What You Need To Know About Web Risk Management	1.0/5.0 (1 votes total) Rate: Select 1 - Terrible 2 - Poor 3 - Average 4 - Good 5 - Outstanding
Harry Trott March 02, 2017

If there’s one term that paralyzes an online business with fear, it is probably cyber threats. The nature and volume of cyber risks are changing with the dynamic landscape of the internet. According to a report by Stroz Friedberg, in 2017 cyber threats will intensify with increased cyber espionage, data integrity attacks and attacks relating to IoT devices.

In the face of these burgeoning threats, it is imperative to design and execute iron-clad cyber risk management strategies. When designing such a strategy it is important to consider all possibilities and be methodical in addressing the same.

Here’s a quick guide that can be handy when you’re figuring the best course of defense against cyber threats.

Setting up:

It all starts with setting up the right team. The group should ideally be a fair representation of the various departments in your organization with a solid understanding of how the business works. They should have adequate know-how in the organization’s data, systems, processes and services in order to contribute more value.

Define data at risk:

The identified team will need to first define what kind of data is at risk. Understanding the scope of data is critical. Similarly, the team also needs to define what kind of activities and information will be exposed to risk in the event of an attack.

Assign value:

Once the types of data at risk are defined, the team then proceeds to assign value to the data. This is essentially quantification of risks so that insuring the data becomes easier. Teams need to be careful to quantify both assets as well as liabilities.

Protect most valuable data:

When data at risk is classified in tiers beginning from the most valuable to the least valuable, it is easy to understand what needs to be protected foremost. The top tier is typically the data that is directly related to the financial viability of the organization and includes core intellectual property as well. This tier is given precedence over others in terms of protection.

Risk management for secondary and tertiary tiers:

Considering that the remaining tiers may not be assigned as much protection, it is likely that a breach may happen. In the likelihood of this happening, teams can be prepared ahead of time by insuring the data or using other independent measures to protect the data.

Post-breach plan:

Once a breach has occurred, the need to act immediately is incredibly critical. There is usually no time to figure out a plan of action at that particular moment. Organizations should ideally have a response plan decided on ahead of time, which will be seamlessly executed when the breach happens.

Implementation as part of enterprise risk management:

The framework that the team designs to define, prioritize and communicate threats should ideally be the same at the enterprise level. This can be simplified with the help of relevant software. Ideally the software should streamline enterprise risk management across the entire organization. ERM and insurance activities can then work in tandem to keep the organization safeguarded. 

Measurement and modification:

Mere design of strategy isn’t sufficient. Once the strategy is executed, the effectiveness will need to be measured with appropriate metrics. Regular reviews will enable insights into progress. Modification to close gaps in strategy can then be carried out.

Cyber threats are symbiotic with business growth. Enterprises need to pay close attention to protecting data whilst expanding their operations and boosting sales. A little proactive planning goes a long way in avoiding disasters.