What Is IT Audit Readiness And Why Should Small Business Owners and Startup Entrepreneurs Pursue It?
Cyber Risk Management is the next evolution in enterprise technology risk and security for organizations that increasingly rely on digital processes to run their business.
What Is Cyber Risk Management?
Risk management is a fundamental component of any successful Austin, TX organization and has been since the dawn of corporations as we know them. The primary function of risk management as a whole is to allow business leaders to determine the best course of action based on the probability of a given outcome and the possible detriments of that decision. As businesses have embraced more and more technology, risk management has had to evolve to oversee not just traditional forms of potential risk – operational, strategic, financial – but also the risks associated with this new wave of digital transformation. As organizations have digitized, cyber risk management (CRM) has become a pillar of an effective risk management strategy.
Why Cyber Risk Management Is Important
CRM is an essential component of any modern risk management initiative. As the expanse of technology has become intertwined with everyday life, cyber risk management processes seek to mitigate and analyze the multitude of new risks that come with it, this is primarily done through risk assessments where multiple variables are considered and scored to identify risks from the most impact to the least. From cyberattacks, web vulnerabilities, malware, data breaches, and everything in between, CRM operates as much more than a compliance solution; effectively protecting your company’s cyber assets, and ensuring cyber resiliency against numerous mishappenings. Cyber risk management offers itself as a tool for appropriately benchmarking and categorizing an entity’s cyber posture for continuous testing and standardization that’s specific to the needs of the individual business.
The Emergence of Cyber Risk Management
Cyber Risk Management is the next evolution in enterprise technology risk and security for organizations that increasingly rely on digital processes to run their business. Several trends are leading the development of this new business discipline:
Organizations are increasingly reliant on digital processes to run their business and despite their security investments, continue to suffer major service failures and liability-related losses due to cyber-attacks.
Current security processes and technologies mostly address compliance requirements, which are critical in defining minimum security standards but are not sufficient to protect organizations from ever-evolving cyber threats. Compliance-focused security also tends to be highly inefficient, which can waste resources and limit the organization’s ability to focus on the most critical exposures.
Operational technology, IT, the Internet of Things, and physical security technologies have growing interdependencies that require a risk-based approach to governance and management.
Boards of directors and executive management teams now must understand the cyber risk posture of their businesses and the business underpinnings of risk mitigation initiatives.
Most organizations are not equipped for a risk-based approach to cybersecurity governance and management, as they do not have common methods in place to quantify and manage cyber business risk across the various stakeholders (board, executives, operations, IT).
Why A Cyber Risk Management Solution May Be Right For You
An organization seeking to prove compliance across many frameworks could see additional value in CRM if it’s operating in an integrated risk management solution like Eden Data.
Eden Data was built on disruption: disruption of the century-old professional services model. We chose instead to partner with various organizations that have completely dominated their respective industries by creating forward-thinking SaaS tools related to cybersecurity and data protection. We then worked together to enhance the value we bring to organizations by coupling our services and creating holistic solutions that address the classic adage ‘People, Processes, Technology’.
The Eden Data Difference
Eden Data’s long-term vision is to create a future where companies can bring fantastic ideas to fruition using the internet while effortlessly maintaining appropriate data security and privacy. Eden Data focuses on the next generation of businesses that are ready to build security and privacy into their DNA, from their culture to their technologies to their entire operating processes. We are working to make information security a core pillar of every organization we have the pleasure of working with.
Security That Works The Way You Do!
The product or service you provide to your customers is one-of-a-kind, so why shouldn’t your security program be?
Traditional consulting firms have resumés a mile-long… serving corporations that look nothing like your company from an IT perspective. Why not hire a firm that operates just like you and works exclusively with companies just like yours? Call Eden Data today to learn more about cyber risk management.