You may have heard the term, or even undertaken the act of, risk management before. Simply, it's the act of identifying a risk to your business and planning what to do about it. Cyber risk management is practically the same thing, except we are looking at the cyber risks that may have a negative impact on your business, and how to address them if or when they happen.
By the end of a cyber risk management process, you should be able to establish a set of actions, policies or tools to combat and manage cyber risks. This is to reduce the negative impact they could have on your business.
There are an endless number of approaches to cyber risk management, but one thing is certain, all of them help create a plan for you to reduce your cyber risk. Instead of going into the details of all the different approaches we're going to make it simple, we're going to look at one and use this as a guide to create your own Cyber Risk Management Plan (CRMP).