What is cybersecurity risk?
Cybersecurity risk is the exposure to harm or loss stemming from cyber threats that can compromise an organization’s information systems, data integrity, and operational stability. Cybersecurity risk includes the potential for financial loss, operational disruption, reputational damage, and legal and regulatory consequences resulting from threats to information technology systems and data. It encompasses the likelihood of cyber threats including hacking, malware, ransomware, phishing, and other cyberattacks that exploit vulnerabilities in an organization’s digital infrastructure, as well as non-malicious human error and accidents (intentional or not).
Cybersecurity risk management is essential in today’s tech-dependent business environment, and requires a multi-pronged approach that involves insurance, mitigation, and resilience. It involves identifying vulnerabilities, assessing the range of potential impacts of cyber incidents, and implementing appropriate cybersecurity risk mitigation strategies. These include insurance solutions, risk consulting, and resilience planning to help organizations protect their digital assets from cyber…
