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What is Cyber Risk and why is it important?

Cyber Risk is any kind of risk to finances, reputation or information technology systems of an organization because of the various cyber threats nesting in the world of digital technologies, devices and interconnectivity. Cyber Risk is not only a problem concerning the IT team of an organization, but also a prime responsibility of every individual in the organization.

However, according to the Allianz Risk Barometer, Cyber Risk is the most underestimated risk in the business word. The report quotes the AGCS survey on cyber-crime which alone costs the global economy approximately $445bn a year with the world’s largest economies accounting for around half of this.

cyber risk

Why is Cyber Risk Management a big challenge?

It goes unsaid that the advancement in technology and the cyber world has made the privacy of data vulnerable to cyber threats, however ironically that is the only dagger that can fight the cyber threats. Which leaves behind a major question; even after the advanced technology, how is Cyber Security a big challenge? Challenges of organization Cyber Security are:

  • Lack of end to end visibility of an environment
  • Security measures that work in siloes
  • Over dependence on the third party consultative expertise
  • Traditional technologies, frameworks, and practices
  • Increasing data challenges

(Download our report on Every CISO’s Cyber Risk Protection and learn more about the challenges and ways to overcome them)

Cyber Security and Protection Best Practices

The World Economic Forum ranked Cyber Attacks among the top 10 most significant risks worldwide in their Global Risks report. Therefore proving the level sophistication of these cyber-attacks. An organization’s Cyber Risk management function should be full proof, understanding the constantly evolving cyber threats and equip themselves with the best tools and techniques available in the market. Companies need to build a ‘culture’ of ‘cyber security’ among its employees. They need to identify the key and vulnerable assets that are exposed to the risk and the usual weaknesses such as over reliance on any third party or the employees who inadvertently or deliberately might cause considerable issues in the IT security or cause privacy loss.

Along with a culture and precautions, it is very important for the companies to implement an integrated cyber security solution that would automate, accelerate and orchestrate the threat defense lifecycle.

Artificial Intelligence

Happiest Minds’ Technologies Cyber Risk Protection Platform (CRPP)

Happiest Minds Cyber Risk Protection Platform (CRPP) is an integrated approach to cyber security defense, helping organizations to fight unpredictable threats caused by rapid growth data and devices, cloud infrastructure and consumerization, changing technologies, business models like BYOD and highly motivated threat actors. The integrated Cyber protection coordinates analysis to action by providing complete visibility to risk, exposure and enhancing the team performance. This is achieved with an integrated design approach for our customers to perform faster detection and response.

To get CRPP now, click here.


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