Cybercrime on the Rise - Understanding Risk Management
What Is Risk Management?Risk management as defined by APM3 is a “process allowing individual risk events and overall risk to be highlighted and managed proactively to increase the chances of success of an enterprise by minimizing threats and maximizing opportunities.“ In the case of cybercrime, organizations must seek to understand risk from the perspective of how exposed the company is and what the initial and overall response of the company would be if such a crime were to be committed. Once a business is online, it opens itself up to potential cybercrime, and as such, must have systems in place to deal with breaches, should they happen.
Defining Cybercrime RiskCybercrime falls under the same blanket category as all other operational risk events. For businesses to understand their proclivity for risk, they must first break down the historical occurrences of that event occurring. Having a local log of cybercrime events that have impacted the company is the first step in risk management. The record can determine which systems on the network are most prone to being exploited. It can also suggest what parts of a company’s security system need to be shored up to deal with potential cybercrime.The inherent risk of cybercrime comes from its impact on the company’s financial state. A business can afford to overlook low-impact cybercrime since it doesn’t significantly damage the company’s production or value. However, as more impactful cybercrime events come to light, businesses need to take the initiative and figure out the root causes of those events. By doing so, the company can seek to avoid history repeating itself.It should be noted that companies need not rely on their own systems for this. Other companies in the same field can quickly provide data for analysis. The findings from this analysis can then be proactively applied to the business’ system. In this way, companies can seek to prevent criminals from attacking them and set up defenses before they are focused on by the criminal element.
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