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Introduction to Cybersecurity Lecture 8 ​

Principles of risk management in cybersecurity (Part II) ​

3. Risk Mitigation ​

  • Implement security controls and best practices to protect against potential threats.
  • Develop and implement policies, procedures, and guidelines for a culture of security awareness.
  • Consider security technologies such as firewalls, antivirus software, intrusion detection systems, encryption, and multi-factor authentication.

Example: Implementing encryption and access controls to protect patient health records.

4. Risk Monitoring and Review ​

  • Establish ongoing monitoring and review of risk mitigation measures.
  • Monitor for new threats and vulnerabilities through regular security assessments, vulnerability scans, and penetration tests.
  • Stay informed about emerging threats, security vulnerabilities, and best practices through threat intelligence feeds and industry publications.

Example: A technology company continuously monitoring its network traffic using intrusion detection systems (IDS) and security information and event management (SIEM) tools.

5. Risk Communication and Reporting ​

  • Communicate risk findings and mitigation efforts to relevant stakeholders.
  • Provide regular updates on security status, including incidents, breaches, or near misses.
  • Ensure transparency in risk communication to support stakeholder trust.

Example: Communicating incident details to senior management, affected customers, and regulatory authorities.

6. Compliance and Regulatory Requirements ​

  • Consider legal and regulatory requirements related to cybersecurity risk management.
  • Ensure compliance with laws, regulations, and industry standards governing cybersecurity, privacy, and data protection.
  • Stay informed about regulatory requirements and industry best practices to align with obligations.

Example: Ensuring compliance with the Payment Card Industry Data Security Standard (PCI DSS) by implementing controls for customer payment card data.

7. Integration with Business Objectives ​

  • Integrate risk management into overall business objectives.
  • Align risk management strategies with business goals.
  • Ensure security investments support business objectives.

Example: Aligning cybersecurity investments with business objectives of maintaining production uptime and protecting intellectual property.