Cyber Risk Management
What is risk management?
We define cyber risk assessment as the identification, analysis and evaluation of cyber risks. It studies and analyses the entire IT infrastructure and identifies possible vulnerabilities at the juncture of people, processes and technology, as well as vulnerabilities within the different systems.
After the assessment has been made, the next logical step is risk management.
Thus, a cyber risk management programme prioritises the identified risks in terms of likelihood of occurrence, then makes coordinated efforts to minimise, monitor and control the impact of those risks.
IT Governance defines cyber risk as any event that can lead to data breaches, financial loss, reputational damage, and disruption of operations caused by a failure of technology systems and procedures.
The importance of risk management
Risk management is an essential requirement of several of the most important information security standards and frameworks. Due to the nature and sensitivity of their business activity, the UK government requires compliance with these frameworks for both public and private sector organisations who aim to do business with the public sector.
Some of the information security initiatives that mandate a risk management framework include:
ISO 27001 - the international standard that sets out the specifications of an information security management system (ISMS). It uses a best-practice approach to address information security that encompasses people, processes and technology. The assessment and management of information security risks is at the core of ISO 27001.
NCSC’s 10 Steps to Cyber Security – a UK government initiative of 10 practical steps that organisations can take to improve the security of their networks and the information carried on them. Defining and communicating your Board’s Information Risk Management Regime is central to your organisation’s overall cyber security strategy and is Step 1 of the 10 steps.
20 Critical Controls for Cyber Defence – the CIS 20 Critical Security Controls are a recommended set of actions for cyber defence that provide specific and actionable ways to stop today's most pervasive and dangerous attacks. The 20 controls (and sub-controls) focus on various technical measures and activities. Step 4 specifically deals with risk assessment and management.
PCI DSS - applies to companies of any size that accept credit card payments. Protecting digital cardholder data requires adherence to all the PCI DSS data security standards. There are 12 PCI DSS compliant requirements that apply to “all system components included in or connected to the cardholder data environment” – i.e. the “people, processes and technologies that store, process, or transmit cardholder data or sensitive authentication data”. Requirements 5 and 6 deal with implementing and maintaining a vulnerability management programme, an essential part of risk management.
IT Governance cyber risk management service
IT Governance will help you develop an information security risk management strategy, enabling you to take a systematic approach to risk management. This approach will reduce the associated risks to your information assets and protect your business from cyber threats.
The service includes consultancy guidance and advice on developing suitable methods for managing risks in line with the international risk management standard, ISO 27005.
This service will typically include the following:
- Establishing internal and external risk context, scope and boundaries , as well as the choice of risk management framework.
- Identifying and assessing risks in terms of their consequences to the business and the likelihood of their occurrence.
- Establishing communication lines with stakeholders to inform them of the likelihood and consequences of identified risks and risk status.
- Establishing priorities for risk treatment and acceptance.
- Establishing priorities to reduce the chance of risks occurring.
- Establishing risk monitoring and risk review processes.
- Educating stakeholders and staff about the risks to the organisation and the actions being taken to mitigate them.
Who is the cyber risk management service designed for?
A risk management consultancy can be performed on organisations of any size – small, medium and large enterprises - where IT infrastructure include a combination of complex legacy systems and newer operating systems whose interoperability is not always seamless.
It is particularly useful to public-sector organisations such as the NHS, HMRC, local councils and other government agencies that provide multiple services across different channels to diverse groups of users – the interchange of personal data across different platforms requires greater vigilance and methods of protection.
Why choose IT Governance?
IT Governance specialises in providing best-practice action plans, consultancy services, risk assessment, risk management and compliance solutions with a special focus on cyber resilience, data protection, cyber security and business continuity.
In an increasingly punitive and privacy-focused business environment, we are committed to helping businesses protect themselves and their customers from the perpetually evolving range of cyber threats. Our deep industry expertise and pragmatic approach help our clients improve their defences and make key strategic decisions that benefit the entire business.
IT Governance is recognised under the following frameworks:
- UK government CCS-approved supplier of G-Cloud 9 services
- CREST certified as ethical security testers
- Cyber Essentials Plus certified, the UK government-backed cyber security certification scheme
- ISO 27001 certified, the world’s most recognised cyber security standard
Speak to an expert
For more information on how IT Governance can help with your Cyber Risk Management please contact us by using the methods below.