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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