Imagine having the entire Justice League of Super Heroes guarding your organization's digital world. They fight against cyber threats, operational snags, and other digital risks that could cause trouble for your business. With their arsenal of high-tech tools and analytics, these superheroes keep your organization safe and sound, ensuring a smooth and worry-free digital journey.
This Justice League of Super Heroes exists; it’s known as Digital Risk Management.
Digital risk management (DRM) encompasses views of strategic, operational, and technology risks associated with digital products and services that may affect an organization's financial performance, operations, and reputation. These digital risks range from website outages to data breaches and everything in between.
In recent years, the manual processes and endless spreadsheets that serve as the core of traditional governance, risk management, and Compliance (GRC) tools have evolved to meet today's fast-changing digital environment. Gartner introduced the concept of Integrated Risk Management (IRM) to solve this problem, defining it as “a set of practices and processes supported by a risk-aware culture and enabling technologies that improve decision-making and performance through an integrated view of how well an organization manages its unique sets of risks.” This concept has been a boon to businesses seeking to take risk management into the digital age. DRM has emerged from the IRM category, with some organizations viewing the Digital Risk Management process as a progression of GRC; others see it as a component of GRC.
DRM consists of several vital components that work together to safeguard your organization's digital landscape. These components include:
By integrating these components effectively, organizations can proactively manage digital risks, protect critical assets, and maintain a secure and resilient digital environment.
Organizations today face digital risks from many angles. They must consider risks to business processes from cyberattacks, user-related risks, cloud vulnerabilities, and data leaks. When onboarding new businesses, they must consider risks around third parties, Compliance, and process automation. During ongoing operations, there are yet additional types of digital risks to consider, such as business resiliency and data privacy.
Organizations can address different types of digital risks through various strategies and practices. Here are some key ways of managing digital risks:
To effectively manage digital risk, start by identifying the critical assets in your organization and assessing their vulnerabilities. This includes stakeholders, IT systems like websites and databases, and essential applications.
Gain a clear understanding of the threats your organization faces to manage digital risk effectively. Frameworks like MITRE ATT&CK can help you comprehend real-world threats and establish appropriate defenses. By studying threat behavior, you can better prepare and prioritize defenses against attacks.
Regularly monitor various sources to detect any unwanted online exposure. Digital risk monitoring includes checking online file-sharing services, social media platforms, criminal forums, and dark web pages. Keeping an eye on these sources helps identify potential risks and vulnerabilities.
Identifying online exposure is crucial, but you must also have a mitigation strategy in place. Consider three approaches to mitigate digital risks: tactical, operational, and strategic.
Digital Risk Management (DRM) is an essential practice for organizations to safeguard their digital landscape. No additional super heroes necessary.
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