We are used to the convenience provided by the internet. Thanks to technology, we can save a lot of time, and access information in a matter of seconds. However, even though the internet makes our lives much easier, we shouldn’t forget that it isn’t free from any threats.

 If you are running an organization, you should be aware that hackers do exist and their actions could cost your business a lot of money. Cybersecurity is an important part of business continuity planning. That’s why your employees should go through a training program to know the most common types of cybersecurity threats. However, it’s a fairly complex issue, which is why we have prepared this article. In a moment, you’ll learn more about the objectives of cybersecurity risk management.

Safety And Security Of Your IT Infrastructure

According to a study conducted by the National Institute of Standards and Technology (NIST), intrusions and attacks against the information system can be detrimental. That’s why your employees should go through a special training program to learn how to deal with cyber attacks. You should also establish a response plan for such situations.

General Risk Management

When it comes to cybersecurity risk management, there are several types of risks that you need to keep in mind. For example, the first is the risk of insider threats. In most cases, they occur due to human error. Ideally, you should hire a cybersecurity expert who can monitor all employees to make sure they are following the rules. Another type of risk is the risk of unplanned changes. In most cases, such changes include software upgrades that might cause system failure or data loss. For this reason, it’s necessary that you update your company’s policies to minimize such risks.

Governance

Of course, it’s very important that you have strong IT governance in your organization. You need to establish a cybersecurity program and make sure that employees follow the rules. That’s why you should hire a special cybersecurity officer who can coordinate your security efforts. In most cases, organizations hire a senior position that is called Chief Information Security Officer (CISO). It’s very important that you establish a governance framework in your organization so that you minimize risks.

Data Protection

When it comes to data protection, you need to make sure that all your employees are aware of their responsibility when it comes to protecting sensitive data. They should understand the importance of keeping information confidential. For this reason, you should explain to them what constitutes corporate espionage and why they shouldn’t share sensitive data with third parties. On top of that, you need to set up policies and procedures to minimize the risks of data leaks and loss. That’s why you should hire a professional who can help you with this process. However, don’t forget that employee engagement is also a very important aspect of corporate cybersecurity. That’s why we encourage you to develop an employee user policy that will be presented to employees and made accessible to them on a regular basis. Your employees should be aware of their responsibilities when it comes to cybersecurity risk management.

Compliance With Laws

In most cases, organizations are required to follow certain laws of the state where they reside. That’s why you need to make sure that your cybersecurity program is compliant with such laws and regulations. For example, if you are located in the United States, you need to follow the Federal Information Security Modernization Act 2014 (FISMA). For this reason, you need to hire a professional who can help you with this process. That’s why we encourage you to hire a cybersecurity expert who can consult with you on how to implement the most appropriate security framework for your organization.

Compliance With Regulatory Standards

In most cases, organizations are required to follow certain cybersecurity standards. For example, some organizations are regulated by the Payment Card Industry Data Security Standard (PCI DSS). In most cases, it’s very important that your employees understand what type of data they should be protecting. For example, if they manage credit card data, they need to make sure that transaction data is not leaked or stolen.

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Compliance With Third-Party Standards

Apart from complying with laws and regulations, you need to comply with different standards set by third parties. For example, if you are a member of an association, you should go through a training program provided by the organization. For this reason, it’s very important that your employees know their responsibilities regarding cybersecurity risk management. That’s why it’s very important that you explain to them how cyber-attacks occur and why they should prevent them from happening. In most cases, the success of an attack against an organization depends on the level of cybersecurity preparedness of the company. That’s why we encourage you to hire a cybersecurity expert who will consult you on how to increase cybersecurity preparedness in your organization.

Management of The Program Scope

When it comes to the management of the program scope, you need to make sure that your cybersecurity program is fit for purpose and covers all types of risks identified in your organization. For this reason, it’s very important that you explain all risks that your organization may face to your employees. You should also establish a plan to minimize such risks. In most cases, you need to establish a security baseline for your organization and make sure that employees follow it.

Management of Risk Assessment

It’s very important that you make sure that employees assess the level of cybersecurity risk in your organization. For this reason, it’s necessary that they know how to identify such risks and put together a plan to minimize them. Ideally, such a plan should include steps and procedures on how to deal with cyber-attacks in case they occur. In addition to that, your employees should know how to keep your data safe. That’s why it’s very important that you hire a cybersecurity expert who will help you with this process.

Management of Risk Treatment

When it comes to risk treatment, you need to make sure that your organization treats them appropriately. In most cases, it’s necessary that you focus on investigating security incidents and establishing a response plan. However, it’s very important that you appoint a cybersecurity expert who can help you with this process. Ideally, you should establish a 24/7 hotline for reporting security incidents. Your employees should understand how such incidents are investigated and what actions need to be taken afterward. It’s also very important that you establish a response plan which will include steps and procedures on how to deal with threats in case they occur.

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