ERM and the fight to contain cybersecurity threats has been saved
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ERM and the fight to contain cybersecurity threats
Detect and protect: Enterprise risk management (ERM) strategies for proactive and responsive cybersecurity
Part 3 of 5
Enterprise risk management doesn’t stop with internal controls. In Part 3 of our 5-part series, Detect and Protect, we dive into the more obvious risk behemoth: cyber threats. While this category is often considered within risk management frameworks, cybersecurity importance has grown as our world and workplaces become more digital by the day.
Cybersecurity teams within private enterprises may lack the resources to deploy an effective cybersecurity program, which is why it’s important for staff members across the organization to learn how to protect systems and information from the growing list of threats. Think about Doppler radars. They’re constantly working in the background, conducting surveillance on the weather and tracking incoming storms. The benefits of these radars—ones that have incredible detect-and-respond capabilities—aren’t dissimilar to the benefits of an effective enterprise risk management program. Both allow for time to 1) detect threats, and then 2) respond in real-time.
We project that cybercrime costs will escalate to $10.5 trillion by 2025—which likely underscores the need for more robust security measures. Not to mention, traditional breach detection times can lag for months. By implementing ERM strategies, you and your company can take a more proactive approach to safeguarding your data and systems.
Key takeaways
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Prepare for multi-front threats
Cybersecurity hackers are undoubtedly sophisticated, productive, and dangerous. From ransomware to impersonations to third-party breaches, their attack(s) can come in many forms. Familiarizing yourself with how, where, and when these risks may appear is a great place to start.
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Assess risk probability
The recent increase in cyber threats puts the onus on private companies and family enterprises to have effective detection systems. In the article, we discuss some fundamental identity and access management practices that can be deployed to help avert a potential data security breach or loss.
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Spread the responsibility
Getting a handle on risks across an organization’s ecosystem takes significant coordination—and the right risk management construct. Gaining clarity on what the role of the head of security plays versus the executive team versus the board of directors is crucial for detecting threats as a team.
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Next up in the series
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A modern approach to managing risks
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Enhancing internal controls to improve risk management
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Smart monitoring for operational risks
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Strengthening private company risk resilience
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