Effectively manage cyber risks in four steps
Sophos presents the 4-T approach, which enables companies to manage risk individually.
Corporate risk management is similar to steering a ship. There are many variables to consider, which can also vary from ship to ship. IT and security teams may not have to worry about nautical challenges, but like captains, they must assess and manage risks in a way that is appropriate for their organization. Just as a ship should not slow down because of a problem, organizations cannot afford to slow down business operations because of low-risk threats.
Companies and their security experts therefore need a framework that they can use as a guide for the best possible risk minimization - for example, the 4-T approach.
Four action points for coordinated risk management
Effective cyber risk management in the current threat landscape requires a strategic and targeted approach. The four Ts are a simple, effective framework that any organization can use to achieve this goal:
- Tolerance rate: Risk tolerance for insignificant threats to the company.
- Terminate: Elimination of risks that can be completely eliminated.
- Treat: The processing of risks in order to reduce them to an acceptable level.
- Transfer: Transferring risks to third parties
Every organization has its own individual risk appetite. By identifying and analyzing the potential impact and likelihood of cyber risks, companies can develop a tailored strategy that matches their individual risk tolerance and resource availability.
Application of the 4-T approach to cyber risk management
In order to apply the 4-T model, the potential cyber risks for the company must be identified. This includes the potential threats to which the company is exposed, the individual vulnerability to these threats and the likely impact that a successful attack could have on the company. The risk assessment of the supply chain should not be omitted here. The risks can then be assigned to the 4 Ts and managed accordingly.
Using the 4-T model simplifies the planning and implementation of a comprehensive cyber risk strategy. However, the threat landscape is constantly changing and the company's risk appetite can also change significantly. This requires a regular review and analysis results and, if necessary, a reallocation in 4-T risk management. Just as a ship's captain must constantly adapt to changing sea conditions and disruptions, companies must remain flexible and adapt to the changing cyber security landscape.
Source: www.sophos.com
