What Is Cyber Risk-Based Approach?

A cyber risk-based approach focuses on identifying, assessing, and managing the risks associated with cyber security in an organisation. The aim is to establish a structured process that enables organisations to make informed decisions on managing cyber security threats while supporting business objectives. The approach typically follows a series of steps to ensure risks are addressed effectively.

The first step involves understanding the organisational context. It’s crucial to comprehend the organisation’s goals, critical assets, and the potential risks to these assets, ensuring that the cyber security strategy aligns with the business's overall mission and priorities. This involves consulting with stakeholders to gain insights into the organisation's needs and concerns.

Next, it’s important to identify decision-makers and establish governance processes. Cybersecurity decisions should not rest solely with the IT department but should involve leaders across the organisation. Clear communication between risk experts and decision-makers ensures that cyber security strategies align with broader business goals and risk management processes.

Lastly, organisations need to define the specific cyber security risks they face. This step involves understanding the scope of the risks and challenges that need to be managed. By identifying the key characteristics of these risks, organisations can determine the most appropriate risk management strategies and tools to apply.