Consolidate data from multiple sources and present managers with credible measures to monitor risk status and make decisions
Continually review cyber security risk status and take actions to manage risks down to within management’s tolerance for risk
Significantly reduce costs by streamlining tasks to gather and collate data, complete risk assessment consistently and report on compliance status
Lower the risk of fines and reputational damage from cyber breaches and non-compliances
A Cyber or IT Risk management system involves the identification of risks and vulnerabilities across an organisation's business and information infrastructure and the remediation efforts required to minimise or control the impact of those risks. Cyber and IT risks include events such as data breaches, failure or disruption of technical systems, human error or environmental damage resulting in operational, financial or reputational losses. It is impossible to completely eliminate cyber and IT risks, so the question becomes one of risk acceptance. In order to accept a risk, we need to understand the risk and its context in relation to business outcomes. Therefore, there is an urgent need for organisations to truly understand their cyber and IT security status, doing so will lead to a greater chance of making the correct risk acceptance decision and where necessary identifying where urgent remedial actions to rectify any weaknesses are required.
To understand the status of the risk we need clear visibility into the various related factors which could affect the status, such as; threats, controls, vulnerabilities, incidents, issues, audit findings and actions. Since all these factors are interrelated, using a risk management tool can combine all the relevant data into a single source allowing complete visualisation. Another key requirement for effective risk management is the ability to present information effectively and create meaningful reports, doing so will assist senior management with their decision making by informing which business areas should be prioritised and require greater investment of time and resources.
A common challenge that many organisations face is only assessing their risks qualitatively due to a lack of historic data, this method doesn’t consider the financial impact of the risk. Using a quantitative risk-based approach provides more accurate and informative results. This is especially important in cyber risk due to the severe financial consequences of data breaches. By having a greater understanding of the financial implications of each risk, businesses can identify their most critical risk areas and which controls to prioritise.
A risk management tool such as STREAM allows organisations to capture, link and present data, complete risk assessments consistently both quantitatively and qualitatively, increasing the chance of good cyber and IT risk decisions. This approach substantially reduces the time and cost associated with a baseline or checklist approach with reliable risk prioritisation preventing over or under spending, or weak controls against risks.
- Identify and assess cyber security risks and mitigations using configurable qualitative, quantitative or mixed-mode techniques
- Continually review cyber risk status and take actions to manage risks down to within management's tolerance and overall appetite for risk
- Measure the performance of controls at a frequency appropriate to the nature of the control and rate of change - using metrics with automated daily updates for critical controls, such as patch status
- Prioritise control improvements based on their contribution to reducing risk
- Evaluate the financial benefit of deploying cyber security products and services to justify budgets and inform investment appraisals
- Manage multiple, integrated cyber security frameworks in the same database, together with other risk management applications
- Present cyber risks in the language of Enterprise Risk Management allowing comparison with other critical business risks.
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