Demystifying the cybersecurity risk management process

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Cybersecurity is absolutely critical today, with data breaches becoming more common and sophisticated. Therefore, cybersecurity risk management is a complex and constantly evolving field.

After checking a few online surveys, we found about 304.7 million ransomware attempts in the first half of 2021. In the second half, it was even worse, reaching 318.6 million. These numbers even beat 2020 in total, which was 281.9 million ransomware attacks. It is therefore evident that cybersecurity risk management is complex and requires IT security professionals to understand the threats posed by cybercriminals.

But before that, companies should also understand the concept of cybersecurity risk management, the assessment process, some common threats, and best practices to protect their data and assets from potential cyberattacks.

So let’s get started.

What is Cybersecurity Risk Management?

Cybersecurity risk management involves identifying, assessing and mitigate risk to an organization’s electronic information and systems. This includes implementing security controls to protect against cyber threats. The goal of cybersecurity risk management is to reduce the likelihood and impact of cyberattacks. This is an ongoing process that must be adapted as threats develop.

What is a cybersecurity risk assessment?

A cybersecurity risk assessment comprehensively assesses the cybersecurity risks. It identifies and assesses risks to the confidentiality, integrity and availability of information and electronic systems.

The evaluation process includes:

  • Identification of assets at risk.
  • Vulnerability assessment.
  • Determine the impact of a potential breach.

It is important to note that a risk assessment is not a one-time event. It should be performed regularly to ensure that the security controls are adequate and up to date.

What are cyber threats?

Cyber ​​threats are malicious attacks that exploit vulnerabilities in information and electronic systems. Attackers can access sensitive data, disrupt business operations, or damage the system. There are many different cyber threats, such as adversarial threats, technical vulnerabilities, and insider threats.

Let’s understand common cyber threats in detail:

Conflicting threats: Adversarial threats are the most common type of cyber threat. Cybercriminals who want to access sensitive data or disrupt business operations launch them.

Technical vulnerabilities: Technical vulnerabilities are weaknesses in the design or implementation of electronic information and systems. Attackers can exploit them to access sensitive data or disrupt business operations.

Internal threats: Insider threats are launched by employees, contractors or other insiders who have legitimate access to the organization’s electronic information and systems. They can exploit their access to gain unauthorized access to sensitive data or disrupt business operations.

Also know the main threat factors that affect the majority of organizations:

Phishing is a type of cyberattack that uses email or other forms of communication to trick users into revealing sensitive information or downloading malware.Phishing:

Ransomware : Malware that encrypts a victim’s files and demands a ransom to decrypt them.

Malware: Software designed to damage or disable computers and computer systems.

Botnets: Network of infected computers controlled by a cybercriminal.

SQL Injection: Attack that inserts malicious code into a database.

Denial of Service (DoS) attack: Attack that overloads a query system, making it unavailable to legitimate users.

Best Practices for Cybersecurity Risk Assessment

Here are some best practices for conducting a cybersecurity risk assessment:

1. Identify the assets at risk: The first step is to identify the electronic information and systems that need to be protected. It includes all devices, data and applications essential to the operation of the company.

2. Assess vulnerabilities: The next step is to assess the asset vulnerabilities at risk. This includes identifying weaknesses in security controls that attackers could exploit.

3. Determine the impact of a potential breach: Always consider the potential impact when performing a risk assessment. This includes the financial, reputational and operational damage that a successful attack could cause.

4. Perform the assessment regularly: Risk assessment should be performed on a regular basis to ensure security controls are adequate and up to date.

5. Use a tool to automate the assessment: There are many tools available that can automate the risk assessment process. This can help save time and resources.

6. Document the results:

7. Communicate the results:

8. Review and update security controls: Security controls should be reviewed and updated regularly to ensure their effectiveness. It’s also important to test the controls to make sure they work as expected.

9. Train employees: Employees are also an essential part of security checks. They should be trained on how to identify and report potential threats.

Cyber ​​risk management frameworks

Many different frameworks can be used to manage cyber risk. Here are some of the most common:

NIST Cybersecurity Framework: The National Institute of Standards and Technology (NIST) Cybersecurity Framework is a set of guidelines for protecting electronic information and systems. It provides a common language for discussing cybersecurity risks.

ISO 27001: The International Organization for Standardization (ISO) 27001 is an information security management standard. It offers a certified set of standards that can be used to manage cyber risks.

DoD FMR: The Department of Defense (DoD) Risk Management Framework (RMF) is a set of guidelines for assessing and managing risks to information systems. It is used by the military and other organizations that process sensitive data.

CFS: The Cybersecurity Framework (CSF) is a set of best practices for managing cybersecurity risks. The National Institute of Standards and Technology (NIST) developed it.

FAIR Framework: The Factor Analysis of Information Risk (FAIR) framework is a set of guidelines for risk assessment. It helps organizations understand, quantify and manage cyber threats.

Cybersecurity Risk Management with Strobes VM365

VM365 Flashes

The platform allows you to:

  • AGGREGATE all vulnerabilities from various security scanners, compensation tools, internal security team, cybersecurity vendors and bug bounty platforms.
  • Auto deduplicate vulnerabilities of a similar nature to ease the burden of doing VM of your computerdevelopment and security teams.
  • Prioritize vulnerabilities based on various business metrics and threat intelligence to focus on the top 3% riskiest vulnerabilities.
  • Automate the security of your applications, networks, cloud and containers without code workflow.
  • Quantify and visualize your organization’s risks or create your own KRIs and KPIs to improve visibility for your management.

Conclusion

We hope you now understand the importance of properly conducting a cybersecurity risk assessment. Always remember that cybersecurity risk management is not child’s play. This is an ongoing and comprehensive process that should be done regularly.

There are various frames and the tools available that can help you manage risk. Select the one that best suits your organization’s needs. And don’t forget to train your employees. They are also a crucial part of security checks.

Finally, if you are looking for a tool to automate your cybersecurity risk management process, we recommend you try Strobes VM365. We offer a trial for you to test !

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