Complete guide to cyber security risk management

Protect your business with an integrated cyber risk management strategy.

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What do our clients love about us?

“Working with Trava has been an extremely impactful decision for Encamp. It would have been next to impossible for us to create a robust, enterprise-ready security process and tech stack without their assistance, particularly on the accelerated timeline that we needed. For a growth startup, time is one of the most valuable assets. Trava made it possible for us to break into the enterprise space at least six months quicker than we could have by ourselves — the ROI was extremely clear.”

Luke Jacobs

CEO & Co-Founder of Encamp
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Trava offers a complete solution to protect your business from cyber threats.

Assessment

  • Cyber Risk Evaluation
  • Cyber Maturity Survey
  • Insurance Review
  • Foundational Scans
  • External
  • Certificate
  • Dark Web
  • Application Scans
  • Cloud
  • Microsoft 365
  • Web App
  • Internal Scans
  • Endpoint Agent
  • Internal Network
  • Asset / Discovery
  • Phishing Simulation
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Mitigation Consulting

  • Complete in-depth risk surveys and compliance audits
  • Work with security experts to perform mitigation activities
  • Get advice from a virtual CISO
  • Create and implement programs for cyber risk management and secure software development
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Insight and vCISO Advisory

  • Baseline Cyber Risk Assessment
  • Compliance-as-a-Service
  • Secure Software Development Lifecycle (SDLC)
  • Cyber Risk Management Program
  • Cyber Policies & Standards
  • SOC2 & ISO 27001 Readiness
  • Dark Web Scan Analysis & Action Plan
  • Enterprise Risk Management
  • DFARS / CMMC / NIST 800-171 Readiness
  • Security Questionnaire Management
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Insurance

  • Coverage for Common Cyber Threats:
  • Cyber Extortion
  • Social Engineering
  • Business Interruption
  • Virus Transmission
  • Liability Implications
  • Limits from $100K to $10M
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Cyber Security Risk Management

Today, nearly every business relies on the internet in some way. For most companies, daily operations would grind to a halt if they did not have access to the internet. The internet allows people to work from almost anywhere in the world. At the same time, if a business is more accessible to employees, then it is also more accessible to criminals, hackers, and those who seek to take advantage of organizations for their own personal gain. This is why cyber security is so important.

Cyber security refers to the processes, practices, and technologies that a company uses to protect its programs, devices, and data from damage, attack, or access by unauthorized individuals. Often, people use the terms cyber security and information technology (IT) security in an interchangeable manner. During the past few years, technology has come a long way; however, so have hackers. As a result, cyber security is a continuously evolving process. For this reason, all businesses need to work hard to make sure that they stay up to date on the latest developments in this field. It is critical to stay ahead of criminals.

In this manner, cyber security risk management comes into play. There is a close relationship between cyber security and risk management because cyber security is a part of risk management. Risk management is used to refer to the processes that are put in place to reduce a business’s exposure to potential harm. When it comes to cyber security risk assessment, this means the risk to the company’s data, network, and devices. In this manner, enterprise cyber risk management is critical. When it comes to cyber risk management, all companies need to understand that this is an ongoing process and not a destination. There is no such thing as a business being totally secure. Instead, businesses need to continually assess where they stand and make sure they are doing everything they can to keep their data, and the data of their customers, safe from harm. This is where a cyber security risk assessment report developed using a cyber security risk assessment template is important. These steps can go a long way toward making sure that a business remains safe, secure, and ahead of the competition.

Cyber Security Risk Management Jobs

Cyber security risk management is a field that is growing quickly. Because so many companies use the internet to handle even their most basic products and services, this is a field that is continuing to grow. As time goes on, companies depend more and more on the internet. As a result, cyber security risk management only becomes more important.

For this reason, cyber security risk management jobs are important as well. When it comes to cybersecurity risk management jobs, it is important to note that these positions come in many shapes and forms. Many people who work in the field of cyber security risk management have a degree, experience, or background in information technology. Often, those who work in cyber security risk management have just come directly from the IT department.

Because cyber security risk management is more important than ever, salaries are growing as well. A cyber security salary could easily start at $75,000 per year; however, this is a job that people rarely get straight out of school. Often, people who work in cyber security risk management get experience in the field first.

For those who have a position as a manager, a cybersecurity risk management salary could be above $100,000. This is comparable to the salary of an IT manager, who might be responsible for overseeing not only security but other issues related to the company’s technology processes as well. As people get more experience in the field of cyber security risk management, they should expect an information risk management salary to rise. As a result, jobs in cyber security risk management are incredibly desirable.

