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 cyber security and risk management for better online performance

cyber security and risk management for better online performance

The world is advancing towards digitalization at a great pace and therefore computers, digital systems, and AI are taking over. However, these systems are developed by humans and rarely have a mind of their own. Although with technological advancement the systems are advancing in machine learning and therefore understanding things and evolving with a mind of their own. Despite the advancement, there are still a few things that require proper care, like security. The process of taking care of computers and their security is called cyber security and it is considered vital. Cyber security is the process that protects and controls systems, networks, devices, and data from any kind of cyberattacks.

It has been noted that several companies face terrifying and diverse cyber threats and further with an increase in smart devices, cyber threats increased as well. The cybercrimes faced by the companies cost them system disruption and financial threats as well. Above all, with the outbreak of the pandemic, several companies have reported having faced cyber threats and attacks. There will always be instances and situations for criminals to take advantage of, however, it is your responsibility to take care of that and protect the digital sphere from such issues. Therefore it is necessary to implement the discipline of cyber security to defend systems and data from nefarious cybercriminals. It is important to put professional focus on the cyber security of the company and protect systems from digital attacks and avoid loss or interruption in the business processes.

Cyber security has several advantages; it not only saves your systems and data from cyber-attacks and threats but also saves your company from financial loss and business interruptions. Thus, implementing it is severely important to preserve the lifestyles that are enjoyed by the users. This is why in today’s world companies tend to implement cyber risk management which not only saves the company from cyber threats but also identifies the problems, risks, and threats on its own. It is an appropriate IT asset that is required to identify and evaluate the threats and risks faced by the organization or a particular business. Determining the issue is the first part, however, the most important aspect is risk management. It is a strategic approach that handles risks on time by analyzing, evaluating, and addressing the threats as well as their potential impact. Although it cannot entirely block and eliminate all vulnerabilities, it can still attend to critical flaws and cyber-attacks.

Moving on to an important aspect that helps us understand the four stages involved in the risk management process;

Identifying: in this process of risk management evaluation of the company as well as their potential threats and their impacts are done. It allows providing a thorough analysis of the threat and how it can impact the business or the organization.

Assessing: in this process of risk management potential risks that have been identified are analyzed. The analysis of the assessment is done to understand the impacts and how they can affect the organization.

Controlling: in this process, the methods, technologies, and process is defined that can eventually help by providing mitigation strategies for the business and the organization. This process helps to control the excess threat and manage the potential threats for the time being.

Reviewing: the reviewing process is also known as the review control process that evaluates the effectiveness of the control process that has been initiated. The review process of risk management therefore also takes care of the adjustment and addition of new controls if required.

Cyber security and risk management in today's world are more difficult than ever, due to the ever-changing security landscape and evolving technologies. Cybercriminals are getting aware of the loopholes due to the availability of the internet and digital presence. Thus, employing a risk management process and taking care of cyber security to ensure smooth organizational performance is extremely important. Continuously monitoring and applying controls is considered a priority in the pursuit of risk management. Implementing a smart and successful cyber risk management framework is a continuous battle fought by the IT sectors to ensure security in the digital sphere for any organization.