Cybersecurity Risk Management: Why It Is Needed and How to Proceed
Sep 2, 2021
Use this guide to help craft your cybersecurity risk management plan within your organization.
- I. The Rising Level of Cyber Threats
According to Cybersecurity Ventures, cybercrime is expected to cost the world $6 trillion annually by 2021 which is more profitable than the global trade of all major illegal drugs combined. There is a need for companies to understand and immediately recognize the increasing threat this poses by analyzing some of the most alarming and most notable cyber attacks today.
- II. Addressing the Alarming Level of Cyber Risks
All organizations, regardless of size and industry, are likely to be confronted by a wide range of different cyber attacks of varying frequency, complexity, and impact. Businesses must be familiarized in knowing the action steps to address the cyber risks.
- III. Set-Up a Cybersecurity Risk Management Plan
There is no single approach for building one’s cyber risk management plan. Different companies face different kinds and levels of threats depending on the industry and other company-specific factors (such as the size and structure of the organization). Boards of companies must know how to avoid the common pitfalls, and effectively set to establish the first line of defense from cyber attacks.