Cyber security risk

Cyber security risk is an organization's potential exposure to a digital attack, data breach, or other cyber event that can have a negative impact on their business operations, reputation, or ability to protect sensitive information. It involves the threat of malicious and unauthorized access, use, disclosure, disruption, modification, or destruction of information and systems. Organizations must assess and manage cyber security risks to ensure their IT infrastructure is secure, and to protect their business and customers from cyber attacks.

Example of cyber security risk

• Unsecured Wi-Fi connections: Unsecured Wi-Fi connections are a major security risk, as they allow hackers to access networks easily. This can lead to the theft of sensitive data or the spread of malware.
• Weak passwords: Weak passwords are a common cyber security risk, as they can be easily guessed by hackers. Organizations should ensure all passwords are complex, unique, and changed regularly.
• Phishing scams: Phishing scams involve sending malicious emails or links to users in an attempt to trick them into providing confidential information, such as passwords or bank account details.
• Unpatched software: Organizations should ensure all software and systems are regularly updated and patched to address any security vulnerabilities.
• Unencrypted data: Unencrypted data is a major risk, as it can be easily accessed by hackers. Organizations should ensure any sensitive data is encrypted to protect it from unauthorized access.

Types of cyber security risk

Cyber security risk encompasses a wide range of potential risks that organizations face in the digital world. These can include:

• Malware: Malicious software that infects computers and can be used to steal data, disrupt operations, or gain unauthorized access to systems.
• Phishing: The use of emails or other communications to trick people into providing confidential information or downloading malicious software.
• Data Breaches: Unauthorized access to sensitive data or systems, often through external means such as hackers.
• Social Engineering: The use of deception, manipulation, or influence to gain access to sensitive data or systems.
• Denial of Service (DoS) attacks: An attack that overwhelms a system with requests, preventing it from functioning properly.
• Insider Threats: The threat posed by employees and other insiders who have access to sensitive data or systems.
• Unsecured Networks: Networks that are vulnerable to attack because they lack proper security measures.
• Unpatched Software: Software that is not kept up to date with the latest security patches, leaving it vulnerable to attack.
• Weak Passwords: Passwords that are too simple or easily guessed, making them easy for an attacker to guess.

Steps of dealing with cyber security risk

An effective cyber security risk management strategy involves the following steps:

• Identifying and assessing risks: This involves analyzing the potential risks to the organization’s IT infrastructure, data, and assets from potential cyber threats. This includes identifying what data and systems are most vulnerable, as well as any external threats.
• Developing a risk management plan: Once the risks have been identified, organizations need to develop a plan to mitigate the risks. This includes setting up processes and procedures to protect data, systems, and assets.
• Implementing risk management measures: Organizations need to implement measures to protect their systems and data from potential cyber threats. This includes creating firewalls, implementing encryption and authentication measures, and implementing user access controls.
• Monitoring and responding to cyber threats: Organizations need to monitor for potential threats and respond quickly to any threats that are detected. This includes patching any vulnerabilities and monitoring user activity.
• Developing an incident response plan: Organizations need to have an incident response plan to ensure that they are prepared in the event of a cyber attack or data breach. This plan should outline the steps to take in the event of an attack, including communication, mitigation, and recovery.

Limitations of cyber security risk

• The limitations of cyber security risk are numerous, including:
• Unreliable threat intelligence: Cyber security risk is often based on the accuracy of threat intelligence, which can be unreliable due to false positives and errors in analysis.
• Human error: Cyber security risk is also impacted by human error, such as mistakes in configuration or an employee accessing a system with an unsecured password.
• Cost: Implementing, maintaining, and updating cyber security measures can be expensive, and organizations may not have the resources or budget to do so.
• Technological limitations: Cyber security technologies may not be able to detect or prevent all potential threats, and can be overwhelmed by large volumes of traffic or data.
• Regulatory compliance: Organizations must keep up with ever-changing regulations and standards, and may not have the resources or expertise to do so.
• Risk management strategies: Organizations must have effective strategies in place to identify and manage risk, but these strategies may not be sufficient to protect against all threats.

Cyber security risk — recommended articles

Principle of information security — Privacy and security — Information system security — Information security management — Threat modeling tools — Information risk — Personal identification — Continuous audit — Security policy

References

• Ralston, P. A., Graham, J. H., & Hieb, J. L. (2007). Cyber security risk assessment for Scada and Dcs networks. ISA transactions, 46(4), 583-594.
• Cherdantseva, Y., Burnap, P., Blyth, A., Eden, P., Jones, K., Soulsby, H., & Stoddart, K. (2016). A review of cyber security risk assessment methods for Scada systems. Computers & security, 56, 1-27.
• Pfleeger, S. L., & Caputo, D. D. (2012). Leveraging behavioral science to mitigate cyber security risk. Computers & security, 31(4), 597-611.