The focus of all cybersecurity plans begin and end with mitigating any type of risk. Cyber risk can form in a variety of different ways. All organizations must be prepared to face and eliminate cyber risk. Learn the primary methods of mitigating cyber risks.

Monitor the Threat Landscape

All users within an organization should be well-informed in the latest trends and news impacting the threat landscape. Whether it’s the latest hacking method or a newly discovered vulnerability in an operating system, users must be mindful of all the dangers that threaten their organization. The risk environment is constantly changing, making it crucial for risk management teams to have a strong plan in place when new threats arise. These teams should consider the following tactics when facing new types of risk:

  • Avoiding the risk - The organization will not engage in a particular activity as the risks outweigh the benefits.
  • Acceptance - The organization understands that engaging in the activity is inevitable, as the benefits surpass the risks
  • Control - The organization implements new tactics or strategies to help reduce or mitigate the likelihood of a potential threat.

Formulate a Strong Risk Plan

Within the cybersecurity plan, organizations must also develop a specific plan for managing var- ious types of risk. This should involve a team of cybersecurity experts that can lay out all the po- tential scenarios that could arise and put the organization in danger. From there a strong plan should be put in place for each scenario. All users should be aware of the course of action they should take when facing threats.

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Train and Educate Users

Risk management is the responsibility of everyone in the organization. Risk management teams should relay the risk plan to all users and clearly communicate the role they play in mitigating risks. Users should be provided with cybersecurity awareness training and tested on a regular basis. Social engineering is a direct threat to users that organizations should always be preparing to manage. Users should be able to identify a social engineering attack and immediately report it to the risk management team.

Users must also be held accountable. In various circumstances, users can become the risk that organizations must be prepared to manage. Risk management teams within the organization must be able to identify high-risk employees. Users become high-risk based on a number of factors including failed phishing simulations, neglecting cybersecurity education training, or navigating to dangerous sites. These users should be monitored closely. A system of warnings should be set in place along with a system of punishment based on the severity of the action.

Summary

The focus of all cybersecurity plans begin and end with mitigating any type of risk. Cyber risk can form in a variety of different ways. All organizations must be prepared to face and eliminate cyber risk. In today’s cybersecurity landscape, the primary methods of managing cyber risk involve monitoring the threat landscape, formulating a strong risk plan, and training and educating users.

For assistance in evaluating your strategies, technical requirements, staff evaluations and communications contact a ThreatAdvice Professional to learn more.