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Cybersecurity Risk management Strategy – IT Assignment Help

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Introduction

The Finance Industry is constantly dealing with risk. Risk is an event that can affect an organisation’s earnings, capital and reputation. Some of the types of risks the finance industry is exposed to includes operational risk, legal risk, regulatory risk, reputational risk, managerial risk and credit risk [4]. Another significant risk is cybercrime, a systemic risk, which has the potential to breakdown to destroy a company’s value overnight and destabilise markets by eroding investor trust and confidence, dragging down its share price and reputation [15].Cybercrime refers to any criminal activity committed via the internet including scams, money laundering, threats, intimidation, ransomware, phishing and data breachesA data breach occurs when the privacy of information has been compromised such as the disclosure of personal information, loss of personal information, manipulation, fraud and identity theft [3]. Almost every business requires access to the internet to perform various tasks, such as online banking, purchasing, etc therefore any businesses is at risk from a cyberattack, however an organisation in the finance industry is 300 times more likely to suffer a cyberattack than companies in any other industry [17].Cyberattacks can result in breaches in compliance of laws, regulations, and policies and procedures; financial loss; and data breaches. Consequently, a cyberattack can cause financial and reputational loss and loss of confidence. Risk management is is an important tool used to assist organisations to avoid, reduce the likelihood of, or minimise the impact of, events (risk) that might otherwise cause them significant harm, whether that be financial, or reputational, and optimise decision making to improve performance [19].To manage risk, first the organisation needs to identify the risk and assess how to manage the risk and using controls to minimise the risks from occurring. One such method is a risk assessmentMitigating the risks identified during the assessment will prevent and reduce costly security incidents and data breaches and avoid regulatory and compliance breaches [10]. The risk assessment process also obliges everyone within an organisation to consider how cybersecurity risks can impact the organisation’s objectives which helps create a more risk-aware culture. 

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