Briefing: At the Intersection of Risk and Security
Without an insight into your Risk Appetite, you can’t start driving a risk-based approach to security or understand if you have the right budgets or ROI measures in place. There are 5 key points to consider when establishing your level of acceptable cyber-security risk.
There’s no such thing as 100% security. To avoid becoming the next TalkTalk, or Yahoo, you first need better insight into your IT Risks and then you need to be able to translate those into business risks to ensure you have the appropriate level of controls in place.
“When it comes to cybersecurity, you need to understand risk and fireproof it, rather than firefighting after the event.”
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What’s your risk appetite? How many customer records would your business need to lose, or how many hours of downtime could it tolerate, before it becomes a serious issue?
Once you’ve established this risk appetite, you need to translate IT Risks into those business risk appetites. What’s your level of acceptable cybersecurity risk and what controls do you need in place to support this? How much budget is required?
To do all this effectively you need to break down those communication silos and connect the dots across the company — from the executive suite to security and IT. Everyone must be working in alignment against that agreed acceptable risk.
Unfortunately, many organisations don’t work this way. They don’t make the crucial connection between the business risk levels and IT, to make sure the business is protected to the level required.
This means when a breach or serious cyber-incident happens, they can end up having to throw more money at the problem than if they had worked out what was required before, protected themselves accordingly and avoided the risk in the first place.