The Importance of a Cyber Security Risk Register

Holistically profiling risk involves identifying, assessing, prioritising, and managing various types of risks across the enterprise, including cyber security risks. Within a broader risk management framework, a cyber security risk register is an important tool which specifically addresses the risks related to an organisation’s information security, digital assets and technology infrastructure.

This register helps to identify, assess, and mitigate cyber security risks in a systematic and proactive manner. It’s a key resource that assists audit risk committee members to fulfil their obligations and responsibilities related to cyber security risk management, compliance and assurance. It should enable members to make informed decisions and monitor the organisation's risk posture whilst ensuring that appropriate measures are in place to protect the organisation.

For an organisation moving to use cloud-based applications or SaaS solutions, there are a range of risks to consider with the migration and ongoing operational aspects of cloud-based services, examples being -

Security and privacy of data, the governance and ownership of data, third-party providers, cyber security threats, access and identity management, the reliability and stability of a service provider.

Whilst transitioning to cloud-based applications or SaaS solutions many organisations will be required to operate a hybrid model so additional risks to consider in doing so that may warrant being recorded in the risk register include integration complexity, resource management, network connectivity, disaster recovery and business continuity.

In summary, a cyber security risk register is an essential component of an organisation's overall risk profiling and management framework. It helps ensure that cyber security risks are identified, assessed, prioritised, and managed in alignment with the organisation's strategic objectives, risk appetite, and regulatory requirements. Integrating cyber security risk management into the broader risk management framework will assist organisations to improve their resilience to cyber threats and protect their digital assets effectively.

If you would like to book in a discussion regarding the set up and maintenance of a cyber security risk register for your organisation contact Mike Conboy.

Policy Management as Service – April release

The April enhancement release of Policy Management as a Service (PMaaS) has gone live. Click Here for more details.

If you would like to set up a walkthrough of PMaaS or discuss the new enhancements then contact Charlie Hunter who will be happy to assist. 

Policy Management as a Service April 2024 Enhancement Release >