The process of mitigating cyber risks begins by collecting data about the target ecosystem. The terms cyber risk, cyber threat, and security threat, are used interchangeably, they both refer to the same security vulnerabilities. Not all risks are equal, some have greater criticality than others.įor example, the level of risk associated with a website only displaying static information is lower than the risk associated with a web application accessing sensitive customer data.Ĭyber risk is calculated by considering the identified security threat, its degree of vulnerability, and the likelihood of exploitation.Īt a high level, this can be quantified as follows:Ĭyber risk = Threat x Vulnerability x Information Value. These damages usually result from cyberattacks or data breaches. The definition of risk in cybersecurity is the likelihood of damage to sensitive data, critical assets, finances, or reputation. In this post, we present a 4-step framework for a reliable risk management plan. Resilience is achieved through the meticulous calculation of all potential risks and the application of necessary control measures to mitigate them. But what separates resilient businesses from data breach victims is superior risk management. No organization is impervious to cyberattacks.
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