8 Steps to Develop an Effective Cybersecurity Risk Management Plan

8 Steps to Develop an Effective Cybersecurity Risk Management Plan

A cybersecurity risk management plan is a strategy designed to prioritize and prevent cyber threats. Creating a plan involves conducting a cyber risk assessment, then identifying, evaluating, and addressing threats across an entire organization. These plans are critical for protecting information systems against ransomware, malware, and other threats that could impact data security or operations.

Tech Alliance  has the knowledge and tools to help your company develop and implement a cybersecurity risk management plan. From conducting the cybersecurity risk assessment to putting your new plan in place, our managed cybersecurity services are an excellent alternative to in-house teams for businesses of all sizes.

The Importance of Cybersecurity Risk Management for NYC Businesses

Cybersecurity risk management is vital to the long-term success of NYC businesses for several reasons. At its core, this plan is designed to protect sensitive information and preserve the confidentiality, integrity, and availability of that data. In fact, as the world becomes more tech- and data-driven, government agencies continue to impose newer and more complex regulations. Cybersecurity risk management is just one of several cybersecurity compliance components that NYC businesses are required to maintain.

Benefits of a Cybersecurity Risk Management Plan

The benefits associated with cybersecurity risk management are many, and they all seek to improve security at the individual and company level. A good cybersecurity risk management plan takes a proactive security approach and allows companies to identify and mitigate risks in a timely manner, often stopping attacks before they start. A plan can also reduce vulnerabilities by identifying key threats early on, sealing any potential holes in a company’s security, and reducing potential exploitation.

Cybersecurity risk management is crucial for cybersecurity compliance as it adheres to the laws and regulations put in place to protect individuals’ private data and companies’ databases. Finally, when the plan put in place is effective, it reduces the load on in-house IT teams, allowing them to address issues before they become emergencies.

Steps to Develop a Cybersecurity Risk Management Plan

The steps involved in developing a cybersecurity risk management plan may look slightly different from one industry to the next, but the following eight steps represent the most important actions that all companies should take when developing and optimizing their cybersecurity solutions.

#1 - Set Security Goals

The first step in the process involves determining the organization’s security goals. These may look a little different from one company to the next, but every cybersecurity risk management plan should aim to bring companies into compliance and patch up vulnerabilities.

#2 - Audit Intellectual Property and Data

Next, companies should perform a thorough audit of their intellectual property and data. This means understanding the type of data being collected, where the data is being stored, and the individuals who have access to the data. Identify digital assets and stored data, then determine the estimated cost of recovery if the data is compromised or stolen.

#3 - Conduct a Cybersecurity Risk Assessment

A cybersecurity risk assessment identifies the types of information and assets that a cyberattack could impact, including hardware, systems and networks, devices, proprietary data, and customer or client data. The goal is to understand where the greatest risk exists and minimize any security holes. Common tasks include penetration testing, vulnerability scans, and more.

#4 - Analyze Current Security and Threat Levels

The risks identified during the cybersecurity risk assessment must be quantified, prioritized, and addressed. Developing a priority list ensures that the cybersecurity risk management plan tackles the most likely, most expensive, and most pressing threats first.

#5 - Develop a Cyber Risk Assessment Committee

A cyber risk assessment committee should include a wide range of individuals from across the organization, including stakeholders in various departments and functions who each share responsibility for the company. The individuals chosen should be forward-thinkers who are ready to take accountability and ownership of the cybersecurity risk management plan.

#6 - Automate Cybersecurity Tasks Where Possible

Resource allocation can be tricky when it comes to cybersecurity risk management, but automating risk mitigation and prevention tasks can help. Things like security controls, access protocol enhancements, and automatic incident responses can free up resources and further mitigate incidents.

#7 - Create an Incident Response Plan

An incident response plan lines out the steps that the company will follow in the event of a cyberattack. It instructs security teams on what to do during an active incident, keeping everyone calm and efficient during even the worst of attacks by reducing the number of decisions to be made in the heat of the moment.

#8 - Train and Educate Employees on Cybersecurity Policies

Cybersecurity awareness training is essential for educating employees about spotting threats, understanding vulnerabilities, and spotting an incoming attack. Training employees on current and new cybersecurity policies is a crucial part of cybersecurity risk management because it emphasizes the importance of regulatory compliance and trains employees to hold themselves accountable for their errors. Training and education is all about building a positive cybersecurity culture within organizations.

What to Look For in a Cybersecurity Risk Assessment and Management Partner

For many businesses across NYC, conducting a cybersecurity risk assessment and developing a cybersecurity risk management plan on their own is daunting. Fortunately, there are third party providers who have the expertise to help you achieve your security goals. Before making a decision, look for a partner that offers complete transparency, numerous positive reviews, monitoring around the clock, and a responsive support team that responds when you need them most.

From conducting the initial assessment to developing, implementing, analyzing, and maintaining your cybersecurity risk management plan, Tech Alliance offers you the services you need – all without the hassle and expense of hiring an in-house security team. Learn more about how our managed cybersecurity services can protect your business today.