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THE THREAT Beginning in early September 2024, eSentire observed an increase in the number of incidents involving Lumma Stealer malware; this activity has remained common leading into…
Oct 02, 2024THE THREATA recently disclosed vulnerability impacting Zimbra mail servers is being actively exploited by attacker(s). On September 27th, Zimbra publicly disclosed CVE-2024-45519, a…
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February 15, 2024 | 14 MINS READ
Cyber risk management is the systematic process of identifying, assessing, mitigating, and monitoring the risks associated with an organization's digital assets, data, and information systems.
The primary objective is to minimize the potential negative impacts of cyber threats on your organization's operations, reputation, and financial stability. Therefore, effective cyber risk management ensures your organization is well-prepared to defend against cyberattacks and respond swiftly if a security incident occurs.
Cybersecurity risk management involves several key steps:
A cybersecurity risk assessment systematically evaluates an organization's cybersecurity posture. It identifies vulnerabilities, threats, and potential impacts on the organization's digital assets and operations.
Understanding your organization's cybersecurity maturity, knowing where there may be gaps, and addressing those issues is imperative. Taking proactive steps to mitigate cybersecurity risk can mean the difference between a data breach or business as usual.
Effective cyber risk management relies on four critical capabilities, which help you create a proactive and responsive cybersecurity posture.
Here are the four critical capabilities that any cyber risk management plan must have:
By identifying and assessing risks, preparing for incidents, educating employees, and continuously monitoring for threats, your organization can minimize exposure to cybersecurity risks and respond effectively when incidents occur.
A comprehensive cyber risk management plan is crucial for safeguarding your organization's digital assets. Key elements of such a plan include:
Begin by defining what constitutes a "risk" in your organization's cybersecurity context. This may include unauthorized access to sensitive data, service disruptions, or reputational damage. Next, you should determine what your risk tolerance will be and make sure it aligns with your business objectives:
Categorize digital assets based on their importance and value to the organization, which helps you prioritize cybersecurity measures. Assets may include hardware, software, data repositories, intellectual property, and third-party services. The next steps are to map your data flows and assign ownership over each asset:
Stay informed about the evolving threat landscape, which includes understanding common cyber threats like malware, phishing, ransomware, and advanced persistent threats (APTs). You must also have access to security advisories and/or threat intelligence feeds and conduct severity assessments to ensure your cybersecurity strategy is proactive, not reactive.
Assess the probability of each identified threat occurring, which can be influenced by factors such as historical data, industry trends, and the effectiveness of existing security controls. Next, consider the impact of the incident to calculate the final risk score.
Identify and implement appropriate security controls to mitigate identified risks. These controls may include firewalls, intrusion detection systems, encryption, access controls, and security awareness training. You should also develop security policies that your employees should uphold to not only prevent security incidents, but can also help you recover from them.
Develop a well-documented incident response plan that covers various types of security incidents, including data breaches, malware infections, and denial of service attacks. Make sure your incident response plan covers incident classification and how you’ll communicate with all stakeholders. You should establish a regular testing and training cadence to make sure your IR plan is effective as your business grows and scales.
By incorporating these elements into your cybersecurity risk management plan, you can create a structured and proactive approach to cybersecurity that helps safeguard your organization's digital assets and reduce the impact of potential cyber threats. Remember that cybersecurity is an ongoing process, and regular reviews and updates to your plan are essential to staying resilient in the face of evolving threats.
Internal compliance and audit teams play a crucial role in IT risk management by ensuring that an organization's cybersecurity practices align with established standards and policies. Their responsibilities include:
There are several industry standards and frameworks that mandate a structured approach to cyber risk management, such as the NIST Cybersecurity Framework, ISO 27001, and the CIS Controls.
Depending on your organization's industry, size, and specific needs, you may choose to adopt one or a combination of cybersecurity frameworks to strengthen your cybersecurity posture and ensure compliance with industry best practices and regulations.
Incorporating these industry standards and frameworks into your cybersecurity strategy can provide a structured, well-informed approach to managing cyber risk.
The National Institute of Standards and Technology Cybersecurity (NIST CSF) Framework is a widely recognized and respected framework designed to enhance cybersecurity practices across various sectors. It was developed in response to an Executive Order signed by the U.S. President in 2013 and is particularly relevant to critical infrastructure organizations.
The NIST Cybersecurity Framework is not only applicable to critical infrastructure sectors but can be adopted by organizations of all sizes and industries to improve the security posture and align security efforts with business objectives.
NIST recently released an updated version of the framework, the NIST CSF 2.0, which introduced a sixth core function to expand guidance around governance. Here's a closer look at its key components:
ISO 27001 is an international standard for information security management systems (ISMS). It not only helps organizations protect their data and information assets, but also enhances their credibility and trustworthiness in the eyes of customers, partners, and regulators.
Here's a deeper look at ISO 27001:
The Center for Internet Security (CIS) Controls is a set of best practices that offer a prioritized approach to cybersecurity. Developed by a community of cybersecurity experts, these controls provide actionable recommendations for organizations to strengthen their security posture.
The CIS Controls are particularly valuable for organizations seeking a practical and actionable roadmap for improving their cyber defenses. Here's a closer look at CIS Controls:
Cyber risk management is an essential aspect of modern business operations, and it requires a structured approach, continuous monitoring, and alignment with industry standards and best practices.
By understanding the key concepts and frameworks associated with cyber risk management, organizations can better protect their digital assets and mitigate the potential impact of cyber threats.
eSentire provides comprehensive cybersecurity risk management solutions to help organizations protect their digital assets effectively. Our approach includes:
Learn more about how eSentire can enhance your cybersecurity risk management strategy.
As the Sr. Manager, Content, Mitangi Parekh leads content and social media strategy at eSentire, overseeing the development of security-focused content across multiple marketing channels. She has nearly a decade of experience in marketing, with 8 years specializing in cybersecurity marketing. Throughout her time at eSentire, Mitangi has created multiple thought leadership content programs that drive customer acquisition, expand share of voice to drive market presence, and demonstrate eSentire's security expertise. Mitangi holds dual degrees in Biology (BScH) and English (BAH) from Queen's University in Kingston, Ontario.
Take control of cyber risk. eSentire offers multiple Exposure Management Services, tailored to your business needs, to help your organization proactively identify gaps and refine your cybersecurity strategy. This includes a regular cadence of security assessments and testing to continue to strengthen your security posture.
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