What is a Cyber Security Risk Register | Centraleyes
Learn more about cyber security risk register: https://www.centraleyes.com/glossary/...
What is a cyber security risk register?
A cyber risk register is a risk management tool used to identify potential cyber security risks in a project or a company, in order to stay on top of potential issues that can derail company objectives.
Doing your due diligence means you’ll have a plan in place before risks can open you up to threats and vulnerabilities. Being organized boosts efficiency and productivity, which in turn will overall be financially beneficial to your company.
Unlike other areas of business, cyber security is inherently about securing systems, networks, databases and information, ultimately through reducing the risks involved.
The huge array of risks connected to cybersecurity need a high level of organization and focused remediation steps.
A risk register should include:
A Risk Description: This is the risk itself, including details of how it may threaten the organization.
The Impact: This is the result of the event occurring and the measure of the impact it will have on your organization.
Likelihood: This logs how likely it is for the potential event to occur. This will be key in prioritizing the remediation efforts.
Outcome: This measures the effect on the organization after the event occurs. This actionable information helps leaders understand whether they are likely to achieve their goals.
Risk Level: Taking all factors into account, based on your risk matrix, the risk level measures the priority of each particular risk.
Cost: Mitigation measures and remediating risks may save money in the long run but will cost money to implement. This can evaluate both sides of the coin.
Mitigation actions: These detail what are the steps to remediate or at least mitigate the risk. Creating a task for each risk will make it easier to put into action and to measure progress.
Roles and responsibilities: Assigning responsibilities clarifies who needs to take care of the risk and maximizes accountability, producing more productive results.
Most companies keep their risk registers in spreadsheets.
Traditional risk registers suffer from human error, time wasted on input, updates are very difficult to track accurately, and since the spreadsheet is siloed from real-time events, you end up with an isolated list that isn’t working in sync with the rest of the company activities in this area.
It is also difficult to measure the multi-facets of risk simultaneously, including financial impact, technical effect, damage to business objectives, and the effect on continuity.
Using an automated risk register can save you hundreds of hours on manual work when creating and maintaining a risk register!
Centraleyes released a one of its kind capability – a fully automated Risk Register
This unique cyber risk management platform feature is a state-of-the-art, organizational risk register that automatically creates a set of 64 primary risks, generates both an inherent and a residual risk score, and links to the affected assets and mitigating controls.
An additional and significant advanced attribute is the Financial Impact, which is calculated under 6 elements of loss, automatically tagging the risk with a financial attribute.
It is also continuously updated based on the platform’s real-time control measurement.
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Learn more about cyber security risk register: https://www.centraleyes.com/glossary/...
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