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Cyber security risk management is a strategic approach to prioritizing threats. Organizations implement cyber security risk management in order to ensure the most critical threats are handled in a timely manner. This approach helps identify, analyze, evaluate, and address threats based on the potential impact each threat poses.
A risk management strategy acknowledges that organizations cannot entirely eliminate all system vulnerabilities or block all cyber-attacks. Establishing a cybersecurity risk management initiative helps organizations attend first to the most critical flaws, threat trends, and attacks.
According to imperva.com, the cyber security risk management process involves four stages:
Identifying risk – evaluating the organization’s environment to identify current or potential risks that could affect business operations
Assess risk – analyzing identified risks to see how likely they are to impact the organization, and what the impact could be
Control risk – define methods, procedures, technologies, or other measures that can help the organization mitigate the risks.
Review controls – evaluating, on an ongoing basis, how effective controls are at mitigating risks, and adding or adjusting controls as needed.
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