The Benefits of Cyber Risk Management

 

Cyber Risk Management is an ongoing process, if you have an internal team fulfilling this function or if you are outsourcing.

Cyber Risk Management requires the following;

• Identifying potential and possible threats, these may differ based on your industry or jurisdiction
• Analyzing the potential situation or threat
• Evaluating the potential situation or threat
• Creating a robust response plan to all given potential threats
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At TRG we offer we offer Cyber Security Cape Town services that cover the African region. 

The Cyber Risk Management requires acknowledgement of what the potential threats are, your IT team won’t understand all the threats that a business will or can be exposed to thus the full organization needs to be involved in this process that the Cyber Risks are fully exposed to allow for a mitigation plan to be drafted. A mitigation plan will form part of the policy and action to be taken in the event of a risk exposure or exploitation.

Cyber Risk Management

Your willingness to take on assumed risk is your risk appetite, this will differ from industry to industry various factors determine your risk score. Based on your businesses risk appetite and risk profile, your cyber risk management programmer then determines how to priorities and respond to the risks identified.

The tools and services we provide ensure maximum cyber risk mitigation. Should your data be hosted locally or in a shared or private cloud. We assist with interoperability of systems as far as possible. Businesses of all sizes require protection.

In simple terms how do you calculate your risk?

Your assumed RISK = Threat x Vulnerability x Asset

• Threat or in other words “threat frequency,” or how regularly a negative event could occur.

For example, the threat of your entire building burning down by looting in a given year is about 1 in 1,00,00.

• Vulnerability or rather the likelihood that a vulnerability will be taken advantage of or likelihood that a vulnerability could be exploited, and a threat could succeed against your businesses’ defenses is how a Vulnerability is determined.

” What is the security environment in the organization? How quickly can an threat be mitigated if a cyber breach does occur?

Could your internal employees or your 3rd party consultants or providers be a security threat to the business? How many users are there and is it time to look at tools and systems to minimize their access and ensure your keep an audit trail of all access tools such as Zero Trust may need to be considered.

• Cost is the total estimate of the financial drain of a security incident. Such estimates need to include the total financial impact including hardware and soft costs. Cost of business confidence which may include the stock price and the inability to hire the best brightest minds in the future.

Other costs can include:

• Data loss: the loss of intellectual property and or customer information could result in loss of trust and customer attrition.

Not to mention being in breach of POPIA and GDPR

• System or application downtime: not being able to operate is devastating to any organization, this also causes a knock-on effect in the supply chain. 
• Legal consequences: you can incur fines and other legal costs due to failure to comply with the data protection security requirements of POPIA, GDPR, HIPAA, PCI DSS or other compliance requirements.