The emergence of the concept of “cyber risk” was the first step towards understanding the importance of cybersecurity by businesses. It is “cyber risk” that means the risk of financial losses (direct and indirect), full or partial suspension of activity, as well as damage to the reputation of the organization or individual. Often after this definition add something like “as a result of disruption of information services and systems.” This is not entirely true, and we will now explain the difference between this approach to dealing with risks and ours.

The very concept of cybersecurity is much broader than information systems and resources. It includes all the resources of a company or organization, including employees, contractors and partners. Any field of activity or activity that may entail a threat to the realization of the risks described above forms a complete coverage of already cyber risks.

Cyber ​​risk management is the foundation for any security action, be it the implementation of systems or tools, or the building of processes and the implementation of rules and policies. Risk management projects are often underestimated and do not separate into separate ones. Although it is precisely the competent definition and management of cyber risks that allows the budget for cyber security to be distributed rationally and competently, and to prepare for attacks and threats in advance.

There are several prerequisites for formalizing cyber risk management processes:

  • Digitization (or “digitalization”) of modern business. There are almost no industries that are not involved in cyberspace, and the size of the companies no longer plays a role either;
  • getting the person himself into the coverage of the use of cyber risks. A person, even by himself, is already an information asset that must be protected;
  • increased dependence of the security areas on each other. For example, physical security from the Internet of Things;
  • the need of top managers for a simple and understandable tool for safety assessment and its development.

In the world there are many methodologies for building risk management processes and initial risk assessment. Coras, CRAMM, PRISM, RiskWatch, OCTAVE – this is just a small part of the list of existing practical techniques. There are unified methods, there are industry ones. An experienced consultant will have no difficulty in building processes for assessing and managing cyber risks within any of them. The basic principles are the same and their logical series are built in the only correct chain long before the advent of information technology.

If you have never dealt with risk management before, the company does not know what a risk map is and what it is for, then you should start with a risk analysis. It is carried out even with implemented and streamlined management processes, because cyber risks are a very lively substance and they change quite often and dramatically. In the initial risk assessment, it is necessary first of all to define the goals of managing the company’s cybersecurity. After that, it is important to identify the critical elements that influence the company’s key business processes. Each risk, in the classical sense, is estimated by two parameters: probability and potential damage. Based on these quantitative indicators, a risk map is formed and their priority. This assessment should be carried out regularly, iexpanding the risk map,

Based on the assessment of cyber risks, they are prioritized for business. As a rule, this is a financial indicator, which is understandable to representatives of top management and business units. And then the fun begins: working with risks. That is, each risk after evaluation is subject to analysis in order to work out measures to work with it. There is a classic set of such measures: minimization, acceptance, dodge, transfer and diversification. However, in different techniques, new terms or tools may arise. The task of this stage of work is to choose the right management tool for each risk (the tool can be revised later and changed). For example, sometimes companies take the risk of losing a client, knowing that it will be financially unprofitable for them to fight for it. So in cybersecurity, it may turn out

The next step is the application of selected tools and measures to manage cyber risks and check their effectiveness. As part of the next revision of the risk map, it may well be that the chosen method of risk management did not meet expectations, or that the risk has changed its parameters (probability and damage), which requires a more severe or, on the contrary, a soft and not expensive influence on it.

The final stage is again an assessment, or rather a review of the processes and maps of cyber risks on a regular basis. Such a cyclical approach helps to work with relevant information and current threats. Thus, the company maintains the maximum level of cyber resistance, managing priority risks today and managing them effectively. Cyber ​​threats will not cease to appear, attacks will not be less, too, so a preventive assessment and preparation for the most dangerous events for you is the right and just a necessary step in the modern world.