Cyber security: What is risk management?
In this post, we will introduce you to the topic of cyber security risk management. In four simple steps, you will learn how to create a comprehensive action plan:
To begin, we will answer the question, "What exactly is risk management in cyber security?" We will also outline the key elements of an effective approach to this issue. Then we will discuss proven practices and suggest what to pay special attention to. We realize that teams are often working at the edge of their capacity and budgets are limited - so we will suggest how to prioritize to achieve the best possible results with available resources. Finally, we will highlight the most common mistakes and show you how to avoid them - because when it comes to security, every moment counts.
With the growing number of threats and increasingly sophisticated attack methods, the importance of a thoughtful risk management strategy is growing by the day. This article will help you better prepare your organization for digital challenges.
In the cybersecurity profession, the ability to analyze and predict is crucial, as it allows one to anticipate the movements of potential threats and better respond to attacks.
What is risk management in cyber security?
Like other forms of risk management, cyber security is about identifying, assessing and mitigating an organization's risk factors, focusing on protecting IT assets and the critical and sensitive data that resides on or flows through those assets.
Risk management begins with the quantification of threats and vulnerabilities. Next, the impact of potential cyber attacks or data leaks on the organization is assessed. Finally, appropriate measures are taken to reduce these risks to an acceptable level.
Risk management involves five key elements. It begins with the identification of risks associated with IT assets. Once this step is completed, it is followed by an assessment of the likelihood of risks being used and their potential impact, which can include qualitative or quantitative methods.
The next stage is risk mitigation, including the use of cyber insurance, implementing countermeasures to reduce or minimize risk exposure. At this stage, risk management work is still incomplete.
What remains is risk monitoring by IT teams as risks evolve and the effectiveness of current strategies is regularly evaluated. The final element, which is a more open-ended activity, is key: organizations must continually reassess which risks they will accept, transfer or avoid.
What is cyber security?
Cyber security is a set of issues related to providing protection in the area of cyberspace. It encompasses issues related to the security of cyberspace, i.e. the information processing and interaction processes taking place in its area in ICT networks. In today's world, where data is one of the most valuable resources, cyber security is becoming a key element in the operation of companies, government, military, corporate, financial and medical organizations. These institutions collect, process and store huge amounts of data, which must be protected from theft, malware and other threats. Therefore, ensuring the security of cyberspace is not only important, but essential to maintaining the integrity and confidentiality of information.
Concept and definition of risk
Risk is a measure of the chance of a positive outcome, the magnitude of an outcome, or a combination of both parameters. In the context of cybersecurity, risk refers to the likelihood of an event that could have negative consequences for an organization. The definition of risk depends on the commitment and availability of resources and the complexity of the processes required to achieve competitive advantage. Risk is the combination of the frequency or probability of occurrence with the consequences of a specific, dangerous event. Understanding risk is key to effective cybersecurity management, as it allows you to identify potential threats and take appropriate preventive action.
Risk analysis
Risk analysis is the process of identifying, assessing and prioritizing risks. It is a key component of risk management to make informed decisions about accepting or mitigating risks. The process involves several steps. First, potential threats that could affect the security of information systems are identified. Next, the likelihood of their occurrence and potential impact on the organization is assessed. The next step is risk prioritization, which allows resources to be focused on the most important threats. Risk analysis enables organizations to better prepare for potential incidents and minimize their impact, which is essential for maintaining a high level of cybersecurity.
Summary
Risk management in cyber security is complex, multifaceted and constantly evolving. Each endeavor involves a variety of risks that must be identified and categorized to effectively manage the process and minimize potential losses. The best way to overcome these difficulties is to implement industry best practices, with an emphasis on prioritization to focus on the biggest risks and then gradually address smaller issues.
How NetAlly CyberScope can help
NetAlly CyberScope can support your risk management initiatives, especially at the edge network. By performing comprehensive security assessments, CyberScope quickly detects vulnerabilities that may be overlooked by other tools, contributing to your organization's broader compliance and audit efforts.
CyberScope also supports the security of Internet services, which is crucial in the context of growing cybercrime threats.
CyberScope®
Edge network vulnerability scanner
Comprehensive cyber security vulnerability assessment at the network edge.
CyberScope enables detection, verification and assessment of cyber security levels at the network edge - all in one powerful and portable tool:
- It easily verifies security mechanisms at the network edge.
- It inventories all devices, including IoT, OT, unmanaged, wired and wireless devices.
- Quickly test and confirm compliance with security policies.
- Enables collaboration and data sharing between teams.
As a rugged, specialized all-in-one tool, CyberScope eliminates the need for fragile laptops and tablets. With its many features, it delivers fast, actionable information directly to the edge infrastructure, filling critical visibility gaps that are often overlooked by other cyber security tools.
Key features:
Portable, handheld form factor - Easy to use and ready to ship anywhere; provides unique insights that cannot be replicated with centralized platforms or agents
Discovery with built-in vulnerability scanning - Quickly inventory infrastructure and IoT/OT/ICS devices, detect unauthorized assets, scan vulnerabilities using integrated Nmap technology and compare results with baseline configurations
Simple user interface / secure remote access - Useful for any level of team; experienced professionals can support remotely from anywhere
Nmap integration with AutoTest - Automatic testing to verify infrastructure reinforcement, including SNMP, HTTPS, SSH, management VLANs and network segments and vulnerability scanning
WiFi security verification - Support for 2.4, 5 and 6 GHz bands and advanced capabilities for testing the presence and use of specific wireless features (including WiFi PMF, Personal, client isolation, mDNS/ZeroConf, beaconing)
Automated Discovery Monitoring - Create baseline configurations, send live snapshots to the Link-Live™ platform to quickly detect new, missing or temporary devices and changes in network infrastructure
Link-Live - a platform for collaboration, reporting and analytics - Maximize team effectiveness, streamline assessments and audits, and improve overall security by combining CyberScope with Link-Live
CyberScope® Air
WiFi vulnerability scanner and tester
CyberScope Air enables SecOps and NetOps teams to detect, verify and scan edge infrastructure and IoT, OT and ICS devices - both WiFi and Bluetooth/BLE connected. Assessing the state of WLAN security against existing policies, generating reports and monitoring changes on an ongoing basis has never been easier.
The CyberScope Air also includes all the wireless network testing, diagnosis and measurement features known from the AirCheck G3 Pro, making it a comprehensive tool for both WiFi vulnerability detection and wireless network performance testing.
Key features:
- Verify the strengthening of edge infrastructure, including the security of WiFi access points
- Checking secure baseline configurations and quickly identifying deviations
- Automatic detection of devices on the network and vulnerability scanning
- Detection and location of unauthorized/"wild" devices
- RF spectrum analysis and diagnosis of suspected RF interference
- Visualize the location of WiFi and BT/BLE devices with the AirMapper™ Site Survey tool
- Compliance with key CIS security controls and core functions of the NIST Cyber Security Framework Program