In addition to the pay, this is a position in which there is room for advancement. Those who do well in cyber security risk management could open up opportunities for themselves in the upper levels of information technology. This could include promotions to executive levels for those who are interested in the financial side of IT as well. This is just another reason why cyber security risk management is a growing field.

Cyber Security Risk Management Certification

Because jobs in cyber security risk management are so desirable, there are lots of people who are looking for ways to increase their competitiveness on job applications. One possibility is to earn a cyber security risk management certification. Those who take the time to earn this certification show potential employers that they have put in the hard work, undergone the cyber security risk management training, and are prepared for the challenges that come with a job in this field. With this in mind, there are a few options from which to choose when it comes to cyber security risk management training and certification programs.

One of the most popular is a certification called the CRISC certification. This stands for Certified in Risk and Information Systems Control. CRISC certification training prepares potential IT risk managers to deal with the latest threats in the field. This certification is a demonstration of expertise when it comes to identifying and managing risk in the IT field at the enterprise level. Furthermore, this certification shows employers that individuals have the proper training in implementing and maintaining controls in information systems.

There is another cyber security policy certification in which IT professionals might be interested. This is the Certified Cloud Risk Management Professional, or CCRMP certification. This is a certification that signifies a certain level of expertise when it comes to cloud computing. The cloud is a rapidly growing space in the business world. Countless companies now use the cloud to store and distribute information; therefore, this certification is also incredibly popular among those who work in cyber security risk management.

Finally, those looking to start or further a career in cyber security risk management might also want to earn a CISSP certification, which stands for Certified Information Systems Security Professional certification. This is a popular security certification for security analysts. There are some professionals in cyber security risk management with multiple certifications.

Cyber Security Risk Management Frameworks

When it comes to cyber security risk management, it is always a good idea to approach this process with a strong framework. A framework is a template by which trained professionals can come up with a strong risk management policy. One popular method is the NIST risk management framework. This cybersecurity framework is used to guide cyber security risk management professionals as they come up with strategies to protect the company. The NIST cybersecurity framework is a model that focuses on continuous improvement and compliance. The NIST cyber security risk management framework steps include:

  • Categorize the System
  • Select the Controls
  • Implement the Controls
  • Assess the Controls
  • Authorize the System
  • Monitor the System

This cybersecurity framework template is one that focuses on making risk-informed decisions in a continuous manner. Using this method, the goal of this cyber security risk assessment framework is to make sure the system is as secure as possible.

While there are multiple ways to approach cyber security risk management, the NIST cybersecurity framework spreadsheet is a strong starting point. Some of the major advantages of this type of cyber security risk management framework include:

  • Cyber security risk management operates in an unbiased manner
  • This cyber risk management framework is set up for long-term success
  • Using this cybersecurity risk management framework, there are ripple effects throughout the entire company in a positive manner
  • The framework is adaptable and flexible

For these reasons, everyone needs to think carefully about how they want to approach cyber security risk management.

Cyber Risk Assessment Tools

When it comes to risk management strategies in cyber security, it is important to leverage the most advanced tools on the market. A strong cybersecurity risk management program is going to combine training and expertise with the right cyber security risk assessment tools. One of the most important cyber security risk assessment tools is a straightforward cyber security risk assessment checklist. A checklist for cyber security risk assessment should include:

  • How well is the context understood? This should include threats, risks, supply chains, regulatory controls, and governance.
  • How well are the assets protected? This should include asset awareness, data security protocols, information storage, maintenance schedules, and IT management.
  • How well are any anomalies detected? This should include analysis, monitoring, and notifications.
  • How is the response handled? This should include controlling responses, coordinating responses, mitigating damage, and evaluating the quality of these responses.
  • How well is the recovery process managed? This should include controlling the recovery, coordinating the recovery, and the completeness of the recovery.

The answers to these questions should be included in a cyber security risk assessment report. Then, they could even be plotted in a cyber security risk assessment matrix. Over time, companies can use cyber security risk assessment tools to monitor trends, look for threats, and make sure that any and all issues are addressed in an appropriate manner. Remember that the goal of a cyber security risk assessment is to make sure the company is ready to respond to threats that might take place in the digital world. The better companies leverage the data collected in a cyber security risk assessment, the better they will be able to protect not only their data but that of their customers and business partners as well.