With the emergence of new cybersecurity regulations like the SEC’s incident disclosure rules and the EU’s NIS2 Directive, much attention is directed towards understanding and complying with these new incident reporting requirements. However, underlying these regulations is a significant emphasis on organizations fully integrating cyber risk management into their operations. Understandably, this has resulted in a greater focus on cyber risk management and its current level of adoption in organizations.
What is Cyber Risk Management?
Cyber risk management is a comprehensive approach to safeguarding organizations against cyber threats that emphasizes cybersecurity as a responsibility of the entire organization—not just the security team. According to a Noetic-sponsored report by HardenStance, cyber risk management refers to ‘the use of business processes and technical controls to identify, rank, monitor and manage the risks that stem from an organization’s use of IT and OT systems and the Internet.’
It plays a vital role in safeguarding businesses that leverage digital technology for managing sensitive data and financial transactions, highlighting its importance in
