Cyber Risk Management
Identifying and managing cyber risk to an organisation is a crucial part of any business’ cyber security strategy. If any devices, systems, networks or data is vulnerable then this could pose a risk to business operations, affecting customers, clients, finances and your businesses reputation.
Any organisation can pose as a target for attackers, some can be motivated by financial gain, disruption to business operations or gaining confidential information about a business.
Our cyber security consultants offer a range of risk management solutions to help your business stay secure, as an end to end package or separate assessments, audits, treatment plans or control areas.
Why is Managing Cyber Risk Important?
Managing cyber risk is now more crucial than ever. Hiscox conducted a recent study interviewing more than over 5,400 small, medium and large businesses in Europe throughout this year. More than 60% of firms had reported a major increase in cyber-attacks, with over 60% of firms experiencing 1 or more attacks.
A Cyber Security Incident resulting from phishing attacks, data breaches, malware, ransomware etc would impact all businesses, small or large. It is important to understand any risks your organisation is exposed too in order to put the correct risk treatment in place and to eradicate devastating impacts to the organisation. Being able to respond quickly and efficiently to a breach or cyber-attack is vital, however preparing and analysing the risks allows the organisation to minimize risks in the first place.
Risk Management Assessments and Audits
The risk assessment focuses on identification of the risks and assesses the impact to the business, the likelihood of the incident occurring, and the risk treatment options.
Our approach ensures that your business will be able to take the preventive measures to mitigate cyber risk tailored to your business, understand the priorities to tackle as part of the strategy and ensure that risk assessments are maintained.
Knowing the main risks to your business means that you can spend your money and time in the right places to make an impact and prevent cyber-attacks.
Our team of qualified cyber security advisers will provide business-driven consultation on the overall process of assessing information risk. The consultancy will be in-line with the risk assessment standard, ISO 27005 and from the information security standard, ISO 27001. Our consultants will offer support, guidance and advice in the following areas:
- Establishing the risk assessment criteria that is tailored and most appropriate to the business, and understanding what is in scope of the risk assessment
- Determining your risk appetite and criteria for assessing risk
- Identifying the assets that require protection due to vulnerability or will pose risks
- Establishing and assessing the risk and impact which the assets pose and the likelihood of an incident occurring
- Determining business impact of risks which have been identified
- Producing a cyber security risk assessment detailing all risks, risk impacts and likelihoods of one occurring
Risk Treatment Plan
After a risk assessment has been carried out, steps need to be put in place to treat the risks and minimise the cyber risk level throughout the business. Our team of qualified cyber security advisors will provide business-driven consultation based on risk acceptance and risk treatment to help the organisation mitigate cyber risk and have the correct measures in place in event of an incident.
Our consultants will offer support, guidance and advice in the following areas:
- Advising stakeholders of the risk treatment options and whether to accept, reduce or transfer the risk based on the defined risk appetite and acceptance of the company
- Advising on suitable control implementations to reduce risk in-line with the control catalogue taken from ISO 27001, Annex A
- Identifying a new risk level once treatment of risks is established
- Establishing an ongoing risk management governance approach within the business with advice on the maintenance of risk assessments
ISO 27001- Annex A Controls
Annex A contains 114 security controls which can be selected and implemented based on the risk assessment conducted for the organisation. The selection of these controls will be according to the risks and weaknesses highlighted from the risk assessment. Some of the control areas within Annex A which can be selected for implementation are information security policies, asset management, communications security and compliance with standards such as GDPR, a standard which protects the information of individuals. The controls selected are designed for cyber risk management and are used to reduce the identified risk level to a tolerable level in line with a company’s risk appetite.
Got a question about our cyber risk management service? We’d love to hear from you! Send us a message and one of our consultants will respond as soon as possible.
Who is the Cyber Risk Management Service Suitable For?
Our cyber security risk management consultancy service is suitable for any organisation of any size, or industry. The risk assessment service is useful for organisations who are just starting out with cyber security and are unsure of their cyber security weaknesses. Even if you have a fully devised cyber security strategy within your organisation, a risk assessment can help you strengthen your strategy and fully address your security exposures!
Why Choose CS Risk Management?
CS Risk Management have a team of qualified cyber security consultants experienced in providing consultancy around risk assessments and control implementation, cyber health checks and data protection. Our consultants help organisations comply with international standards such as ISO 27001 with our consultants having gained the ISO 27001 lead implementer certification. Our consultants have a wealth of industry experience in cyber security and risk management consulting and have helped organisations meet their cyber security needs and meet industry standards.