Cyberspace – the final frontier. That’s how many risk managers feel. Cyberspace is a large source of risks for most organizations. According to an article by Danny Bradbury, organizations are paying more and more attention to cyber threats. The issue may be, however, that a lack of understanding of many cyber threats makes them difficult to manage:
Understanding the risks is the first step…Every risk is real and plausible to some degree, but some are more likely – and could have more impact – than others. For example, an IT person may not understand the importance of intellectual property theft, but a product development manager may realise that the theft of an important blueprint could cost the business millions. That knowledge can help IT minimise the risk of a particular network segment being compromised.
Knowledge is power, especial when it comes to cyber risk. Once you have gained a firm understanding, prioritizing cyber risks is crucial to your risk management success. According to Bradbury, you must understand your risks in a business context in order to prioritize successfully. This means linking all risks to strategic objectives and looking at the bigger picture for your organization. Furthermore, your analysis of risk should include the likelihood of a risk occurring as well has how much it would cost your business if it were to happen.
Bradbury also notes that arguing for funding for cyber risk management implementation may also be a challenge. However, having examples in place to show what risks are, why they exist, and how pressing they are makes increased funding for risk management more attainable. Even if catching every threat is impossible, being able to catch the worst of them may make all the difference for your organization.