You handle swaths of sensitive data in your business, so it’s vital that you do everything possible to avoid letting cyber criminals get their hands on it.
As a pressing threat to your business, even your enterprise risk management (ERM) team should focus on cybercrime. Unfortunately, cyber-risk is often not on an ERM team’s radar.
When you aren’t adequately taking care of cyber-risk, you’re missing a large part of the risk management puzzle. Cybersecurity risk management (CSRM) is a form of ERM, which means that ERM and IT should be working together.
Infosec and ERM, when paired well, make up an all-star task force that can help your business address the serious liability of cyberattacks. Let’s look at how enterprise risk management and cybersecurity risk management differ and how they can come together to tackle even the gravest risks in your business.
What is Enterprise Risk Management (ERM)?
ERM is all about risk reduction. With ERM, the organization looks at every aspect of the company to minimize risks, both large and small. That means analyzing finances, operations, supply chain, and more to weigh each risk in terms of its potential financial harm to the company.
ERM was formerly completely separate from cybersecurity. However, cyberthreats are constantly increasing in severity, scope, and cost. Organizations have so much of their workflow online that cyber-risks now score as high as everyday risks. This means that what happens in the IT realm is very much a part of the ERM team’s business.
What is Cybersecurity