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Cyber Risk Management Services
Technology has changed human lives in many ways. The rise and integration of technology in our lives have also transformed how businesses operate and interconnect them with their customers, suppliers, partners, and other third parties. However, the rise of the technology has also increased cyber risks exponentially. Whether in the retail bank, investment bank, corporate bank, private bank, or any other area, the front-line business units need to work closely with the information security and cyber security teams to manage and mitigate cyber risks.
What is Cyber Risk Management?
As the name suggests, Cyber Risk Management means policies, technologies, and practices, that address vulnerabilities or threats in networks, computers, as well as programs and data, enabled by connection to digital infrastructure, information systems, or industrial control systems.
Why does an Organisation Need Cyber Risk Management?
It is of utmost importance for a business to take a proactive, strategic approach to enhance its cyber risk management. In other words, an effective cyber risk management includes a well-planned cyber security strategy that addresses specific risks to the business. The tested cyber incidence plan will enable an organisation to be prepared and stay current with the threat landscape for the industry. The reasons why an organisation needs cyber risk management are as follows:
- To develop an integrated threat detection and response across the organisation.
- To enhance visibility and situational awareness across the network.
- To develop a tiered approach to address security needs based on threat or risk profile of an organization.
What are the Benefits of Cyber Risk Management?
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Strategic benefits:
A well-planned cyber risk management (the framework and policies) will bring a higher visibility on potential threat exposure across the organization, which will, in turn, bring a higher degree of investors and shareholders confidence.
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Financial benefits:
The implementation of cyber security strategies that comply with data protection regulation and information security policy will allow the organisation to avoid losses contingent to a cyber-attack, to reduce the financial impact due to data breaches, and to gain financial benefits.
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Operational benefits:
An effective cyber risk management means a plan to protect key information assets. The right cyber risk management (the risk mitigation’s strategies with the right set of technologies) will enable organizations to reap the operational benefits that come with it, such as more robust processes and policies.
Do You Need Cyber Risk Management Service?
Did you know that every device is a point of entry for a hacker? In fact, the types of connected devices will have the impact on the essential operations of your business. On top of the connected devices, automation of business processes is vulnerable to cyber disruption, too. That said, there are always solutions to manage and mitigate the risks. IT Solution, a professional IT solution provider with a wealth of IT knowledge, can help you to develop the right cyber risk strategy to safeguard your business. Contact us today to know more about cyber risk management!
