Cybersecurity Risks
These are risks from cyberattacks and breaches that can lead to the loss, theft, or exposure of sensitive data. Examples include:
- Malware: Malicious software designed to disrupt, damage, or gain unauthorized access to computer systems.
- Phishing: Fraudulent attempts, typically via email, to obtain sensitive information by pretending to be a trustworthy entity.
- Ransomware: Malware that encrypts files on a victim’s system, demanding a ransom for their release.
- Denial of Service (DoS) and Distributed Denial of Service (DDoS) Attacks: Attacks intended to shut down a machine or network, making it inaccessible to its intended users.
What is Digital Risk Management? Steps and Functions
Digital Risk Management (DRM) is a comprehensive approach for identifying, assessing, and addressing risks associated with digital assets and operations in an organization. It’s aimed at protecting against digital threats like cyberattacks, data breaches, and system vulnerabilities, while also ensuring compliance with relevant regulations and standards.
The first step in DRM is to identify all digital assets within an organization, such as websites, data, applications, and systems. Once assets and threats are identified, the next step is to assess the potential risks these threats pose to the digital assets. Based on the risk assessment, organizations then develop and implement strategies to mitigate identified risks. This can involve a range of actions, including strengthening cybersecurity measures, implementing access controls, encrypting sensitive data, and developing incident response plans. DRM also involves ensuring that digital operations comply with relevant laws, regulations, and industry standards