Cyber risk management refers to the process of identifying, assessing, and addressing the potential risks and threats associated with the use of technology and the internet. It involves identifying vulnerabilities and potential attacks, assessing the potential impact of these attacks, and implementing strategies to mitigate the risks and protect against potential damage.
The objective of cyber risk management is to establish a systematic approach to understanding, evaluating, and addressing risks related to cybersecurity. This includes identifying and assessing the value of assets at risk, the likelihood and potential impact of different types of cyber attacks, and developing and implementing appropriate controls and risk mitigation strategies to reduce the risk of a successful attack.
Some common strategies used in cyber risk management include implementing firewalls, intrusion detection systems, and antivirus software to protect against external threats, as well as training employees on best practices for safe online behavior to prevent accidental data breaches. Additionally, developing incident response plans and regularly testing these plans can help organizations respond effectively to cyber attacks and minimize the potential damage.