The 3 R’s of cyber risk management

Readiness, response and recovery

Every eight minutes – that’s how often a cybercrime was reported to the Australian Cyber Security Centre (ACSC) during the last 2020-21 financial year. That’s two minutes higher than the previous year.

In 2021, PwC reported that only 49% of Australian CEOs said they were ready to respond to a crisis. Despite recognising the growing risk of cyber threats, many organisations have a hard time aligning the right resources to close security gaps against attacks that they have not yet experienced.

The biggest risk an organisation can take is to do nothing in-preparation. The best way to get out in-front is to start with the 3 R’s of cyber risk management:

What is cyber risk management?

Cybersecurity risk management is a systematic approach that organizations use to understand, manage, and mitigate risks associated with their digital assets. This includes information stored and transferred electronically, as well as the technology and systems used for these operations.

1. Readiness

Readiness for a cyber attack starts with understanding your organisation’s assets and how to best protect them from potential threats. Effective cyber security and risk management includes vigilant 24/7 monitoring, and ensuring your organisation is equipped with a well-prepared, multifunctional team. It’s important to practice crisis simulation and enhance your team’s capabilities, confidence, and leadership before a crisis hits.

2. Response

So, it’s happened, you’ve been hit by a cyber attack. What’s your response?

An organisation’s response has the power to contain or escalate an issue. A well-structured cyber risk management plan provides clear directions for how an organisation should respond in a cyber security crisis. Risk management also assists with early detection and ensures businesses can execute a strategic, coordinated response as quickly as possible when necessary.

3. Recovery

Following a cyber security threat or attack, organisations enter the recovery phase, which focuses on limiting any damage, undertaking repairs, and re-evaluating their systems. Having effective cyber security and risk management will limit the damage of a cyber incident and improve recovery time.

There’s another R under Recovery, and it’s Retrospective. Organisations must learn from their experience. Understanding what caused the event and analysing the effectiveness of their risk management is critical for future assessments and prevention.

Are you ready?

If your company falls victim to a cyber attack, what exactly will you do? To build a robust Cyber Risk Management plan, contact the experts at Interactive today.