Cybersecurity risk management in cyber security identifies, assesses, and mitigates risks to an enterprise's electronic information and systems, including implementing security controls to prevent cyber threats. Cyber risk management aims to reduce the likelihood and impact of cyber-attacks. This is an ongoing process and should be adjusted as the threat evolves.
Cybersecurity risk assessment comprehensively assesses the cybersecurity risk of an enterprise. It identifies and evaluates risks to electronic information and systems' confidentiality, integrity and availability.
Therefore, having cybersecurity risk management helps to identify threat trends and attacks. The cybersecurity risk management in cyber security process includes four stages:
Cyber threats are malicious attacks that exploit vulnerabilities in electronic information and systems. As a result, cyber attackers can access sensitive data, disrupt business operations or cause damage to systems - many different cyber threats, such as adversarial threats, technical vulnerabilities and insider threats. Learn more about common cyber threats below:
Adversarial threats
Adversarial threats are the most common type of cyber threat. Adversarial threats are carried out by cybercriminals who want to gain access to sensitive data or disrupt business operations.
Technical Vulnerability
A technical vulnerability is a weakness in the design or implementation of electronic information and systems. Cyber attackers can use them to access sensitive data or disrupt business operations.
Insider Threats
Insider threats are initiated by employees, contractors, or other insiders with legitimate access to an enterprise's electronic information systems. They can exploit their access rights to gain unauthorized access to sensitive data or disrupt business operations.
In addition, it is essential to understand the critical threat factors affecting most businesses:
Phishing:
Phishing is a type of cyber attack that uses email or other forms of communication to trick users into revealing sensitive information or downloading malware.
Ransomware
Malware that encrypts victim files and demands a ransom payment to decrypt them.
Malware
Software designed to damage or disable computers and computer systems.
Botnet:
A network of infected computers controlled by cybercriminals.
SQL Injection
An attack that inserts malicious code into a database.
Denial of Service (DoS) attack
An attack that overloads a system with requests, making it unavailable to legitimate users.
Below are some best practices for running a cybersecurity risk assessment:
Identify assets at risk
The first step is to identify the electronic information and systems that need to be protected. It includes all the devices, data and applications critical to business operations.
Assessing vulnerabilities
The following procedure is to assess the risk vulnerabilities of enterprise assets. It includes identifying weaknesses in security controls that cyber attackers can exploit.
Determine the impact of a potential breach
Always consider potential impacts when conducting risk assessments. It includes the financial, reputational and operational damage a cyberattack can cause.
Periodic assessments
Risk assessments should be conducted periodically to ensure that security controls are adequate and up-to-date.
Use tools to automate assessments
Many tools can automate the risk assessment process, which can help save time and resources.
Document findings
Always document risk assessment results. It will help identify risks and implement appropriate controls.
Communication of results
The results of the risk assessment should be communicated to all stakeholders. This will help them make informed decisions about the cybersecurity posture of the business.
Review and Update Security Controls
Security controls should be regularly reviewed and updated to ensure effectiveness. It's also vital to test controls to make sure they work as expected.
Training employees
Employees are also an important part of security controls. After training, they should be able to identify and report potential threats.
Many different frameworks are available for managing cyber risk. Here are some of the most common frameworks:
NIST Cybersecurity Framework
The National Institute of Standards and Technology (NIST) Cybersecurity Framework is a set of guidelines for protecting electronic information and systems. Providing a common language for discussing cybersecurity risk It provides a common language for discussing cybersecurity risks.
ISO27001
International Standardization Enterprise (ISO) 27001 is an information security management standard. It provides a set of certified standards that can be used to manage cyber risk.
DoD RMF
The U.S. Department of Defense (DoD) Risk Management Framework (RMF) is a set of guidelines for assessing and managing risks to information systems. It is used by the military and other businesses that handle sensitive data.
CSF
The Cybersecurity Framework (CSF) is a set of best practices for managing cybersecurity risk. The framework was developed by the National Institute of Standards and Technology (NIST).
FAIR Framework
The Information Risk Factor Analysis (FAIR) framework is a set of guidelines for assessing risk. It helps businesses understand, quantify and manage cyber threats.
It is important to remember that managing cybersecurity risk is not easy, and a continuous and comprehensive process must be performed regularly. Businesses can use a variety of frameworks and tools to help manage risk. Therefore, you need to choose the architecture and tools that best suit your needs. Also, remember to train your employees on safety, as they are also a key part of safety controls.
