What exactly is cyber risk management and how can you minimise the risk across the entire business? With the risk of cyber attacks continually on the rise, many businesses will see the costs of combating these risks rise exponentially.
Managing the risks associated with cybersecurity to an organisation can be compared to purchasing insurance. We all want to be covered against any issues that may arise, but we’d like to avoid paying through the nose for coverage that we just don’t need. So how can we strike the right balance?
Traditionally, cybersecurity has fallen under the responsibility of the CIO. However, cyber security risks now run deep throughout all departments of a business, from sales to finance, marketing to product management and even the supply chain. Particularly now, as entire departments are suddenly working from home on their own networks. As all departments are online, the cyber risk is spread across all teams and individuals. They must all be secure or they jeopardise the security of the whole organisation.
Here's where a Cyber Risk Officer steps in. It’s their job to use cyber risk management to bring together the different teams of the business, in order to unify the overall cybersecurity approach. By convening all these parties and sitting separately from IT, they can aggregate the risk in ways that others in the C-suite cannot.
A cyber risk officer can identify, analyse and evaluate the whole organisation’s cyber risks. A risk based approach means that the cyber security measures you implement are based on your organisation’s unique risk profile. Therefore, you won’t waste time, effort or expense addressing unlikely or irrelevant threats.
Cyber security risk officers are understandably in high demand. To meet our members’ needs, ICS is now offering the Certified Cyber Risk Officer programme. This 8 day online course will equip you with a comprehensive understanding of cyber security risk management. It has been designed to equip you with the knowledge, skills and confidence you require to protect the digital assets of your organisation and to support or lead the implementation of a cyber risk framework.
The course has been designed for non-technical students and covers a range of topics from identification of cyber risks through to risk management options.
As cyber risk management brings all departments together, business leaders of all disciplines within an organisation can attend, e.g C-Suite and management, CISO/CSO/CIO or CRO, Head of IT/security, tech leaders, project managers or legal teams. Indeed, they are the ones who will be instrumental in designing, implementing or supporting the cyber risk management program of an organisation.