Cyber Safety Cyber security Quick Tips

5 Considerations For Cybersecurity Risk Management

Risk management is the process of identifying potential risks, assessing the impact of those risks, and planning how to respond if the risks become reality. It is important for every organization, no matter the size or industry, to develop a cybersecurity management plan.

1. Build a company culture
The first thing to consider when you are planning your organization’s cybersecurity risk management program is your company’s culture. You need to establish a cybersecurity-focused culture throughout the entire organization, from the part-time staff up to the executive suite.

2. Train employees
To implement your cybersecurity plan, you need to fully train staff at all levels on the identified risks and on the procedures and systems designed to mitigate those risks. Employee training is necessary to spread and encourage a security-aware culture as well as to ensure all employees know how to use the cybersecurity systems and tools you plan to implement.

3. Share information
Putting cybersecurity in a silo will result in failure. Information about cybersecurity risks must be shared across all departments and at all levels. What you’re doing related to cybersecurity must be communicated to all the appropriate stakeholders, especially those involved in your company’s decision-making.

4. Prioritize cybersecurity risks
Remember, you do not have an infinite number of staff or an unlimited budget. Put simply, you cannot protect against all possible cyber risks. Consequently, you need to prioritize risks in terms of both probability and the level of impact, and then prioritize your security preparations accordingly.

5. Incident response plan
Finally, you need to develop an incident response plan, focusing on the priority of risks you’ve previously identified. You need to know what you need to do when a threat is detected—and who needs to do it. This plan should be codified so that even if an incident occurs after you’ve personally left the company, the team currently in place will have a roadmap for how to respond.
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