The Silver Bullet to Proper Cyber Risk Management
There is no question about the crucial role technology plays in our day-to-day business operations. It has integrated into every core process of the organization, making cyber risk management a discipline of particular importance.
Everyday there is a new story pertaining data breaches, cyber attacks or compromised networks; highlighting how vulnerable organizations and individuals are to cyber risks.
Although building a truly mature cyber risk management program cannot create a bulletproof vest against cyber threats, it will undoubtedly play a crucial role in cushioning the impact of a potential incident. Furthermore, it will ensure that both, individuals and enterprises, remain largely protected against cyber threats.
Here is where the idea of a proper policy comes into play. A proper cyber security policy can become very useful in helping to pull together all the threads necessary to build a mature cyber risk management program.
When done right, policy management can be the single greatest cyber risk management munition a business can have in its armory.
Why? Simple, when built and communicated properly, team members should’ve understood the technical weaknesses within their systems and actively implemented solutions to minimize the exposure of an unfortunate cyber attack.
Many organizations have a cyber security policy in place however, the question in hand is: how effectively is this policy enforced across the business? Keep in mind team members often have competing tasks and priorities.
The Key Challenges in Policy Management & Cyber Risk Management
Key challenges for any hard-pressed risk team are collaboration and communication. Oftentimes, risk management initiatives are viewed as siloed exercises corresponding exclusively to the risk team, when in reality they concern the entire organization.
Furthermore, while many cyber risk management processes can be fully automated, many teams are still often faced with time-consuming and error-prone activities that can potentially create issues.
With economic and personnel constraints happening across all areas within an organization, it is more important than ever to create an environment of cyber risk awareness backed-up with cutting-edge technology that helps automating processes and maximizing efficiency.
Remember, no digital defense is successful without the help of your entire team. In order to build a strong cyber security wall protecting your data, it is important for the whole team to be trained to identify cyber risks and execute disaster plans in times of attack.
Elaborating a Cyber Risk Framework
As mentioned before, policy management can be the silver bullet to proper cyber risk management. However, by no means should this be the end point. A well-elaborated cyber risk framework that aims to strengthen the organization’s cyber resilience capabilities should never be overlooked.
It is a crucial pillar for all businesses, regardless of size, to operate effectively and efficiently. Cyber risks should not just be a matter of concern for large entities like financial institutions, tech companies or government agencies, but every single business who has valuable personal data for which they are responsible.
Looking to deploy powerful cyber risk management capabilities within your organization? Take look at our Infographic: Cutting-Edge Technology for 360° Cyber Risk Management for a closer look into Mitratech’s powerful value drivers and how you can leverage our technology to increase operational efficiency and save on costs.
How Mitratech Can Help
While there are a variety of GRC tools that deal directly with specific elements of policy management or risk management. A fully-integrated solution that can tackle policy management, regulatory, information security and data compliance, as well as enterprise risk management, from IT risk and cyber risk to TPRM and vendor risk, can fully package multiple processes in a centralized tool.
Mitratech’s Alyne provides guidance along with simple and actionable controls for your business to meet requirements defined in many leading standards such as the ISO 27000 group for information security management, ISO 31000 group for risk management, ISO 22300 for business continuity, NIST cybersecurity framework, COBIT 2019, COSO, PCI DSS and more.
Check out our White Paper – Achieving ISO 27001 Certification for a step-by-step guide into building an Information Security Management System (ISMS) and becoming ISO 27001 certified with the help of Mitratech’s Alyne GRC platform.
By delivering a SaaS solution, Mitratech’s Alyne capabilities are quick to deploy, highly functional, secure, and usable from any working location. Risk teams can detail the cyber risk policy, focusing on:
- Monitoring and simulation of digital defenses.
- Data backup of digital systems.
- Active software updates.
- Password strengthening and so much more.
Enabled by AI technology, Mitratech’s Alyne can help proactively monitor risk and business compliance with a cyber policy. Learn more about Mitratech’s Alyne AI engine here.
Mitratech’s Morning Coffee – Cyber Resilience
Watch the latest episode of Mitratech’s Morning Coffee Show for an expert conversation touching on cyber resilience strategy between Ryan Fox, GRC Sales Manager at Mitratech, and Henry Umney, Director of GRC Strategy at Mitratech.