What is Cyber Security? Cyber risk?

 

Cyber security and cyber risk are not interchangeable and have different functions.

Cyber Risk

What is cyber risk?

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.

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Cyber Security

What is cybersecurity?

Cybersecurity 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.

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Five Questions CEOs Should Ask About Cyber Risks*

Questions to ask regarding cyber security threats to the business.

 

  1. What are the current level and business impact of cyber risks to our company? What is our plan to address the identified risks?
  2. How is our executive leadership informed about the current level and business impact of cyber risks to our company?
  3. How does our cybersecurity program apply industry standards and best practices?
  4. How many and what types of cyber incidents do we detect in a normal week? What is the threshold for notifying our executive leadership?
  5. 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

Cyber Risk Thought Center

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