Foundations of Cyber Risk Management

The evolution and increase in organizations’ need for digital transactions has automatically led the world to the need to digitize services; this has helped organizations and users to offer and benefit from services easily, but it has also increased the threats that can confront an IT system, which requires the deployment of an approach supporting organizations throughout their service, hence the importance of risk management. Risk management is a well-organized process designed to help organizations better manage cyberattacks by effectively identifying threats and assessing their severity to put in place the right countermeasures. Once corrective measures have been put in place to deal with these threats, it is important to note that this correction does not always mean elimination of the risk, because risks cannot always be circumvented, but risk management guarantees good dealing with them, either through avoidance, mitigation, transfer, or acceptance. Certain norms and standards have been put in place to meet this need and to standardize a number of guidelines for effective risk management, on the other hand, regulations are in place which ensure that organizations comply with the measures to be taken to manage risks in order to protect user data, and improve user experience, and which impose sanctions where appropriate in the form of fines, penalties, legal proceedings, and many others.