Cyber-attacks were the top risk for doing business in 2018 in North America, Europe, East Asia and the Pacific (World Economic Forum). This is forcing business leaders to improve their cyber security and risk management processes.
Ultimately, risk management is about making the right decisions to achieve the desired outcomes. We do that by identifying the urgent actions and priorities that are required to manage risks down beneath the risk tolerance level. That can be very difficult to do as there are various constituents that need to be considered (some known, some unknown).
Below are three ways which will allow you to attain the most value from your cyber risk management processes over the next year.
1. Demand for improved risk visibility
Organizations of all sizes and industries face the daily threat of cyber-attacks but the types of risk may vary from industry to industry and even business to business. A staggering 70% of organizations believe that their security risk increased significantly in 2017 (Ponemon Institute’s 2017 Cost of Data Breach Study), so what can be done?
In order to have effective risk management processes, organizations require clear visibility into the risks they face and the various related factors which could affect their risk status (as illustrated below). This will allow decisions to be made around which risks to accept and where to set the risk tolerance thresholds.