Cyber risk management

 Organizations have relied upon cyber insurance as a tool to mitigate cyber-risk at the expense of implementing appropriate cyber security controls.  However the erosion of cyber insurance coverage from 2021 is forcing insurers, reinsurers and organizations to reconsider the way forward for cyber-risk mitigation. 

Cyber regulation has transferred cyber risk into the board rooms of covered entities regulating cybersecurity risk management, board oversight, assurance and attestation

 Small business makes up a significant number of companies trading in the U.S. and abroad.  These companies design, manufacture, and maintain the products and services that society depends on, using cyberspace as a critical tool to conduct business.

 For small businesses, cyber-risk management is a significant challenge.  It is a complex, expensive, and resource-intensive risk to manage, and a risk most small businesses cannot afford.  This creates a significant issue for the Federal Government and larger corporations, that are dependent upon the products and services which small businesses provide.   

 To comply with U.S and EU cybersecurity risk management regulations organizations will be required to provide assurance that they have implemented a cybersecurity Risk Management Framework(RMF), with cybersecurity practices in line with the organizations risk profile.

 The risk management framework relies upon a cybersecurity standard to mitigate cyber risks.  The CyberSecurity Framework (CSF) profile acts as a ‘bucket’ into which a cyber security standard can be input and be tailored to meet specific organizational risks that are identified through the risk assessment process and defined through the Risk Management Framework.