In the realm of cybersecurity, risk management refers to the process in which organizations identify, analyze, and address various types of cyber risks that they may face in case their IT systems fail as a result of internal and external threats. These risks include the possibility of losing sensitive, private corporate data, experiencing disruptions in their day-to-day business operations, suffering reputational damages, and more.
Cyber risk management enables security teams to spot, measure, and evaluate vulnerabilities in their IT environment. Its connected systems and applications allow users to implement strategic ways to fix potential issues, thereby allowing organizations to avoid or reduce the impact of potential cyber risks. Unfortunately, many organizations find it difficult to implement cyber risk management effectively.