THE IMPORTANCE OF EFFICIENT CYBER RISK MANAGEMENT
AGENDA Key Topics Discussed In This Presentation
• About • The Most Important Cyber Risk Challenges • The Effect Of Cyber Attack • A Twentieth - Century Approach To Cyber Risk Management • Solution
ABOUT The possibility of harm originating from a company's communications or information systems is referred to as cyber risk. Data breaches and cyber -attacks are two of the most frequently reported types of cyber risk.The increased use of innovative technology has largely triggered the evolution of cyber risk. Key initiatives such as the use of third-party suppliers, outsourcing, cloud migration, remote access, and mobile technologies improve efficiency and drive growth, but they also increase risk exposure. It has progressed from a technological concern to a business concern.
THE MOST IMPORTANT CYBER RISK CHALLENGES • • • • • •
Lack Of Visibility Lack Of Visibility Informing The Board And Management Cloud Risks Staff And Skills Shortage Perpetually Evolving Risks
Firms benefit from a solid cyber risk profile management because it protects them from cyberattacks and gives them a competitive advantage. Businesses must have a superior approach to assess and describe the impact of a cyber breach, taking into account the financial impact of cyber infringements and regulatory fines.
THE EFFECT OF CYBER ATTACK All businesses are vulnerable to cyber risk, and threats can come from within the organisation (internal risk) or from the outside (external risk) (external risk). Both of these risks can be unintentional or malicious. Employees within the company initiate internal risks. Data theft and system disruptions are examples of malicious internal cyber risk, which is frequently carried out by a disgruntled employee.
A TWENTIETH - CENTURY APPROACH TO CYBER RISK MANAGEMENT • Defining risk in the context of cyber security • Identifying the size, importance, and consequences of risk • Taking a data-driven approach to cyber-threats
SOLUTION A modern data-driven approach to vulnerability management is required, allowing security teams to assess risk cyber including : • Risk monitoring platforms • Cyber risk profile management • Cyber threat management • Threat intelligence platform
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