Assess Risk Effectively With These Critical Questions

Today, organizations rely more on information technology to do business. Therefore, the digital risk landscape expands while exposing companies to new critical vulnerabilities. Cybercriminals are launching sophisticated attacks that are hard to detect. As a result, businesses often suffer severe consequences. Cybersecurity is about understanding, managing, controlling, and mitigating risks. Conducting risk assessment helps organizations strengthen their overall security. In this article at IT Governance, Luke Irwin explains how you must assess risk and identify threats in your ecosystem.

How to Assess Risk

Here are some questions you must ask your IT teams and cyber leaders before assessing risk. These questions will help you determine your specific strengths, weaknesses, and paths to improvement.

“Do We Have the Right Leader?”

Many organizations fail to designate an appropriate leader that will be accountable for cyber risk. Therefore, determine if the cyber leader in your organization has the right mix of technical and business acumen to assess risk and know how to prioritize efforts. Ensure cyber leaders talk about risk at board meetings. Additionally, ensure that security teams are up-to-date on the latest cyber trends, threats, and their implications on your business.

“Have We Established a Robust Risk Escalation Framework?”

You must establish an enterprise-wide cybersecurity policy approved by the board. The framework must evaluate and monitor the value of cyber insurance. Furthermore, it must describe and operationalize roles and responsibilities across the cyber risk program. A clear and cohesive risk escalation framework helps answer what threats and vulnerabilities could cause reputational damage and financial loss to your business and how you can mitigate them.

“How Do We Assess Risk and Measure the Results of Decisions?”

Risk and performance are closely associated. Therefore, you must bring the right resources to handle cyber challenges. Invest in baseline security controls to address the majority of threats. Your organization’s investment and budget must reflect cyber strategy. In addition, analyze if your business has made an effort to identify risks and has a program to avoid these catastrophic threats. Failing to develop a people-centric strategy and overpaying for services can be real risks.

Are you curious to learn more about how to assess risk? Click on https://www.itgovernance.co.uk/blog/a-brief-guide-to-cyber-security-risk-assessments to read the original article.

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