Tips For Effective Cybersecurity Risk Management

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Tips For Effective
Cybersecurity Risk Management
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INTRODUCTION

• Cybersecurity risk management is an uphill task
  that does not fall under the sole purview of the
  IT security cell, it requires the combined
  efforts of an entire organization.
• With all information transitioning into digital
  content and all aspects of our life being
  controlled by the digital world, the security
  risks are daunting.
• Digital risk management platform has to navigate
  its way through an intricate obstacle course in
  order to protect the digital assets of an
  organization.

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Tips to achieve effective cybersecurity risk
Management

• Establish a culture for cyber security
• Outline a risk assessment plan
• Prioritize risks
• Focus on speed
• Create an incident response plan
• Study the threat environments

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Establish a culture for cyber security

• This is the most basic step towards an effective
  cyber threat management platform.
• An organization should take initiative to
  establish a culture that is focussed on cyber
  security.
• This step should include the entire organization
  right from the part-time workers to the
  executives.

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Outline a risk assessment plan

• Assessing risks is a crucial step towards a good
  cyber risk management platform. Here you have to
  take the following steps-
• Identifying all the digital data of the
  organization, including stored and intellectual.
• Identifying external and internal cyber threats.
• Assessing the impact ( financial and others)
• Ranking the risks according to the likelihood of
  them occurring.

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Prioritize risks

• There is no way that an organization can protect
  itself from all possible sources of cyber
  attacks.
• So the need here is to prioritize the risks in
  terms of probability of occurence and level of
  impact.

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Focus on speed

• Immediate action is a necessity when you are
  under cyber attack.
• A good cyber threat intelligence platform will
  focus on speedy solutions since the longer you
  take to respond, the more damage it can cause.

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Create an incident response plan

• Once you have identified potential risks, you
  need to outline the methods of dealing with the
  threat and also name the person who has to deal
  with it.
• This plan needs to be properly coded and passed
  on to the appropriate person, if the person in
  charge resigns.

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Study the threat environments

• High-level executives need special training to
  understand the cyber threat environments around
  them.
• Whaling attacks can happen through public
  profiles on Facebook.
• These attacks target high level executives and
  steal sensitive information from them.
• If the employees are trained properly, they will
  be aware and react accordingly.

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CONCLUSION

• Today, third party vendors also have to access
  the digital information of an organization.
• This along with the onset of cloud services has
  made the task of cyber risk monitoring platform
  very tough.
• The pandemic too has contributed to the
  requirement of an effective digital threat
  intelligence solution that can tackle the issues
  of unsecured networks and undefined security
  protocols.