The Institute of Risk Management defines cyber risk as “any risk of financial loss, disruption or damage to the reputation of an organization from some sort of failure of its information technology systems.” As your digital footprint expands, the increased attack surface for cyber breaches makes organizations more vulnerable. Disruptive business models, and accelerated adoption of new technologies like mobility and cloud, unveil new threats daily. Today’s organizations cannot afford to make security an afterthought.
all of the Cybersecurity risks, cyber risks, IT risks are the same.
Standardizing Cyber Risk Management
As cybersecurity has become a top priority for organizations, standardized risk management processes and protocols have emerged. These include information security and operational risk models, such as FAIR, ISO, COSO, NIST, and CIS.
FAIR
FAIR (Factor Analysis of Information Risk) has emerged as the premier Value at Risk (VaR) model for cybersecurity and operational risk. The FAIR Institute is a non-profit professional organization dedicated to advancing the discipline of measuring and managing cyber and operational risk.
ISO
ISO is an independent, non-governmental international organization with a membership of 165 national standards bodies.
Through its members, it brings together experts to share knowledge and develop voluntary, consensus-based, market-relevant International Standards that support innovation and provide solutions to global challenges.
ISO/IEC 27001:2013 INFORMATION SECURITY MANAGEMENT is one of the most popular standards.
COSO
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is a joint initiative of five professional organizations and is dedicated to helping organizations improve performance by developing thought leadership that enhances internal control, risk management, governance and fraud deterrence.
NIST
The National Institute of Standards and Technology (NIST) was founded in 1901 and is now part of the U.S. Department of Commerce. NIST is one of the nation\’s oldest physical science laboratories. Congress established the agency to remove a major challenge to U.S. industrial competitiveness at the time—a second-rate measurement infrastructure that lagged behind the capabilities of the United Kingdom, Germany, and other economic rivals.
CIS
The Center for Internet Security, Inc. (CIS®) makes the connected world a safer place for people, businesses, and governments through our core competencies of collaboration and innovation.
