what is it?
Cyber risk is your exposure to monetary loss or business harm from breaches or attacks to your computer systems and/or data. If this risk level is high enough and an incident occurs, then the resulting monetary loss or business harm could be catastrophic. Although cyber risk can’t be reduced to zero, we can use methods to mitigate much of the risk to manageable levels.
Some things to consider about cyber risk:
All businesses regardless of size or industry carry a level of cyber risk. The question is, are you adequately mitigating it?
The central goal of all information security programs is to reduce cyber risk. If your security program is not focused on this then you’re probably not addressing security comprehensively.
Many regulatory and compliance frameworks heavily rely on the reduction of cyber risk. Small decisions or changes have the ability to greatly impact this reduction effort.
Decisions that involve the security of your systems and data should be dealt with from a risk-based perspective instead of one that is fear-based or merely a guess.
Most breaches and security incidents occur because cyber risk has not been properly mitigated and controlled. The good news is, there are provable methods to feel good about your level of cyber risk.