Part 2 Good Practices for Cyber Risk Management To manage cyber risk and assess cybersecurity preparedness of its critical operations, core business lines and other operations, services, and functions organisations may choose to use standardised tools that are aligned with common industry standards and best practices. Our preference is the National Institute of Standards and […]
Operational resilience is the ability to deliver operations, including critical operations and corebusiness function, through a disruption from any hazard. It is the outcome of effective operational risk management combined with sufficient financial and operational resources to prepare, adapt,withstand, and recover from disruptions. Any organisation that operates in a safe and sound manner is able […]
Information Technology is a core business operation, it is now essential to most business operations. Technical staff – IT Mangers, Chief Information Officers, Chief Information System Officers now are being engaged by senior management and the board. Working at this level, board members are from all backgrounds and experiences, and you may be lucky to […]
Operational resilience is the ability to deliver operations, including critical operations and corebusiness function, through a disruption from any hazard. It is the outcome of effective operational risk management combined with sufficient financial and operational resources to prepare, adapt,withstand, and recover from disruptions. Any organisation that operates in a safe and sound manner is able […]
Steps to cyber risk assessment
Once that’s completed here are the steps needed to undertake a cyber risk audit.
1. Identify threat sources and events
2. Identify vulnerabilities and how they may be exploited
3. Estimate the likelihood of these threats occurring
4. Evaluate the potential impact on your business if they do occur
5. Determine the degree of risk involved
6. Rank the risks in order of priority
7. Prioritise actions and responses to critical risks
What matters is your ability to govern access to the data. That’s the IT asset: your ability to keep others from using that stolen iPad, or stolen access credentials. The asset is your collection of policies and procedures to evaluate relationships, study data usage patterns, raise alarms about suspicious behaviour, provision or de-provision user access, and so forth, and your database of customer interactions and records.
Board members need to insist on understanding IT / Cybersecurity risks. Only with this knowledge, can they properly discuss those risks at board level and achieve a consensus on setting the enterprise’s risk tolerance. When it comes to cybersecurity strategy, perhaps the single most important goal for boards and CEOs is defining the enterprise’s IT […]
Action Item Checklist Function Summary Description User Name and Password Protection Strictly enforce robust password security as per NIST Standards that include Upper and lower case letters, numbers and symbols Minimum of 8 characters, avoiding common words and dates Password not used for any other log in’s Changing passwords regularly – 3 months Using 2 […]
We are currently working with two large companies and it is interesting on my behalf on how little emphasis there has been on asset registers. An asset register of IT equipment is one of the foundations of your IT systems and security, if you dont know what you own, then you dont know what keys […]
Much of the business discussion around cybersecurity relates to protection of key assets such as customer information and intellectual property, often after the news that another company has suffered a large data breach. While strengthening defenses against cyber attackers is important, companies also must be prepared to handle the reputational and financial hits that a […]
Cybersecurity/ IT Risk Management is (or should be) on the agenda of boards. Information Technology is ranked by many as a top 10 risk, but does your board treat it accordingly? Working on and with Boards of Directors, I understand that the agenda is pretty full on, despite Zoom decreasing the actual meeting times. Since […]
Employee Data Theft When most of us think about a cybercriminal, we usually think of a person from home, and probably not in your own country. But did you ever consider that a hacker could be inside your own organisation? While most business owners assume that attacks on their company, data, website or operations are […]
SME’s need advice and assistance in identifying and defining suitable actions to mitigrate the risk of Information Technology risks, data loss and the issues where the loss of an IT function brings to any organisation. Cyber crime poses a severe risk to all types of enterprises. Preventing these risks requires implementing initiatives based on both education and awareness.
You know you need a risk assessment to show that you’re secure and to find the problems that expose your enterprise to risk. But how do you sell your CEO or the board on that expensive proposition?
Does your credit union lack the resources to hire or retain a full-time It Manager? Are your current IT expert(s) overwhelmed by their responsibilities? Have you ever wondered what virtual Chief Information Officer, vCIO as a service is? This post is for you! vCIO as a service is a unique approach to providing consultation around […]
