How can you prioritize cyber threat risks?

Cyber threats are constantly evolving and posing new challenges for organizations of all sizes and sectors. How can you prioritize cyber threats and allocate your resources effectively? In this article, you will learn about some risk management principles and methods that can help you identify and rank the most critical cyber risks for your organization.

1 Risk management framework

A risk management framework is a set of processes and tools that guide you through the steps of identifying, analyzing, evaluating, treating, and monitoring cyber risks. A risk management framework can help you align your cyber security objectives with your business goals, comply with relevant standards and regulations, and communicate your risk posture to stakeholders. There are different risk management frameworks available, such as ISO 27005, NIST SP 800-30, or FAIR, that you can adopt or adapt to suit your needs and context.

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Abhisek Ghatak

Head of Cyber Security Service Audit @ UBS | CISSP, CEH, CCNA
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Speak to the business leadership, understand the business objectives, and how the objectives can be impacted by a cyber incident. Identify the critical business processes and then determine the interfaces through which a cyber incident may occur. This includes both internal (accidental and malicious) and external threats. Identify the SMEs involved in the process to gauge their view of the risks. Explore industry reports on incidents involving similar business processes. Business should provide their risk appetite. Identify the control effectiveness to identify, detect, protect, respond, and recover from cyber incidents to portray risk, preferably in a quantitative manner. Always remember that cyber risk is a business risk and not yours.

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2 Risk identification

Risk identification is the process of finding and describing the potential sources, events, and impacts of cyber threats to your organization. You can use various techniques to identify risks, such as brainstorming, interviews, surveys, checklists, audits, threat modeling, or vulnerability scanning. You should aim to identify as many risks as possible, and document them in a risk register that includes information such as risk name, description, category, source, and owner.

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Abhisek Ghatak

Head of Cyber Security Service Audit @ UBS | CISSP, CEH, CCNA
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Identify the cyber threat profile of the organization. Obtain historical data from inside the organization as well as from the industry on incidents, attempts and near misses. Use professionals including Pent Test, Red Team test to identify the control effectiveness of the People, Process as well as technology. Assess the defence in-depth to mitigate the threat (mapping to frameworks like MITRE). The third parties are the interface to your critical business processes and hence part of the calculations. Automate the assessment where possible and repeat. These fundamentals remains the same even in the world of AI.

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3 Risk analysis

Risk analysis is the process of estimating the likelihood and consequence of each risk, based on the available data and evidence. You can use qualitative or quantitative methods to analyze risks, depending on your level of detail and accuracy required. Qualitative methods use descriptive scales, such as low, medium, or high, to rate the likelihood and consequence of risks, and assign them to a risk matrix that shows their relative priority. Quantitative methods use numerical values, such as probabilities, frequencies, or monetary losses, to measure the likelihood and consequence of risks, and calculate their expected value or loss exposure.

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Abhisek Ghatak

Head of Cyber Security Service Audit @ UBS | CISSP, CEH, CCNA
(edited)
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Identify and speak the common language. Define a threat led consistent approach depending on the industry Cyber risk is a business risk and not just a technology risk. Determine likelihood (SME input, industry data, Monte Carlo Simulation) Identify the control effectiveness, not just vulnerability scanning but technical effectiveness, process maturity and scope of controls (an old kit in the latest gadget inventory is your weakest link). Test various scenarios and simplify reporting. Security through obscurity can't be hidden from sophisticated and automated threats. Communicate the risk effectively.

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4 Risk evaluation

Risk evaluation is the process of comparing the results of risk analysis with your risk appetite and tolerance, and deciding which risks need to be treated and in what order. Your risk appetite is the amount and type of risk that you are willing to accept or pursue in order to achieve your objectives. Your risk tolerance is the level of variation or uncertainty that you can tolerate around your risk appetite. You should evaluate risks based on their alignment with your strategic, operational, legal, and ethical objectives, and prioritize them according to their urgency and importance.

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5 Risk treatment

Risk treatment is the process of selecting and implementing the appropriate options to address the risks that you have prioritized. You can choose from four main options to treat risks: avoid, transfer, mitigate, or accept. Avoiding risk means eliminating the source or cause of the risk, or changing your objectives or plans to avoid exposure. Transferring risk means shifting the responsibility or impact of the risk to a third party, such as an insurer or a vendor. Mitigating risk means reducing the likelihood or consequence of the risk, by implementing controls or countermeasures. Accepting risk means acknowledging and retaining the risk, either because it is within your risk appetite or because it is not feasible or cost-effective to treat it.

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6 Risk monitoring

Risk monitoring is the process of tracking and reviewing the performance and effectiveness of your risk management activities, and updating them as needed. You should monitor your risk environment, your risk register, your risk treatment plans, and your risk indicators, and report any changes or issues to the relevant stakeholders. You should also conduct regular audits and evaluations to measure your risk management maturity and compliance, and identify any gaps or opportunities for improvement.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you prioritize cyber threat risks?

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1 Risk management framework

2 Risk identification

3 Risk analysis

4 Risk evaluation

5 Risk treatment

6 Risk monitoring

7 Here’s what else to consider

Risk Management

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How can you prioritize cyber threat risks?

1

2

3

4

5

6

7

1 Risk management framework

2 Risk identification

3 Risk analysis

4 Risk evaluation

5 Risk treatment

6 Risk monitoring

7 Here’s what else to consider

Risk Management

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