Despite the far-reaching benefits of information technology, the risks it brings also has to be acknowledged in time in order to safeguard the business from attacks and breaches. A Security Risk Management Program can ensure you have the best possible defence in place against data breaches, cyber threats, and other attacks. But for such programs to be truly successful, you need a detailed understanding of the different elements that make up these programs. Read on to learn about the different elements you need to consider specifically prior to fully rolling out a security risk management program.
Deciding to Implement a Security Risk Management Program
As the volume of data generated keeps increasing, IT systems keep getting more and more complex, and cyber threats continue to evolve, businesses are increasingly at the risk of security attacks. Having a security risk management program in place can help you deal with the endless number of security challenges – without surpassing your resource strength or budget. A robust security risk management program can help you:
- Understand the risks and challenges your business is exposed to
- Take a systematic and calculated approach to IT security risks
- Categorize risks based on their probability and impact
- Have an established roadmap in place to deal with risks
- Mitigate risks and minimize damage, if an attack or breach occurs
Prepping for Implementing a Security Risk Management Program
Developing and deploying a cybersecurity risk management program is no easy task. It takes a lot of planning, effort, and money to do it correctly. Moreover, cybersecurity risk management isn’t a one-time activity; once implemented, you need to constantly update and improve the program and adjust to new security risks coming over the horizon. Here are some elements that constitute an effective cybersecurity risk management program:
One of the first elements to consider while planning your organization’s cybersecurity risk management program is culture. Instead of simply ticking a few tasks off the box, it makes sense to establish a security-focused culture through the length and breadth of your organization. Since people are often the weakest link in cybersecurity, having the right knowledge and attitude and being aware of the required values and norms will go a long way in successful implementation of security-related policies, processes, and norms and in manifesting cybersecurity-conscious behavior.
2. Risk Assessment Process
Developing a robust risk assessment process is a critical aspect of any security risk management program. This includes identifying your organization’s digital assets – including stored data and intellectual property, recognizing potential threats – both internal and external, and categorizing the impact and likelihood if any of your IT assets were to be misused or damaged.
3. Good Cyber Hygiene
Establishing good cyber hygiene is also a critical element to be taken into consideration while developing and deploying a security risk management program. This can enable users to be aware of the steps they need to take to improve online security and maintain system health – while always maintaining a security-centric mindset.
4. Speed of Response
When it comes to containing security risks, speed is of essence. The longer it takes to address a threat, the more damage may be done, and establishing the right SLAs must be an integral part of your security culture. This means you need to have systems and processes in place that pave the way for an early recognition of potential risks, immediate detection of attacks and breaches, and rapid response to security incidents.
5. Risk Prioritization
The cybersecurity risks an organization is exposed to are many, but you cannot possibly protect your business against all possible risks. Therefore, instead of trying to thwart every risk possible, it is important to prioritize them based on their probability and impact on your business. Since you do not have an infinite number of employees or budget, such prioritization can help you deal with the high-impact risks in a timely manner and safeguard your business against extensive ramifications.
6. Incident Response Plan
Having an incident response plan in place that focuses on the risks you’ve identified is also critical to know what needs to be done when a threat is detected, and by whom. Such a plan will outline the procedures, steps, and responsibilities of your incident response program while providing you with a roadmap for how to respond in the event of an attack or incident.
Teams responsible for enterprise security risk management never have it easy. As cyber threats become increasingly rampant, dealing with what looks like an endless number of challenges with limited budget and resources can seem impossible. But establishing a carefully curated security risk management program can enable you to take a systematic approach to IT security, determine which risks have the most impact, and ensure your organization can recuperate from security incidents quickly and more easily.