Every organisation is affected by cyber risk!

by Nicholas King on April 9, 2019

Organisations that believe they can ignore cyber risk management and the benefits it offers will probably lose out as others adopt more efficient, more economical, less human-resource-intensive solutions.

For effective cyber risk management, an organisation needs a thorough understanding of the constantly evolving risks it faces, as well as the practical tools and techniques available to address them.

Achieving this is massively dependent on the organisation having a means of proactively identifying existing and emerging risks.

What makes cyber risk different?

To make the most of the potential benefits of cyber risk management, your organisation must be fully aware of the nature and spread of cyber-related risks.

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Typically, the board/governing body of an organisation will not have the knowledge and experience required to achieve this. Therefore, it will need to appoint an adviser, either internally or as a contracted service.

The board, reflecting on the specialist, professional advice it receives, then needs to provide sufficient competent resources to manage cyber risk in every area affecting technology-dependent activities.

What needs to be considered in a cyber risk management regime?

Organisation:Effective leadership is essential, with timely decision-making, which considers cyber consequences, being entrusted across the organisation. Understanding the value your organisation creates and how cyber risk management relates to that is fundamental in establishing an effective solution.
Planning:Enterprise risk management arrangements need to encompass cyber risk. The risk management arrangements across the organisation need to inform timely change and ‘as is’ activities in light of information gathered, and be considered from internal and external sources, including cyber experts and (cyber security) information sharing partnerships.
Monitoring, measurement, analysis and evaluation: A cyclical approach to assessing the effectiveness of your organisation’s cyber risk stance, and reacting to that through communication, monitoring metrics, awareness, training, improvement and further review, will help develop resilience.
Human factors/culture:The human factors relevant to cyber risk are present at both an individual level and in the culture of the organisation. The appreciation and competence to effectively manage cyber issues needs to be part of the decision-making arrangements across all levels of the organisation. Achieving a coherent, organisation-wide cyber risk-aware culture significantly contributes to the motivations and enablers for achieving the desired outcomes, particularly as people are often the weakest link.

Standards to help manage cyber risk and resilience

The good news is that there are a myriad of cyber security and related frameworks, standards and sources of guidance that organisations can consider. ISO 27001 is the international standard that provides the specification for a best-practice ISMS (information security management system). The Standard can help organisations achieve all their data privacy and information security regulatory compliance objectives.

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Our CyberComply platform guides organisations through cyber risk and privacy monitoring and compliance. It’s designed for risk and security, data and compliance, and IT and information security professionals working in small- and medium-sized organisations for which cyber risk and privacy management are critical.

It has been developed to:

Be scalableto address evolving and increasing threats;
Be repeatable for frequent risks assessments;
Reduce variabilityby helping you make consistent decisions based on fact rather than human interpretation;
Be maintainablefor multiple stakeholders across your organisation; and
Have everything you need inone place for governance, risk and compliance, making it a quick and cost-effective route to compliance.

Integrated into the platform are the cyber risk management tools vsRisk Cloud and Compliance Manager, the privacy management tools the Data Flow Mapping Tool and the DPIA Tool, and the GDPR compliance tool GDPR Manager.

For more information on CyberComply or to see the full suite of products available, visit our website.

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