Master Cyber Security Tactics Every Executive Must Know
The Role of Risk Assessment and Management
Risk assessment is a vital component of any effective cyber security strategy. Executives should conduct regular risk assessments to identify potential vulnerabilities within their IT infrastructure. This process involves evaluating the likelihood and impact of various threats and developing strategies to mitigate them. By understanding the specific risks their organization faces, executives can allocate resources more effectively and prioritize security initiatives that offer the greatest return on investment.
Moreover, executives should establish a robust incident response plan to address security breaches swiftly and efficiently. This plan should outline clear procedures for identifying, containing, and mitigating threats, as well as communication protocols for notifying stakeholders. According to IBM's Cost of a Data Breach Report 2023, having an incident response team and regularly testing the response plan can reduce the cost of a breach by an average of $2.66 million2.