In one recent survey, over 80% of organizations said they have experienced some sort of cybersecurity breach. Increasingly, companies are asking: Should we invest in both cybersecurity controls and cyber-insurance? And to what degree?
To answer these questions for your organization, consider creating a cyber risk management plan. This includes 5 steps:
- Creating and aligning a risk philosophy, identifying your operations and financial goals, and determining your risk tolerance. Use this information to set some risk management goals.
- Understand your critical risks and devise a risk-impact assessment to quantify your exposure.
- Estimate risk costs, prioritize cost remediation initiatives, a create a roadmap for implementation.
- Generate risk financing options. Plan to spend enough to mitigate the worst possible cyber risks.
- Minimize ongoing risks and the costs to address them.
