Cybersecurity risk management is a continuous process of finding, analyzing, evaluating, and fixing your organization's cyber attacks.
Managing cybersecurity risks isn't just the job of the security team; everyone in the company has a part to play.
Importance
Organizations use cybersecurity risk management to make sure that the most dangerous threats are dealt with quickly.
This method makes it easier to find, evaluate, and deal with threats based on how bad they could be.
Components of risk management -
- Risk Identification.
- Risk Analysis.
- Response Planning.
- Risk Mitigation.
- Risk Monitoring.
Principles of of risk management -
The Project Management Body of Knowledge (“PMBOK”) describes 12 Principles of Risk Management. I’ve taken the headings from a Secninjaz perspective.
1) Situation of the organization
2) Stakeholder Involvement
3) Goals of the organization
4) Method for Managing Risk (N/A)
5) Give a report
6) Roles & Responsibilities
7) Support Structure
8) Signs to Look Out For
9) Go Over It Again
10) How to Get Past Obstacles to Risk Management
11) Supportive Culture
12) Continual Improvement
Types of Risks -
Risks come in many shapes and sizes. There are two main types of risk: systematic and unsystematic.
Systematic risk is the market unpredictability of an investment. It is caused by outside factors that affect all (or most) companies in an industry or group.
Unsystematic risk is the uncertainty about a particular asset that can affect how well it performs as an investment.
Here is a list of the most important types of risk that a financial analyst should think about when looking at investment opportunities:
Systemic risk : It is the market's overall effect on the economy.
Unsystematic Risk: Uncertainty related to a specific asset or company.
Political/Regulatory Risk: The effects of political decisions and changes in regulation
Financial risk: It is caused by a company's capital structure (degree of financial leverage or debt burden)
Interest Rate Risk: The effects of changing interest rates
Country Risk: Uncertainties that are specific to one country
Social risk: It is the effect of changing social norms, movements, and unrest.
Environmental risk: It is uncertainty about environmental responsibilities or the effects of changes in the environment.
Operational risk : It is uncertainty about a company's operations, like its supply chain and the delivery of its products or services.
Management risk: It is how a company's decisions affect it.
Legal Risk: Uncertainty about lawsuits or the ability to operate.
Competition: The level of competition in an industry and how the choices of competitors will affect a business.
To learn more about risk management and how a Secninjaz Technologies LLP Risk Assessment could benefit your organization, contact us today.