Cyber risk refers to the potential negative impacts on an organization's information, data, or information systems due to cyberattacks, data breaches, or other forms of digital threats
. These risks can lead to financial loss, operational disruption, or damage to an organization's reputation
. Cyber risk is a growing concern for organizations as they increasingly rely on digital technologies and face a higher likelihood of cyberattacks
. Key aspects of cyber risk include:
- Confidentiality : The risk of unauthorized access to sensitive information or data
- Integrity : The risk of unauthorized changes to data or systems
- Availability : The risk of unauthorized disruption or destruction of data or systems
To assess and manage cyber risk, organizations should:
- Identify critical assets: Determine the tangible and intangible resources, such as data, systems, and networks, that need protection
- Evaluate vulnerabilities: Identify weak points within these assets that could be exploited by cyber threats
- Implement security measures: Develop and implement effective security strategies to protect against potential cyberattacks and data breaches
- Monitor and respond: Continuously monitor for potential threats and have a plan in place to respond to incidents when they occur
By understanding and addressing cyber risk, organizations can better protect their digital assets and maintain their reputation and financial stability in the face of evolving cyber threats
