How can risk management professionals collaborate with IT to mitigate cyber risks?

Based on what I have seen, in order to identify the cyber risk profile for a client, it is essential to conduct a thorough assessment of their current cybersecurity measures and practices. Above includes evaluating their network infrastructure, data protection protocols, employee training programs, and incident response plans. Additionally, analyzing their industry-specific vulnerabilities and regulatory compliance requirements can provide valuable insights into their overall cyber risk profile.

Risk Managers require to understand the organization’s enterprise-wide vulnerabilities—among people, processes, and technology—internally and for third parties. They may collaborate with IT department to build risk-based cybersecurity model to prevent data loss. Risk Managers may compile the data available to the organization to determine key risk indicators for the cyber threats they consider most pressing, set exceedance thresholds for each one that would trigger action. IT professionals may enable in-house systems trigger in the event thresholds are exceeded.

Begin with understanding your organization's cyber risk profile. Evaluate assets, vulnerabilities, threats, and potential impacts using tools like NIST Cybersecurity Framework or ISO 27000 series. Collaborate with IT to grasp existing policies and controls. This snapshot guides risk management professionals in assessing and enhancing cyber resilience. A proactive approach to cybersecurity ensures a robust defense against evolving threats

Risk management professionals can collaborate with IT by fostering open communication, conducting joint risk assessments, aligning cybersecurity measures with business objectives, and staying abreast of evolving threats. Engage in regular training to enhance cyber awareness, establish incident response plans, and perform regular audits. By integrating risk management into IT processes, professionals can proactively identify and mitigate cyber risks, ensuring a comprehensive and resilient cybersecurity strategy.

There’s no such thing as one-size-fits-all cybersecurity. Every organization faces a unique set of security risks, and needs to take its own unique approach to cybersecurity risk assessment. Organizations should use a cybersecurity risk assessment to identify and prioritize opportunities for improvement in existing information security programs.You must align the organization’s information security and cybersecurity goals with its business objectives. You will need to get input from across the enterprise about how each function uses data and IT systems, to assess and evaluate your cybersecurity risk exposure.

In my understanding, prioritizing cyber risks involves assessing the potential impact and likelihood of each risk. It is important to consider the potential financial, reputational, and operational consequences of a cyber attack. Results of VAPT testing should also be good importance in prioritization. Additionally, organizations should evaluate the existing security measures in place and identify any vulnerabilities that may increase the likelihood or impact of certain risks.

Next up, analyze and prioritize cyber risks by weighing their likelihood and severity. Leverage risk matrices or models to evaluate potential consequences across different scenarios. Collaborate with IT to pinpoint gaps in current defenses and assess the costs and benefits of bolstering security measures. This strategic approach empowers risk management professionals to focus efforts where they matter most, ensuring a targeted and effective cyber risk mitigation strategy.

Collaboration with IT is key, but an independant assessment of their effectiveness, compliance with their own procedures and vulnerabilities of your organization's weaknesses is absolutely mandatory in my eyes.

You should think about all the scenarios that threaten the safety of your customer and employee data and the function of your products and services. Hackers can bypass security measures to gain unauthorized access, bypass mechanisms and exploit vulnerabilities to steal or modify critical data assets, or run rogue programs inside your IT infrastructure.

En mi experiencia, se debe analizar en profundidad los riesgos para poder determinar su probabilidad de ocurrencia y el impacto que pueden provocar, en especial, riesgos tan cambiantes como los cibernéticos, que son los que tienen la tasa de crecimiento más alta a nivel mundial. Además, la mayoría de las veces estos riesgos se materializan porque grupos organizados ejecutan ataques contra empresas y/o particulares con la finalidad de obtener beneficios económicos o perjudicar al atacado. El análisis permite priorizar las medidas a tomar, así como el presupuesto que se va a emplear para proteger a la empresa /persona y sus activos tangibles o intangibles, generalmente datos, aunque también puede afectar la operación de la empresa

El control de los riesgos cibernéticos es una tarea compleja, que se debe ir adaptando a medida que surgen nuevos métodos para vulnerar las defensas de la empresa Dentro de los sistemas más utilizados están: 1. Uso de "firewalls" 2. Antivirus 3. Obligación de contraseñas fuertes y cambios obligatorios de las mismas cada cierto tiempo 4. Monitoreo del uso de las cuentas para controlar que se utilicen en horarios no comunes, lo que podría indicar un ataque 5. Actualización de todos los sistemas 6. Adiestramiento de todo el personal de la empresa para detectar los intentos de ataque más comunes y que puedan ser reportados de inmediato. Al final, el control de los riesgos cibernéticos depende de todos los empleados de la empresa

According to me, to effectively monitor a cyber risk mitigation plan, it is essential to establish clear metrics and key performance indicators (KPIs) that align with the objectives of the plan. These metrics can include the number of security incidents detected and resolved, the time taken to respond to and recover from an incident, and the overall effectiveness of implemented controls. By regularly reviewing and analyzing these metrics, organizations can stay proactive in their approach to cyber risk mitigation and make informed decisions to strengthen their security posture.

I don't necessarily agree with this, an IT audit would identify any holes in the firewall and these type of testings should be part of the standard IT BAU. The biggest hits are backdoors, created by hackers, that use staff to accidently create a hole in security. Training is the key, and consistent reminders and communications on the psychology of hackers, and how they target companies.

In my experience, each unit will have different skills and deep understanding in a specific field. The risk team will have a vision, skills, and information very close to the business, the cyber security team will also have a vision, skills and information very close to the forms of cyber attacks. Therefore, if performed well and effectively in the sharing and evaluation of cyber security risks among different teams, it will reduce cyber security risks effectively.

Just have IT create the agreed reports, and the Risk Manager can present to management, thanking the IT department. Use whatever presentation tools you have agreed with your leadership team. Don't make it complicated. Keep the reporting simple and easy to understand. It's not rocket science.

I'm not clear with the question, Risk management professionals collaborating with IT to mitigate..... Risk management is an integral aspect of corporate governance(CG). Thus those in charge of CG must ensure effective function of risk management. To do that, staff of internal audit function must possess accounting, auditing and IT skills and knowledge. Also, external auditors must possess similar skills and knowledge for effective risk management function as most organisations are faced with complex risks.

Collaboration is the key when it comes to risk management. The initial step includes aligning the risk management strategy with the IT strategy and jointly developing and implementing requirements across the entire company. Often, challenges arise due to various circumstances, with a common factor being the placement of individuals in roles that may not be the best fit for the task at hand.

In my experience fostering open communication channels to understand technological vulnerabilities. Regular risk assessments, joint training sessions, and developing incident response plans together can enhance collaboration and help mitigate risks effectively.

La colaboración entre profesionales de riesgo y TI es esencial para mitigar los riesgos cibernéticos. Eliminar los silos de trabajo y fomentar la sinergia entre ambos equipos es clave ya que la comunicación abierta, genera las instancias necesarias para identificar y priorizar de manera efectiva los riesgos relevantes, fortaleciendo así nuestra defensa contra las amenazas digitales.

To enhance cyber risk mitigation, risk management professionals should consider key factors such as legal compliance, effective third-party risk management, robust data protection measures, and regular testing of business continuity plans. Cyber insurance can provide financial protection, while engagement with leadership and staying updated on emerging technologies is crucial for adapting strategies. These efforts bolster collaboration with IT and improve overall cyber risk management.

Mandatory, management support. Is there is not managemnet support usually there is no voluntary collaboration. Only showing that this will help them to improve, IT will invest time and effort. ALWAYS show the positive part of the tasks.