What is cyber risk management?

Cyber risk management is a process that consists of identifying, assessing, prioritizing, and controlling cyber threats to predict and minimize their impact.

Examples of cyber risk management include mandating data encryption in certain instances and requiring cybersecurity awareness training for staff members.

The four stages of a cyber risk management process include:

• Identify cyber risk – Examine the organization's environment to identify current or potential cyber risks that may have an effect on company operations.
• Assess cyber risk – Analyze identified risks to determine how probable they are to affect the company and what effect they might have.
• Control cyber risk – Identify ways to reduce cyber risk, as well as identify and evaluate methods that can assist the organization in mitigating those risks.
• Review cyber risk controls – Monitoring and assessing the effectiveness of controls on a regular basis, as well as adding or adjusting them as needed.