What are the best ways for cybersecurity leaders to manage risk?

Get to know the service / technology for which the risk is meant to be assessed. Use a framework that is repeatable. Agree on risk tolerance or risk appetite for the service / technology is scope including considerations for applicable regulations. Identify the various interface through which threats may materialise. Finally assess the effectiveness of the controls to identify, detect. protect, respond and recover from the applicable threats.

The most importance for this is The Leaders have to really understand about CyberSecurity. Disagree with some leader saying that they only need to hire a good CISO :)

Some of the best ways for leadership to manage risk is to develop overall corporate governance, organization policies, employee training/awareness, continuous risk assessments, strong & cost-effective complete controls, vendor management & ongoing monitoring.

Reviewing security needs for the business/industry you work is crucial. Also understanding the compliance needs , standards and industry specific risk indicators shall enable you to make a cyber security assessment and maturity improvement plan. Phase by phase you can target to reach desired hardened and resilient security posture.

You can't manage what you don't measure. This starts with understanding what your assets are (physical and informational). Once you have a clear picture of your attack surface, you can then conduct a Business Impact Analysis (BIA) to understand where your efforts should be concentrating to protect value. Only then can you conduct a risk assessment based on best practices and frameworks that fit your company profile.

People often forget the three pillars of IT also apply to cybersecurity: People, Process, and technology. You can have all the best technology, but if processes (read culture) and people are not aligned it will not make much of a difference. Having security champions and educating folks that security is everyone's responsibility provides a sense of ownership that can only be positive for controls and mitigation strategies.

Also after you achieve certain level in your security maturity it's very important not only to implement the controls but also proper test it. One of the many ways to do it is a red team practice for example. It's impressive how many times a control can be easily bypassed or exploited.

Dans ce contexte on peut parler de la cartographie des risques qui est une étape cruciale pour la gestion de la sécurité informatique. Elle nous aide à identifier et évaluer les risques associés au système d'information afin de déterminer les systèmes les plus critiques. Cette démarche permet de définir quels contrôles doivent être instaurés pour atténuer ces risques. De plus, elle offre la possibilité d'évaluer le niveau de risque considéré comme acceptable et celui qui ne l'est pas.

1. Identify and assess potential risks before implementing cybersecurity controls and mitigation strategies, encompassing technical, administrative, and physical measures. 2. Ensure alignment of these measures with the organization's business objectives and risk tolerance to effectively safeguard against cyber threats. 3. By integrating appropriate controls in tandem with the risk assessment findings and aligning these with organizational goals, cybersecurity leaders can bolster their cybersecurity defenses.

Controls are important but you cannot control everything going in - but you can identify going out - defence software is key.

Communication is crucial in Risk Management. Make sure to work closely with all the stakeholders in the company, industry groups, and government agencies to share information and best practices for cybersecurity risk management. Collaboration can help identify new threats early and develop more effective countermeasures.

Having stakeholders participate in cybersecurity planning is an excellent way to improve adoption and culture in the organization. Additionally, non-technical perspectives can help find pain points for users.

Beyond the formal communication of security initiatives. A great way to ensure this communication is to enable the security team and others teams to interact with each other frequently. So this communication will become natural.

Effective cybersecurity risk management involves more than just technical measures—it requires strong collaboration and communication across the organization. Cybersecurity leaders must engage with stakeholders from various departments and levels of the organization to ensure that cybersecurity goals align with business objectives and priorities. By fostering a culture of collaboration and transparency, cybersecurity leaders can gain valuable insights from different perspectives and ensure that risk management efforts are integrated seamlessly into the organization's overall strategy.

1. Foster communication and collaboration with diverse stakeholders, including senior management, IT personnel, business units, customers, and vendors, to establish a unified understanding and garner support for cybersecurity objectives and endeavors. 2. Regularly report on risk status and performance, and actively seek feedback and input from stakeholders to ensure their engagement and alignment with cybersecurity initiatives. 3. By engaging with stakeholders and aligning cybersecurity efforts with their input and needs, cybersecurity leaders can effectively create a culture of security and shared responsibility throughout the organization.

