Despite the far-reaching advantages of information technology, the associated risks must also be recognized in good time in order to protect the company from attacks and break-ins. A security risk management program can ensure you have the best possible defense against data breaches, cyber threats, and other attacks. However, for such programs to be truly successful, you need a detailed understanding of the various elements that make up these programs. Read on to learn about the different elements you need to specifically consider before fully implementing a security risk management program.
Decision to implement a security risk management program
As the volume of data generated continues to increase, IT systems become more complex and cyber threats evolve, organizations are increasingly at risk of security attacks. A security risk management program can help you address the endless number of security challenges—without exceeding your resource strength or budget. A robust security risk management program can help you:
- Understand the risks and challenges your business faces
- Approach IT security risks systematically and calculated
- Categorize risks according to their likelihood and impact
- Have an established roadmap to deal with risk
- Minimize risk and minimize damage if an attack or injury occurs
Preparing to implement a security risk management program
Developing and deploying a cybersecurity risk management program is no easy task. It takes a lot of planning, effort, and money to get it right. Additionally, managing cybersecurity risks is not a one-time activity; Once implemented, you need to constantly update and improve the program, adapting to new security threats that appear on the horizon. Here are some elements that make up an effective cybersecurity risk management program:
One of the first elements to consider when planning your organization’s cybersecurity risk management program is culture. Rather than just ticking off a few tasks off the shelf, it makes sense to establish a security-centric culture throughout the length and breadth of your organization. Because people are often the weakest link in cybersecurity, the right knowledge and attitude, as well as awareness of the required values and norms, go a long way to successfully implementing security-related policies, processes, and norms and to manifesting cybersecurity-aware behavior.
2. Risk Assessment Process
Developing a robust risk assessment process is a critical aspect of any security risk management program. This includes identifying your organization’s digital assets—including stored data and intellectual property—detecting potential internal and external threats, and categorizing the impact and likelihood if any of your IT assets are misused or damaged.
3. Good cyber hygiene
Establishing good cyber hygiene is also a critical element to consider when developing and deploying a security risk management program. This can allow users to be aware of the steps they need to take to improve online security and maintain system health – while always maintaining a security-centric mindset.
4. Response Speed
Containing security risks requires speed. The longer a threat takes to counter, the more damage it can do, and setting the right SLAs must be an integral part of your security culture. That means you need to have systems and processes in place that pave the way for early detection of potential risks, immediate detection of attacks and security breaches, and rapid response to security incidents.
5. Risk Prioritization
There are many cybersecurity risks that an organization faces, but there’s no way you can protect your organization from every possible risk. Therefore, rather than trying to thwart every possible risk, it is important to prioritize these based on their likelihood and impact on your business. Since you don’t have an infinite number of employees or budgets, such prioritization can help you manage the high-impact risks in a timely manner and protect your organization from far-reaching impacts.
6. Incident Response Plan
An incident response plan that focuses on the risks you’ve identified is also critical to knowing what to do when a threat is detected, and by whom. Such a plan describes the procedures, steps, and responsibilities of your incident response program while providing you with a roadmap for responding in the event of an attack or incident.
Teams responsible for enterprise security risk management never have it easy. With cyber threats on the rise, it can seem impossible to tackle a seemingly endless number of challenges with limited budgets and resources. But establishing a carefully curated security risk management program can allow you to take a systematic approach to IT security, identify which risks are having the greatest impact, and ensure your organization can recover from security incidents quickly and easily.
Contributed blog courtesy of Synoptek. Read more articles from Synoptek here.