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Cyber Risk Management, Governance, and Compliance

Cyber Risk Management Governence and Compliance.jpg
Cyber Risk Management Governence and Compliance.jpg

Cyber Risk Management, Governance, and Compliance (CRMG&C) are essential components of an organisation's cyber security strategy, providing the framework, processes, and oversight necessary to identify, assess, mitigate, and monitor cyber risks effectively, ensure compliance with regulatory requirements and industry standards, and establish governance structures to oversee cyber security activities and initiatives.

The team at Revio work across the following 3 components to deliver an entire solution:​​

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1. Cyber Risk Management:

  • Identification: This involves identifying and cataloguing assets, systems, data, and processes within an organisation that is potentially vulnerable to cyber threats.

  • Assessment: Risk assessments are conducted to evaluate the likelihood and potential impact of cyber threats and vulnerabilities on an organisation's operations, assets, and objectives.

  • Mitigation: Once risks are identified and assessed, mitigation strategies are developed and implemented to reduce the likelihood and impact of cyber threats. This may include implementing security controls, best practices, and risk treatment measures.

  • Monitoring: Continuous monitoring of the cyber risk landscape helps organisations stay informed about emerging threats, vulnerabilities, and changes in the risk environment. This enables proactive risk management and a timely response to a cyber-attack.
     

2. Cyber Governance:

  • Policies and Procedures: Cyber governance involves establishing policies, procedures, and guidelines to define roles, responsibilities, and expectations for cybersecurity within an organisation. This includes policies related to data protection, access controls, incident response, and security awareness.

  • Organisational Structure: Governance frameworks define the organisational structure and responsibilities for cyber security oversight, including roles such as the Chief Information Security Officer (CISO), cybersecurity team, and executive management.

  • Risk Oversight: Governance structures provide oversight and accountability for cyber risk management activities, ensuring that cyber risks are effectively managed and aligned with an organisation's risk appetite and business objectives.

  • Compliance Oversight: Governance frameworks include mechanisms for monitoring and enforcing compliance with regulatory requirements, industry standards, and internal policies related to cyber security.

 

3. Cyber Compliance:

  • Regulatory Compliance: Cyber compliance involves ensuring that an organisation complies with relevant laws, regulations, and industry standards governing cyber security, data protection, and privacy. This may include regulations such as GDPR, HIPAA, PCI DSS, and industry standards such as ISO 27001.

  • Third-Party Compliance: Organisations must also ensure that third-party vendors, suppliers, and partners comply with cyber security requirements and adhere to security standards to mitigate third-party risk.

  • Audit and Assessment: Regular audits and assessments are conducted to evaluate the organisation's compliance with regulatory requirements, industry standards, and internal policies. This helps identify gaps, weaknesses, and areas for improvement in cyber security practices and controls.

  • Reporting and Documentation: Compliance efforts involve documenting and reporting on cyber security activities, controls, and performance metrics to demonstrate compliance with regulatory requirements, industry standards, and internal policies.

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