How to Develop a Cyber Security Risk Management Framework

Cyber threats increase organizations’ vulnerability to data breaches and ransomware. In 2021, the FBI’s Internet Crime Complaint Center (IC3) received a record 847,376 complaints from the public, up by 7% from 2020 and surpassing $6.9 billion in potential financial losses.

A cyber risk management framework will help your business ensure its online safety. It allows you to recognize risks early and take appropriate measures to prevent incidents and minimize their negative impacts.

You can use the framework to assess risk, determine your organization’s level of cyber security, and develop strategies to manage your IT infrastructure. NTM’s fully managed cybersecurity services offer round-the-clock endpoint detection and response and can help your business streamline the risk management process.

Here are eight steps to creating an effective cyber risk management plan for your company.

Identify Your Most Valuable Assets

Check which of your most important digital business assets are at risk of cyberattacks and assess what the most likely threats faced by each are.

These assets can include:

• Wi-Fi networks
• Physical data centers
• Company computers, cell phones, and tablets
• Internet of Things (IoT) devices, including coffee makers and security systems

You can rank these assets according to their susceptibility. Then, prioritize the most critical list items within your framework that need additional security monitoring. For example, a Wi-Fi network may feature a weak password, identifying a potential security risk.

Audit Your Data and Intellectual Property

A cyber risk management plan has to include the types of data your business collects, their storage, and the users who can access them. In your data audit, look for digital assets such as software, applications, and intellectual property.

You can also identify stored data, such as employee and customer records. If a hacker or malware steals sensitive data, include the estimated recovery cost in the audit.

Assess Your Cyber Risk

Data leaks, ransomware, malware, and phishing cases have significantly increased in recent years. According to IBM, compromised credentials accounted for 20% of breaches in 2021.

Performing a cyber risk assessment can help you identify systems, hardware, customer data, and portable devices (phones, tablets, laptops) that could be at risk of a cyber attack. A cyber risk assessment aims to identify vulnerabilities in the security systems and minimize gaps.

The assessment results can help executive teams and boards of directors better understand cyber threats and their consequences.

Analyze Your Threat Levels

Businesses need to understand where they stand regarding cybersecurity and potential threats. A security and threat assessment can help determine your organization’s cybersecurity threats.

A security assessment includes an analysis of hardware, networks, and storage infrastructures. Assessing threats involves identifying possible attackers and their methods of breaking into your business system.

Assign Employees to Oversee Cybersecurity

Consider establishing a cyber risk management committee when creating a cyber risk management plan. The Chief Information Security Officer (CISO) can be at the head of the committee and will oversee the cyber risk plan.

A CISO may assign tasks to various teams and individuals to manage and monitor cyber risks. The cyber risk committee can continuously assess risks and reevaluate security strategies to meet changing business needs. Having well-defined roles and responsibilities for cyber security risks within your committee will ensure your employees know who to ask for help if they have questions or concerns.

Create an Incident Response Plan

An incident response plan helps your staff deal with cybersecurity threats. You can also use it to recover from data losses, outages, and cyber crimes that could derail your business operations. A typical incident response plan includes a robust strategy and steps for IT employees to follow in case of a security breach.

A comprehensive incident response plan and a well-trained team are crucial components of network security.

Onboard Employees on Your Cybersecurity Risk Policy

A cybersecurity training program is a core element of any cybersecurity risk management framework. It helps employees understand the risks their company faces and the measures they can take to limit those risks. A top-notch training program can also cover the following:

• The importance of following security policies and procedures
• Identifying and responding to potential threats
• Recognizing phishing attempts and other forms of social engineering
• What to do if an attack is underway
• How to report suspicious activity and what happens after you do

This program can help employees identify suspicious activity and avoid clicking on malicious links. It can also let them know the contact information of the cyber risk committee should they need further assistance.

By offering this educational program, they can respond appropriately to cyber threats and prevent themselves and the company from becoming victims of cyber scams.

Hire a Managed Security Service Provider

Automating long-term cyber risk mitigation tasks can benefit many businesses because they can help you save time and money and minimize human error. You can work with an IT service firm to manage threat detection and response on your company’s behalf. Their services include:

• Monitoring managed cybersecurity services
• Vulnerability scans for risks
• 24/7 security operations center (SOC) to alert for potential threats
• Management of comprehensive intrusion detection systems

You can choose co-managed IT services if you need help improving your processes and supporting your in-house IT employees. They can analyze the security of your website from the beginning and customize the services you need to safeguard your assets. Furthermore, they help ensure that your business’s information technology is secure, reliable, and effective with cloud-based IT solutions and help desk support.

Monitor for Cyber Threats in Real Time with NTM

The IT department of many businesses plays a vital role in minimizing cyber risks and ensuring the safety of their employees and customers. A cyber risk management plan can help enterprises secure their systems and data effectively.

You can rely on NTM to help you base your risk response measures against potential online threats. We can help you determine the types of managed security services you need to protect your operations from constant cyber threats.

Contact us today to learn how we can be an IT partner for your business and develop a cyber security risk framework.