Cyber Risk Assessment is the initial step, where you identify your vulnerabilities and assess the potential impact of cyberattacks. Here's a breakdown of the process:
Identify Assets:This involves listing everything critical to your business - data, systems, hardware etc.
Recognize Threats:Consider what could potentially harm these assets - malware, phishing attacks etc.
Evaluate Vulnerabilities: Analyze how these threats could exploit weaknesses in your systems and processes.
Impact Assessment:Estimate the potential damage from a successful cyberattack - financial loss, reputational damage etc.
Risk Prioritization: Based on likelihood and impact, prioritize the risks that need immediate attention.
Cyber Risk Management takes the findings from the assessment and puts them into action:
Develop Controls:Implement security measures to address the identified risks like firewalls, access controls etc.
Implement Safeguards:Train employees on cybersecurity best practices and implement data backup procedures.
Monitor and Test: Continuously monitor your systems for vulnerabilities and test your incident response plan.
Review and Update:Regularly review your risk assessments and update your controls as needed.
Risk Prioritization: Based on likelihood and impact, prioritize the risks that need immediate attention.
In today’s digital age, cyber threats are constantly evolving, making it crucial for businesses to have robust cybersecurity measures in place.
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