Security and risk management (SRM) leaders struggle to mature their cyber and IT risk management practices beyond conducting risk assessments. A set of fundamental risk management processes is essential to manage cyber and IT risk for their organizations.
The cyber and IT risk management process indicates security leaders should:
- Define risk parameters and risk management strategy
- Identify scope
- Conduct business impact Aanalysis
- Identify control requirements
- Conduct risk assessment and evaluate controls
- Document risks in a risk register and continual communication
- Embed risk assessment, security testing and governance in project life cycle
- Embed an organizationalwide attitude to risk treatment
- Monitor loss exposures and other indicators
- Invest in technical debt reduction
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