Desk top exercises involving all key management - regularly testing your strategies is key to being able to respond quickly. So often this stage is overlooked and yet every time this is done response times are cut because everyone knows what they have to do.

Create a post mortem document after an incident is a great way to spread the knowledge inside your company. This also ensure that when engineers and analysts come and go, the same errors can be prevented.

Leveraging learnings from within the enterprise that eminate from past risks and from industry experience reflected within best practices helps continual improvement.

Cyber threats are constantly evolving, so it's essential to regularly review and update your cybersecurity measures to adapt to new risks. This might involve conducting periodic risk assessments, testing your security controls, and staying informed about emerging threats, vulnerabilities and technologies. You cannot fight new threats with legacy tools.

Cyber Security is changing at such a pace that you cannot keep up. Investing in people and innovation means that you are not left behind.

Mon point de vue est que : réinventer la roue n'est pas nécessaire par contre fédérer une bonne équipe avec un mindset au goût du jour est primordial.

Continuously invest in innovative technologies and methods, such as AI and blockchain, while prioritizing the nurturing and development of cybersecurity talent through training and mentorship for dynamic risk management.

Innovation and continual improvement is key to maturing your risk management process. This is directly tied to the extent of effort and skill investment made in managing risks.

Ensure that it is clear to the entire cybersecurity team that their involvement in risk management is to identify and assess risk, and provide treatment recommendations. The business through the executive who "owns" data collections and applications (often referred to as information controllers) are the ones who make the decisions - not cybersecurity! If the decision goes against the cybersecurity recommendation - ensure that the business formally accept the risks via a Statement of Acceptable Risks. That approach/ philosophy alone with save you lots of frustrations, no matter what tools or methodologies you use to identify/ assess/ track/ manage risks!!!

Cyber security is seen only as a compliance and regulatory issue in some organizations. However , it should not be only a GRC issue, it should be a company’s strategical parallel work stream managed in a live continuous process. Technologies and industries are changing too fast , data is being critical more than ever. Even virtualized,augmented and generative technologies bring many new unknowns People also will be in the center of organizations. Therefore cybersecurity is intercepting in transformation , digitalization, innovation,industrialization and to be handled as a main a separate asset for organizations.

In the current state of emerging risks from the fast pace development of Artificial intelligence it's important that we don't rely on outdated risk management and Governance. One Chief security officer told me data security was not his problem. My fear is security teams are not keeping pace with arising technology risks. In the world of AI data security and provenance is key - adapting and refining current roles and responsibilities is key.

My greatest success in effecting desired Cybersecurity changes have been through collaborating with the business teams on understanding the objectives and overcoming resistance. Foster mentoring relationships with legal and business teams.

Stay up to date on threat vectors, actors, and open source reporting of cyber threat intelligence sources. By staying updated on new or emerging threats we identify new risks, which enables the further assessment of the risk. As cybersecurity and risk managers we can then promote the mitigation through education and tools based on budgets.

Risk management has to permeate the culture of the organization, and must be driven from the executive suite down. It's also really important to manage risk for disproportionate competitive advantage, after understanding its potential ramifications. Not all risk is bad, risk - managed well - can lead to advantages and leverage.

Beyond established practices, effective cyber risk management should include exercises to simulate real-world attacks or other exercises that actually test your ability to manage risks as they arise. Leverage 'Risk Quantification' tools like FAIR to translate cyber risk into financial terms for better decision-making and establish 'Continuous Compliance' protocols using frameworks like COBIT to ensure ongoing adherence to industry standards. Finally, continually engage in cybersecurity advocacy at the executive and board levels to secure necessary resources and support (tied to the stakeholder section above).

Check out that the organisation has adequate cyber Insurance and it covers the losses arising from the cyber incident. The quantitative risk management with a best estimate on max potential losses(MPL) and need to take a balanced approach in the decision to increase the investment in security controls vs cyber insurance coverage.

Integrating cybersecurity into enterprise risk management (ERM) is vital. Ensure top leadership prioritizes it and establish a dedicated committee. Make cybersecurity a regular agenda item in risk management meetings and conduct integrated risk assessments. Foster cross-department collaboration and provide continuous employee training. Regularly update the incident response plan. These steps will enhance your organization's resilience and security.