Cybersecurity Risk Management is often seen as a daunting task for many startups and SMEs. Comprehended from a business practice standpoint, it is a way to prepare for the unknown and get your business more resilient.
In fact, Cybersecurity Risk Management actions are easy to split into different basic tasks and relate them to aspects of IT and Cybersecurity.
Risk and Risk Management
On the one hand, in simple terms, a risk is the possibility of something happening for better or for worse. Although this term was “only” coined several hundred years ago, the very nature of risks is known to humankind since times immemorial. A risk involves uncertainty. It is generally considered as a potential jeopardy, threat, loss, injury, damage and other unforeseen, adversarial, or undesirable circumstances. However, a risk may also entail significant rewards or major benefits.
On the other hand, in more complex terms, the concept of risk management encompasses the “identification, evaluation, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities1ˮ.