The five core elements of effective cyber risk management are:
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Identify – Discover assets, data, and potential vulnerabilities.
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Protect – Implement security controls to safeguard critical systems.
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Detect – Continuously monitor for suspicious activity and threats.
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Respond – Establish playbooks and response plans for incidents.
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Recover – Restore operations quickly while minimizing downtime and loss.
A cyber risk assessment involves:
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Scoping – Define the assets, processes, and systems to be evaluated.
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Threat & Vulnerability Identification – Analyze internal and external risks.
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Risk Analysis – Determine likelihood and potential impact of threats.
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Prioritization – Rank risks to focus on high-impact areas first.
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Mitigation Planning – Apply security measures and controls to reduce exposure.
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Review & Continuous Improvement – Regularly reassess and update as threats evolve.