Operational risks, cyber risks, the lines have now been blurred and these once distinct two are now one. Is your current risk management process covering both? Avoiding risks in this immense digital economy is impossible, however managing those risks IS possible, and necessary. Companies need to adopt a business-driven security process in managing all risks. It isn’t just a technology issue anymore.
Every year we are faced with new dangers in the form of the ever-evolving cyber security vulnerabilities and their effect on a company’s day to day business. Established systems are now under attack and up until recently, not much attention has been paid to how this affects businesses. Security breaches of data have resulted in financial loss and public embarrassment and it is time to manage risk using a sound risk management process to assess and respond to events.
Assessing the likelihood of any risk, be it operational or cyber related, and the potential impact of an event, needs to be documented and managed for all employees to access. Education in cyber security and establishing clear directives on avoiding and dealing with events is imperative. Identifying risks early and documenting appropriate risk mitigation strategies will ensure that, if required, a solid plan is in place with clear directives to help lessen the negative impact.
So, take the time to review your risk management plan. How much will it cost you if you do nothing?
You can get a no obligation demo of RiskMgr at www.risk-mgr.com/demo to help you manage your risk using your unique workflow.