As the digital transformation of the global economy accelerates, companies increasingly depend on data and analytics. Sprawling IT systems are more complex. Remote work is the new normal. Organizations are migrating to the cloud, and the Internet of Things (IoT) makes the number of data sources almost impossible to count. These developments culminate in a target-rich environment for cybercriminals.
Trying to anticipate everything hackers might try is not a financially or technically viable option, IBM says. Instead, cyber risk management sets priorities for information assurance based on a framework. “Cyber risk management can offer companies a more practical way of managing risk by focusing information security efforts on the threats and vulnerabilities most likely to impact them. That way, the company doesn’t apply expensive controls to low-value and non-critical assets,” IBM advises.
The Demand for Cybersecurity Professionals With Risk Management Expertise
Companies value professionals with dual expertise in cybersecurity and risk management. For instance, Glassdoor places the compensation range for cybersecurity managers between $131,000 and $352,000 as of July 2024, with a median annual salary of $212,321.
The Southern Utah University (SUU) online Master of Science (M.S.) in Cybersecurity with Information Assurance – Management Emphasis program prepares students for executive and senior management roles in information security and analysis. SUU’s curriculum prepares students to bridge the gap between the technical and management demands of cybersecurity operations. For example, the Cybersecurity Risk Management course explores the security techniques and fundamentals involved in minimizing critical infrastructure security risks, including how to respond when security has been breached.
Why Are Enterprises Adopting a Risk Management Approach to Cybersecurity?
McKinsey & Company advocated for a cyber risk management model in 2019, warning that the state of cybersecurity could not keep up with cyberthreats. The “maturity-based” model, it said, was incremental and reactive and created organizational indecision when prioritizing the allocation of resources to reduce risk.
On the other hand, the “risk-based” model is a proactive method for identifying, prioritizing, managing and measuring security controls. The methodology enabled strategists to determine the risk tolerance of various operations, which clarified resource allocation.
“The focus will be on building the appropriate controls for the worst vulnerabilities, to defeat the most significant threats — those that target the business’s most critical areas. The approach allows for both strategic and pragmatic activities to reduce cyber risks,” McKinsey & Company said.
The Fundamentals of IT Network Security Risk Management Strategies
Cybersecurity frameworks, such as the one developed by the National Institute of Standards and Technology (NIST), define five core processes for cyber risk management:
- Assess current cybersecurity measures against the NIST framework.
- Plan the evolution of risk-based measures using the assessment as the baseline.
- Implement the strategic plan.
- Integrate cyber risk management into the overall enterprise risk management governance.
- Optimize cybersecurity technologies and analytics through ongoing review and assessment.
“By embracing this framework, organizations can not only manage their cybersecurity risks more effectively but also communicate their efforts transparently to stakeholders,” according to KPMG’s analysis of the NIST framework.
Who Is Responsible for Building an Effective Cybersecurity Culture?
Developing a robust, enterprise-wide cybersecurity culture is a top-down initiative. Everyone from the chief executive officer (CEO) to the end user is responsible for protecting IT and data systems. Nearly three-quarters of breaches are caused by human error, according to Verizon‘s analysis of 16,000 security incidents. Tech Xplore cites IBM statistics that attribute 90% of cyberattacks to vulnerabilities in people, not technology.
Patching that gaping hole in the enterprise security posture is a function of cyber risk management. Governance policies include risk mitigation strategies that focus on user awareness and training. According to TechTarget, cyber education aims to develop a culture of “cyber hygiene.”
Cyber hygiene involves the following practices:
- Regularly updating software
- Using strong and unique passwords
- Enabling multi-factor authentication
- Backing up data
- Being cautious of attempted phishing and malware attacks
- Knowing how to contain and report an attempted breach
Proactive employees are key players in protecting sensitive information, preventing breaches and ensuring smooth functioning of systems and networks.
The concept of a human firewall is vital for successful security protocols. According to Global Guardian, “Individuals play a critical role in preventing cyberattacks by staying informed, exercising caution, and adopting secure practices.”
Professionals with an advanced cybersecurity education have the insights to prepare for and respond to cyberthreats, giving them many options for rewarding careers in the field. Through programs like SUU’s online M.S. in Cybersecurity with Information Assurance – Management Emphasis, students learn how to mitigate and manage risk and elevate an organization’s cybersecurity standards and protocols.
Learn more about SUU’s online Master of Science in Cybersecurity with Information Assurance – Management Emphasis program.
