08 August 2024
Establishing Structured Cybersecurity Risk Management Practices
Understanding and managing cyber security risks is crucial for an organisation to safeguard its assets and operations.
Whilst it’s important to establish structured risk management practices that are proactive, clear and responsive it can be challenging to do so – why is this? Often risk assessments don’t have clearly defined threat assumptions, leading to overly complex outputs that hinder decision-makers. There may be significant security gaps because:
- Assessments for network and information systems supporting essential functions are sporadic or just don’t get done.
- Systems are evaluated in isolation so their dependencies and interactions with other systems is not properly considered or assessed, for example interactions between IT and Operational Technology (OT) environments.
- Lastly, there may be a lack of processes to ensure identified risks are actively managed, with some risks remaining unresolved on registers for extended periods because they are awaiting a decision from management or resource allocation for resolution.
These examples underscore the importance of establishing structured risk management practices so that an organisation can enhance its resilience against threats, and protect its essential operations.
A robust cyber security risk assessment involves several key steps. Firstly, it begins with identifying all assets that require protection and the specific threats that apply to your organisation, ranging from hardware and software to sensitive data and intellectual property. Subsequently, vulnerabilities are assessed, encompassing both internal threats, such as employee actions, and external threats like cybercriminal activities. Concurrently, vulnerabilities within assets are scrutinised to pinpoint weaknesses that could be exploited by threats.
Once identified, risks are carefully analysed to gauge their potential impact and likelihood. This analysis helps to prioritise risk mitigation work based on the severity of the potential impact and the likelihood of them occurring. Mitigation strategies are then built using a combination of technical, operational, and management controls to reduce potential losses identified in the risk assessment.
Implementation of these controls follows, which involves the deployment of security measures, updates to policies and procedures, and staff training initiatives. Continuous monitoring and periodic reviews will ensure the effectiveness of implemented controls.
Good documentation of the risk assessment findings and implementation actions taken support ongoing compliance efforts and future decisions on risk management strategies. Furthermore, in conjunction with implementation actions, the development of incident response plans prepares an organisation to respond to cyber security incidents, swiftly and effectively minimising disruption and damage.
By adhering to these essential elements, an organisation can proactively protect itself against cyber security threats, bolster its cyber security posture and ensure business continuity.