Explaining Cybersecurity Risk Management

Blog, Cyber Security

Cybersecurity risk management is a critical aspect of protecting an organization’s digital assets and enabling business continuity. Here’s a comprehensive guide on where to start, what tools/assessments are available, and who needs it (across industries and organization sizes), as well as a quick start guide for executives who may not be cybersecurity experts:

Where to Start:

  1. Cybersecurity Policy and Strategy – Begin by developing a cybersecurity policy and strategy that aligns with your organization’s overall business goals and risk tolerance. Define the roles and responsibilities of key stakeholders.
  2. Risk Assessment – Identify and assess the specific cybersecurity risks your organization faces. Understand the potential impact of these risks on your business operations, reputation, and compliance obligations.
  3. Asset Inventory -Create an inventory of all digital assets, including hardware, software, data, and network infrastructure. Knowing what you need to protect is fundamental.
  4. Compliance Requirements – Understand the regulatory and compliance requirements applicable to your industry and region, as they will help shape your cybersecurity program.
  5. Budget and Resources – Allocate the necessary budget and human resources for your cybersecurity program, including funding for technology, training and personnel.

What Tools/Assessments Are Available to You?

  1. Vulnerability Assessments – Conduct regular vulnerability assessments using tools like Nessus, Qualys, or OpenVAS to identify weaknesses in your systems.
  2. Penetration Testing – Hire professional ethical hackers to perform penetration tests to identify vulnerabilities that could be exploited by malicious actors.
  3. Security Information and Event Management (SIEM) – Implement a SIEM solution (e.g., Splunk, ELK Stack) to collect, analyze, and correlate security event data in real-time.
  4. Cybersecurity Frameworks – Consider adopting cybersecurity frameworks such as NIST Cybersecurity Framework or CIS Controls to guide your risk management efforts.
  5. Employee Training and Awareness – Use cybersecurity training platforms like KnowBe4 or SANS to educate employees about security best practices.
  6. Incident Response Plan – Develop an incident response plan with predefined steps to follow in case of a cybersecurity incident.

Who Needs It (Industries/Org Sizes):

  1. All Industries – Every industry is vulnerable to cyber threats. The level of risk may vary, but cybersecurity risk management is crucial for all.
  2. All Organization Sizes – Small, medium, and large organizations should prioritize cybersecurity. Smaller organizations may face different threats but are not immune to attacks.
  3. Government and Critical Infrastructure – Organizations in these sectors often have a higher level of regulatory compliance and should implement robust cybersecurity risk management programs.
  4. Financial Services and Healthcare – These industries deal with sensitive data and are frequent targets, making cybersecurity paramount.

Quick Start Guide for Non-IT Executives:

  1. Understand the Business Impact – Focus on how cybersecurity aligns with and affects the organization’s business goals and objectives.
  2. Delegate Responsibility – Appoint a Chief Information Security Officer (CISO) or a cybersecurity leader to oversee the program.
  3. Set a Budget – Allocate sufficient resources to the cybersecurity program so that it’s adequately funded and staffed.
  4. Support Training and Awareness – Emphasize the importance of employee training and awareness in preventing security incidents.
  5. Monitor and Review – Regularly review cybersecurity reports and metrics to stay informed about the organization’s security posture.
  6. Incident Response Plan – Make sure that the organization has a well-defined incident response plan and practice tabletop exercises.
  7. Stay Informed – Keep abreast of cybersecurity trends, emerging threats, and regulatory changes that may impact your organization.
  8. Board-Level Reporting – Require cybersecurity updates and reports at board and senior staff meetings to maintain attention and oversight.
  9. Vendor Risk Management – Develop and implement a vendor risk management program to assess and mitigate third-party cybersecurity risks.
  10. Cyber Insurance – Consider cyber insurance coverage to mitigate financial losses in case of a security incident.

Remember that cybersecurity is an ongoing process. It is vitally important to continuously assess, adapt, and improve your cybersecurity risk management program to stay resilient in the face of evolving threats.

And that’s where Stratix Systems can help.

Stratix Systems is one of the region’s leading technology solutions partners—with the people, resources and experience to deliver the Managed IT, cybersecurity, document management and imaging support you need. The best practices, the most road-tested options, the best technologies – all with significant cost savings that drop straight to your bottom line. Backed by knowledgeable people and responsive client and technical support every step of the way.

In fact, with 150 IT professionals and more than 8,000 clients in Pennsylvania, New Jersey and Delaware, very few organizations in the region can match the vast array of total business solutions and responsive client service available from Stratix Systems.

Learn more at stratixsystems.com or call toll-free 1-800-444-2943.

Scroll to Top