Data is regarded as the most valuable asset in today’s business world. The examples of critical data include e-commerce data, e-banking data, and Personally Identifiable Information (PII). Therefore, data security is, and data breaches have become an international concern for individuals as well as organizations. The role of the Cybersecurity Risk Management Framework (RMF) in data security is indispensable. The RMF provides a structured, disciplined, and flexible process for managing the privacy and security risks that include information security categorization, control selection, assessment, and implementation, as well as system and control authorization and continuous monitoring.
No organization has complete protection against today’s sophisticated and fast cyber-threats. To maximize the security posture of your enterprise, you need to evaluate the risks in an effective manner, in addition to the various other security measures. The report in which you describe all the risks – coined as “Security Risk Analysis Report” – has utmost importance for the effectiveness of the overall Risk Management Program. This analysis will identify all the threats and risks associated with these threats.
In the age of digital warfare, successful businesses always stay connected with modern risk management techniques and also keep themselves abreast of a variety of risks that can affect their earning and business continuity. According to the Global Risk Management Survey, 11th Edition, 2019, respondents most often considered their organizations extremely effective in managing disruptive attacks (58%), fraud or financial loss (57%), risks from customers (54%), destructive attacks (53%), and loss of private data (54%).