Question

Describing the organizational multitiered cyber risk management approach, analyze a life cycle-based process for managing cyber risk including a general overview of the risk management process. Discuss how organizations establish the context for risk-based decisions, assess risk, respond to risk, and monitor risk over time.

Answer 1

The Cyber Security Risk Management Process

The life cycle approach of risk management process is as follows :

Coming to the details of each process involved which is performed by the organization to manage risk are :

1) Identify cybersecurity risks :

Since cybersecurity is a new field and something new is evolving everyday , Information sharing within the industries is important to identify new risks.

2) Assess cybersecurity risks.:

Now we need to classify and evaluate the risk , for this organization define measures and also identify the frequency and intensity of the risk happening to others in the community.

3) Identify possible cybersecurity risk mitigation measures:

there are two principal ways to identufy mitigation measures , Technological measures and best practices. Technical measures include using latest encryption devices to ensure security. Best Practices include good training program for personnel to ensure security.

4) Decide what to do about residual cyber risk:

deep knowledge of individual business is required to estimate correct measure for the residual cyber risk as it may affect business in terms of "Reputation damage " , " Money Damage " and so on.

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