Risk is commonly defined as threat. This formula applies to anything that could be exposing you to danger, but when applied to cyber-security. The unique risks individuals and businesses face as a result of using interconnected technological systems.
To manage cyber-security we should go through these point:
Involvement of senior management should be there.Security has become a market differentiator in recent years. Companies will win and lose contracts because of cyber-security alone. Furthermore, it’s difficult to get departmental buy-in without ensuring that the top individuals in your organization are supporting a push for reducing cyber risk. So, senior executives and board members are going to be involved in the conversation around cyber-security.
Material risk does not include a run-of-the-mill cyber incident where a few records are compromised. This is a frustration but however unfortunate, it wouldn’t make a critical impact on your day-to-day business operations. The data you care most about is your material data. Depending on your line of business, this could be a number of different things, including sensitive customer information, customer data, intellectual property, or trade secrets. It could even be the reliable operations of your IT systems or manufacturing capabilities.
Limit the number of people who have privileged access to sensitive data.When individuals in your organization are given access to privileged information or vital data, there are several steps that should be taken to monitor and observe their behavior. First, you want to find out what every employee has access to and determine whether it’s necessary for each of those individuals to have that level of access. You would then want to limit access to those who have it unnecessarily. Finally, it’s important to closely monitor those who have necessary access to highly sensitive data and information to ensure that the information is only used for necessary
Having the right cyber-security risk management tool makes all the difference. An ideal system enables you to monitor your third parties in real time (or at least daily). Real-time monitoring is what you need to keep up with today ís cyber-threats. For instance, Bit Sight allows you to monitor your vendors and your own Security Ratings, which gives you a good indication of overall security posture. If that number changes for better or for worse you will have a good sense of whether or not your organization may have been negatively impacted by a cyber-security incident or if your third parties are putting adequate controls in place to protect your data and improve their security.
The consequence is the harm caused to an exploited organization from a loss of sensitive data, to a disruption in a corporate network, to physical electronic damage. Consequences from a cyber-security incident do not only affect the machine or data that was breached they also affect the company’s customer base and society in general. These can be considered direct and indirect costs.
For instance, if your company handles a great deal of sensitive information and something happens to that information, you may lose a great deal of customers. This is a direct consequence. But once word spreads of this violation of your customers privacy, other potential customers may be wary and choose not to employ your services.