What is Cyber Security? Cyber risk?
Cyber security and cyber risk are not interchangeable and have different functions.
As our businesses become more interconnected through technology, cybersecurity has become a top concern for enterprises. Since we have become more dependent on data, the more safety and security of the data becomes essential. And for a good reason.
The year 2017 was an excellent year for those carrying out cyber attacks against companies and governments. IBM Security reported in their yearly study that a data breach costs organizations an average $3.6 million. While the costs are going down each year, the data breaches were more significant than ever before.
It is not just the financial services firms and defense organizations, all types and sizes of organizations are at risk. Any organization which collects and stores information on customers electronically or keeps their accounts in a cloud has a cyber risk. Organizations must remain secure, vigilant, and resilient to both minimize risk and optimize new opportunities.
Do you have the appropriate cyber risk strategy in place to ensure your organization can survive a cyber threat without disruption? Are you prepared to effectively communicate with key stakeholders if a cyber incident happens and damage is done?
A good cyber risk management program should establish clear communications and situational awareness about the cyber risks facing your organization and industry. While it will not make your organization attack proof, it will afford you the time to manage the situation at hand instead of figuring out the response systems.
We can assist you through the process of developing a strategy and help you communicate effectively when a situation occurs.
Cyber risk is any danger of financial loss, disruption or damage to the organization from information technology systems failure. It is a comprehensive view of the potential exposure to internal security flaws in the context of external threats. Cyber risk management develops collaboration with siloed stakeholders allowing for better understanding of risks and responds to threats.
Cyber Security is the method of securing computers and servers, mobile devices, electronic systems, networks and data from malicious attacks. It is also known as information technology security or electronic information security. The term is broad-ranging and applies to everything from computer security to disaster recovery, and end-user education.
Five Questions CEOs Should Ask About Cyber Risks*
- What are the current level and business impact of cyber risks to our company? What is our plan to address the identified risks?
- How is our executive leadership informed about the current level and business impact of cyber risks to our company?
- How does our cybersecurity program apply industry standards and best practices?
- How many and what types of cyber incidents do we detect in a normal week? What is the threshold for notifying our executive leadership?
- How comprehensive is our cyber incident response plan? How often is the plan tested?
Do you have answers to these questions? If not, then your organization may be at risk of causing financial and reputational damage.
* Taken from Cyber Risk Management Primer for CEOs, U.S. Department of Homeland Security