First steps to cyber risk management

Lots of organizations today are struggling to find options that can effectively help deal with cyber security threats, including assessing and measuring cyber risk management. Essentially, the current cyber security solutions are not really addressing cyber security risks or focusing on challenges within a corporate surrounding.

Qualifying and quantifying IT risks in an organizational environment has proven to be really hard. Nonetheless, it’s critical for company executives and business leaders to not only assess but also understand the risk practically for effective enterprise protection and governance to allow informed decisions to be made.

Flexible framework

Addressing the fundamental challenge of cyber security requires innovative and unique methods to be devised to calculate risks related to cyber security. This can be done through a flexible framework of risk quantification. Through this method, a risk assessment model is provided for effective identification, calculation and measurement of cyber security risk.

With a flexible framework in place, a customizable and scalable solution will help overcome and address central challenges plaguing senior organizational managers and other business leaders. The result will be a defensible method of mitigating and assessing risk to cyber security.

Reliable method of employee training

In recent times, hacking of high profile company sites and portals such as Sony has indicated that cyber security management has to be an ongoing process. This is why a flexible method is everything, including the fact that governmental and regulatory requirements are also there. A flexible framework has more benefits than non-cyber and generic models of handling data security.

A flexible framework that not only identifies, measures and calculates cyber security risk also needs to be understood by all within an organization. It’s critical that employees receive training in such a model to ensure they aren’t the gateway that cyber attackers will use to gain access.

Leveraging on quantification techniques

A flexible framework model is effective; it leverages on diverse quantification techniques like dynamic simulation methods, database performance analyzers such as SolarWinds’ that identifies performance issues, establishes baselines and shows trends, methods of risk reduction, an impact breach probability calculator, calculation logic and custom weighing models.

A flexible cyber security management framework leverages an inclusive proprietary set of base criteria, including a number of defined values for the optimization of the analysis and calculation process. As such, the risk values are easily weighed and defined towards providing targeted and finely tuned results of targeted assessment capable of measuring and identifying real risk to cyber security in a defensible and intuitive way.

Weighed risks

Risks are easily weighed in contrast with a series of customizable and defined values for the computation of a relative financial amount connected to a mass of definite risk categories. Extrapolation of risk calculations can also be done in a manner that’s representative to map relative ranking of risk, alleged loss simulations and risk.

From a stand-alone function of the IT department, cyber security has evolved into an integrated and larger management program. Security will continue advancing and maturing into an organizational risk function and will have to be broadly understood and reported from a corporate or business perspective. This is why every cyber security risk and related information has to be clearly shared across the organization to drive effectual executive action and well informed decisions.

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Jim Love, Chief Content Officer, IT World Canada
Robert Cordray
Robert Cordray
Robert Cordray is a former business consultant and entrepreneur with over 20 years of experience and a wide variety of knowledge in multiple areas of the industry. He currently resides in the Southern California area and spends his time helping consumers and business owners alike try to be successful.

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