In the modern landscape of the internet, one thing is clear that managing cyber risks across the world is harder than we think, it involves a lot many processes and requires a huge amount of thinking to manage all those risks and threats or attacks we face everyday.
Therefore, Risk management is a never ending process of identifying, analyzing, evaluating and addressing the threats and attacks in cybersecurity. It is an ongoing process that involves not only the security team but also the respective organization.
It is very important to overcome and defend against cyber threats and attacks.
KEY COMPONENTS OF RISK MANAGEMENT
- Risk Identification: It involves identification of potential threats like malwares or any insider threats and all, and it also involves identifying the vulnerabilities in one's own system or the network in the organization.
- Risk Assessment: Evaluating the probability of a threat exploiting a vulnerability and causing harm to the organization, and also analyzing the potential consequences or the impact caused by the security incident.
- Risk Treatment: Controlling of the risk by implementing countermeasures and security controls or we can also transfer or share the risk with some other third-party applications, all this is done to reduce the impact of the risk.
- Risk Monitoring and Review: Evaluating the probability of a threat exploiting a vulnerability and causing harm to the organization. Also, conducting regular reviews and assessments of risk management.
IMPORTANCE OF RISK MANAGEMENT
- Proactive Threat Prevention - to mitigate or neutralize threats before they materialize into security incidents.
- Resource Allocation Optimization - to prioritize resource allocation and investment in cybersecurity measures based on the severity.
- Regulatory Compliance - requires organizations to implement robust risk management practices to protect sensitive data and ensure regulatory compliance.
- Business Continuity and Resilience - effective risk management ensures continuity and resilience of organizations.
CONCLUSION
Modern landscape of technology has been changing frequently, making managing risk harder day by day. The COVID-19 pandemic and recession have further raised the bar for security and compliance teams by creating more responsibility while diminishing resources. With these types of scenarios it is important for organizations or individuals to have a risk management process. There is hardly any rest for the risk management team as they have to work throughout the cloak and each day of the week.Hence, lets try our best to not fall into the wrong hands and secure ourselves.
“Security used to be an inconvenience sometimes, but now it is a necessity all the time.”
