How To Implement Your Cyber Risk Management Plan

Today’s ever-evolving cybersecurity landscape poses challenges for even the most skilled IT teams. Organizations are tasked with keeping systems and architectures secure while also meeting stringent compliance requirements. When faced with a multitude of obstacles, organizations must find new strategies to manage risk. One of the best ways to identify, evaluate and address a company’s unique cybersecurity risks is by developing and implementing a cyber risk management plan.

8 Steps To Implementing Your Cyber Risk Management Plan

There is a common misconception that cyber risk management is solely the responsibility of the security team. In reality, everyone within an organization must play a role in protecting the business from cyber threats. When it comes to effectively managing risks, organizations should develop a cyber risk management plan to identify vulnerabilities that could be exploited, and their potential impacts. Risks should also be prioritized based on severity.

Follow these steps to properly implement a cyber risk management plan.

1. Establish Network Monitoring Procedures And Software

Network monitoring is designed to identify weak or failing components early on before they have the chance to put business systems at risk. An effective network is able to safely and efficiently collect, process and deliver data. The current status of the network is continually analyzed and the performance of connected devices is routinely evaluated. With the proper network monitoring procedures and software, potential cyber events can be discovered quickly to alert personnel as soon as possible.

2. Ensure Proper Cybersecurity Measures Are In Place

Determining what risks and vulnerabilities plague a business is just the first step in cyber risk management. Organizations must also discover the best solutions to address possible threats. Developing an effective response strategy is critical to responding to cyber threats in a swift and efficient manner. Cybersecurity controls and measures should be recorded and updated as needed. These files, both physical and digital, should also be protected from unauthorized access.

3. Select A Default Method Of Communications

Communication is key when approaching any type of cyber risk management plan. If one team is following one set of communication tools while another team is following a different set, it can lead to vulnerabilities that put the business further at risk. It is necessary to use a standardized communication process and tools to allow for efficient collaboration. Removing silos can help businesses establish a common language.

4. Schedule Recurring Meetings To Review The Plan

Audit committees and boards have the responsibility to oversee cyber risk and effectively communicate the importance of cybersecurity to both staff and management. One of the easiest ways to communicate new or evolving information regarding possible threats or strategies is through recurring meetings. Holding regular meetings to review the company’s cyber risk management plan can help ensure that everyone is kept up-to-date and understands all the plan’s components.

5. Best Practices For Your Cyber Risk Management Plan

Good cybersecurity risk management plans allow organizations to prioritize threats better and implement the right security controls to maximize the impact of potential risks. Developing an effective plan requires a solid understanding of best practices. Risk assessments must be continuous, adaptive, and actionable, with strict security protocols.

6. Enforce A Strict Incident Response Protocol

There are many important components of a cyber risk management plan, including incident response protocols. If a data breach or other cyber event should occur, an incident response plan should be promptly implemented to minimize damage and prevent extended business interruptions or downtime. Properly creating and managing incident response plans requires regular employee training and updates.

7. Provide Frequent Updates To Stakeholders

Although organizations generally turn to their IT team when a cyber incident occurs, stakeholders should also be involved. It can often be helpful to gain ideas or suggestions from staff, management, or customers who may have noticed missed vulnerabilities or opportunities that the business overlooked. Take advantage of the knowledge and skills that others in the organization may have and encourage communication and collaboration whenever possible.

8. Integrate Cyber Risk Management Into Your Company Culture

One of the most critical steps in implementing a cyber risk management plan involves integrating cyber risk management into the company culture. Cyber security involves every employee, as most data breaches, and cybersecurity events are caused by human error. Provide employees with resources, create infographics, enforce regular training and provide ongoing updates to ensure that staff is routinely reminded about the importance of cyber risk management.

Get Assistance With Integrating Your Cyber Risk Management Plan

How a business handles security threats can have a direct impact on an organization’s reputation, operations and longevity. To learn more about cyber risk management plans or how to implement a program, contact our cyber risk management consultants at Hartman Executive Advisors.