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Why Implement a Cybersecurity Risk Management Framework?
By implementing a cybersecurity risk management framework, your business will:
• Better secure its IT infrastructure which store, process, or transmit organizational information.
• Enable the C-suite to make well-informed risk management decisions that justify the expenditures within an IT budget.
• Assist management in authorizing (or accrediting) the IT systems, based on supporting documentation and resulting from the performance of risk management.
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The Benefits of a Cybersecurity Risk Management Framework
• Risk management organizational roles and responsibilities – A definition of the business’ organizational risk framing (the environment in which risk-based decisions are made including board’s reporting)
• Developing the business’ Cyber risk management process – Risk identification; Risk analysis and calculation; Mitigation and remediation process and plan
Strategy & Governance – Risk Management Framework
Cybersecurity risk is one component of the overall risks that businesses are exposed to. A risk which is incorporated into the organization’s enterprise Risk Management Strategy and program.
Managing cybersecurity risk is critical to the success of an organization’s mission to achieve business goals and objectives.
Developing and implementing a Cybersecurity Risk Management facilitates better-informed decision making throughout the organization, which then leads to more effective resource allocation, operational efficiencies, and to the ability to mitigate and respond rapidly to cybersecurity risk.
Risk Management Framework