Creating A Risk Management Framework

As the progressively complex computer world relies more on cloud-based technology, its’ many benefits are accompanied by significant risks.

The number of cyber breaches is skyrocketing and one of the greatest challenges is rampant cybercrime. At its current rate of growth, there is a prospect of major losses being inflicted on the global economy within a few years.  

Rate of attacks:  Recently more than 758 million malicious attacks occur every 40 seconds!  This alarming record is bound to be substantially exceeded throughout 2019.

This indicates how vital it is that companies trying to survive in this dangerous environment and develop a multi-faceted cyber strategy to protect themselves.  This strategy needs to encompass not only the obvious action of breach convention but to deal with the response to a serious cyber attack.   

In order to survive, a key element is to have the proper cybersecurity protection which provides businesses with the security it needs through a comprehensive strategy and governance approach.

CyberHub Academy is able to help create your business a tailored Risk Management Framework.

How does a cybersecurity risk management framework protect your business?

It will secure your IT infrastructure which stores, processes or transmits your essential information.   The system will provide your C-suite with the necessary information to choose the appropriate risk management decisions within the IT budget. 

What are the benefits of a cybersecurity risk management framework?

Setting up a proper structure for risk management by defining the business’ risk framework. Creating a corporation’s risk management process including risk identification. 

How is this achieved?  

Due to the complexity of the situation, a knowledgeable organization specializing in constructing the necessary technology strategies will assist the purpose and vision of a corporation.  

They can help the corporation develop a strategic plan which will assess the company’s current IT structure and its weaknesses, and compare it to their current and future business needs. 

It will then help the corporation’s business operation model. Once this model has been accomplished, it will help create the appropriate strategic plan.   

What are the necessary steps to create an appropriate cyber risk management/ security structure? 

The first stage is risk identification. To determine the most vulnerable points within the company’s data system as well as identifying potential attack patterns from external sources and effective authentication systems.  Equally vital is to get the senior management levels of the company involved in the process.

 Ensure that there are proper and effective communications between the C-suite and senior security staff.  Draw up contingency plans for worst-case scenarios and constantly update the response plan.  Arrange for appropriate education of all staff to make them aware of cybercrime strategies. 

A final essential part of any strategy is to of course be covered by the right cyber insurance, let CyberHub Academy engage the right people to help you.

 To sum up, if companies want to survive in this increasingly dangerous world of cyber predators, they need the necessary protection and awareness.