July 14, 2021
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Risk Management in Cyber Security

Risk Management in Cyber Security

Fred JacksonJuly 14, 2021,

Cyber security is the protection of computer systems as well as the computer networks from theft and damage, information disclosure, or any other threat to their hardware, software, and electronic data.

There are many risks that cyber security has to consider every day and they have a proper framework to manage those risks.

These are the steps Cyber Risk Management has to go through for each risk they are managing.

Risk Assessment

The first step for risk management is to assess the risk. During risk assessment, you have to check the possible ways someone can attack or harm you technologically. You have to look for your weak points, any loopholes, any workarounds, or any other possible way an attacker can try and harm your computer and network systems.

Identification & Prioritization

The next step is to identify the risk. You have a vague description of how someone can harm you by the process of risk assessment. Now you have to identify what they can harm if they decide to attack. You then have to prioritize that risk accordingly. If the risk is related to your core functionalities, you should put it on high priority.

Risk Analysis

You will have to identify how this potential risk can affect your organization. Is it something of utmost importance or is it something that you can let go of and don’t have to worry about? If the information or asset that is at risk is not of the utmost importance you still have to mitigate the risk but you can put it behind other urgent tasks.

Identify Vulnerabilities

You have to identify the vulnerabilities the risk creates in your organization. If the risk makes your organization’s infrastructure or stack vulnerable, you have to take quick action to mitigate the risk but if a single system or a single user is being affected, you don’t have to make it a priority task. 

Evaluation & Calculations

You have to evaluate and calculate the risk according to how big of a threat it is. If the threat is serious enough to take immediate action, you should mark it as a high priority and start the mitigation process right away.

Addressing the Issue

The last step is to address the issue you have identified through the whole process. This is the most critical step of the process because if this gets delayed, the whole process is a waste of time and resources. So you have to be very critical and specific about this step.

These are some of the important steps you have to follow during the risk management process in cyber security.

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