Formulating the right response

A COMPANY'S cyber risk response should be ongoing and iterative. The programme should evolve as the organisation gains more insight into the nature, scope and location of threats, and garners a better understanding of what it needs to protect and how.

The steps to implement a cyber risk management programme are as follows:

1. Establish cyber risk governance.

2. Understand your cyber organisational boundary.

3. Identify your critical business processes and assets. This step involves leveraging cyber insurance options, and upgrading cyber security technologies.

4. Identify cyber threats.

5.Improve your collection, analysis, and reporting of information.

6. Plan and respond. This step includes developing playbooks, improving cyber intelligence gathering techniques.