Cybersecurity and Risk Management:
With growing technological changes, organizations are grappling with increasing security concerns. Any cybersecurity risk could vandalize the hard-earned reputation and loss of asset values.
A lot of data breaches and cyberattacks have has great impact, and organizations are working towards pruning security breaches. Conventional IT security leaders have scaled up becoming digital security leaders and have widened their support to address risks for technology savvy engineering and physical environments. The main objective of cybersecurity is to protect systems, network and data from unauthorized access. Fundamental and core principle of providing a secure system is that of ensuring confidentiality, integrity and availability (CIA). Managing and protecting this sensitive information from risk as organization conduct their business through internet, which exposes to many vulnerabilities. So, risk is a behavior of a threat exploiting a vulnerability which could cause business disruption or financial loss.
A holistic approach to cybersecurity risk management is now essential across the organizations . Risk management involves risk assessment and analysis technique, risk evaluation, risk mitigation, validation and monitoring the risk. The process involves knowing the existing system and identifying the risk components and their interdependencies, prioritizing the threats and their vulnerabilities, creating a risk management framework, threat modeling and having an incident response planning. The core function is to identify, protect, detect, respond and recover.
As an IT manager, if I come across an incident, I would initially identify the source of risk, type of risk, understand the potential impact of risk for business, brainstorming with different teams such as staffs, suppliers, accountants etc., take time involving resources in risk management plan or framework and try to mitigate the risk and recover the system.