Cyber Security Risk Measurement – Effective Approach in Today’s Digital Era

Strategic Relevance

Cybersecurity risk assessment plays a strategic role in today’s digital landscape.

  • Maturity-based cybersecurity approach: Evaluating cybersecurity maturity against industry standards helps organizations identify areas for improvement and align security practices with strategic goals.
  • Risk-based approach: Prioritizing risks based on impact and likelihood allows effective resource allocation and protection of critical assets.
  • Proactive cybersecurity: Implementing continuous monitoring, threat hunting, and vulnerability management helps stay ahead of emerging threats.

By embracing these approaches, organizations can enhance their cybersecurity posture, protect sensitive data, and maintain trust with stakeholders.

Challenges & Opportunities

  • Access versus Institutional Stability: Balancing access with institutional stability is crucial.
  • Legal Framework: Establishing a robust legal framework is essential.
  • Affordability: Ensuring affordability is a key factor.
  • Building Knowledge, Understanding, and Awareness: Promoting knowledge, understanding, and awareness is vital.
  • Data, Location, Partners, Training, Communication & Cooperation: Stakeholders’ involvement in data, location, partners, training, communication, and cooperation is pivotal.

Future Trends

  • Secure Access to All Resources Irrespective of Locations: Ensuring secure access to resources, regardless of location, is paramount.
  • Least Privilege and Strict Enforcement of Access Control: Adhering to the principle of least privilege and rigorously enforcing access control policies are critical.
  • Inspection and Logging of All Traffic Using Automated Tools: Employing automated tools to inspect and log all traffic is essential for effective monitoring and analysis.

Best Practices & Key takeaways

  • Know Your IT Environment and Assets: It is important to have a thorough understanding of your IT environment and assets.
  • Embed Cybersecurity Risk Management into Your Culture and Values: Integrating cybersecurity risk management into your culture and values is crucial.
  • Real-time and Reliable Visibility is Necessary: Having real-time and reliable visibility is essential for effective cybersecurity monitoring and response.
Shobhana Lele
Vice President – IT
The Bombay Dyeing and Mfg Co Ltd

Disclaimer: The views expressed in this feature article are of the author. This is not meant to be an advisory to purchase or invest in products, services or solutions of a particular type or, those promoted and sold by a particular company, their legal subsidiary in India or their channel partners. No warranty or any other liability is either expressed or implied.
Reproduction or Copying in part or whole is not permitted unless approved by author.

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