Jargon Buster: Demystifying Cyber Risks
The jargon buster aims to give simple, plain English explanations of typical words and/or phrases associated with business cyber risk, making it easier to stay informed.
Cyber Risk: Cyber risk is a hypothetical loss or exposure that will be caused from a successful cyberattack, data breach or IT issue. It is closely related to the outcome of threats and vulnerabilities in the digital ecosystem.
Risk Appetite: This refers to understanding the level and type of risk that you are willing to retain. In most cases, businesses will have a level of risk that the business accepts as an acceptable and manageable level.
Risk Framework: The building blocks of how organisations design, implement, monitor, review and manage risk within the business.
Inherent Risk: This is the level of risk before any actions, controls or systems are considered and implemented.
Residual Risk: This describes the risk remaining after systems, controls and risk treatments have been implemented.
Control: A measure, action or system that is placed to maintain or modify risks.
ISO27001: An international standard on managing information and data security and offers a systematic approach to data and cyber security.
Cyber Security: The overarching measures and processes that individuals and organisations use to reduce the risks associated with cyber-attacks.
ISMS (Information Security Management System): An Information Security Management System is a systematic approach to managing information security. It focuses on centralizing the management, monitoring and reviews of security best practices.
Endpoints: A collective term used to describe devices such as laptops, desktops, servers and other devices that connect to computer networks.
Ransomware: A type of cyber threat that blocks access to personal and business data until a ransom payment is made to the attacker.
Q&A
What is an IT Risk Assessment?
A risk assessment is the process of assessing and identifying IT security risks, to enhance an organisation’s overall security posture.
How will a Risk Assessment help my business?
The main benefit for your organisation is that a risk assessment identifies potential security threats to your business. In today’s world, constantly staying on top of your cybersecurity strategy is essential, and a risk assessment can help with this.
What Industries need an Assessment?
The answer – all industries. Although some industries such as healthcare and the financial sectors are required to have them, a risk assessment will benefit any organisation.
What is the hazard behind not having a Risk Assessment?
If a risk assessment is not done, issues and vulnerabilities with your IT security may not be found. Having a risk assessment done helps your businesses find and improve areas of weakness in your cybersecurity strategy.
How Do I Execute a Risk Assessment?
Gathering all information about your technological environment is a good first step. An outsourced IT company can perform security assessments, as well as help you plan and possibly execute your strategy post-assessment. To speak to an expert today and arrange a rick assessment contact Unity on 0330 119 6666.
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