Conducting a quality cyberisk assessment is an important part of cyber security governance.

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Conducting a quality cyberisk assessment is an important part of cyber security governance. It’s also the direction of travel now adopted by financial services regulators. It starts with knowing your critical processes, critical assets and controls across the business. So you can assess inherent and residual risk aligned with business operations.

The challenge which cyber security risk assessment brings, is it’s very asymmetric nature. No cyber attack is the same, the strength of corporate controls can vary up and down the IT stack and across business processes.

The interrelationship between cyber controls also adds complexity e.g. asset management, obsolescence and patch management. Failure to understand your assets can result in poor obsolescence and patch management.

But it’s about good quality data, analytics and reporting. If boards are going to be presented with a realistic view of their risk exposure. Which they can act upon.

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