Risk management is the identification, evaluation, and mitigation of risks. Cyber risk is now business leaders’ No. 1 nightmare, as more and more organizations face the harsh reality that their technology will fail or get attacked by hackers. Without proper risk management, businesses face potentially grave financial, operational, reputational and legal consequences.
Business leaders need to understand cybersecurity as an enterprise-wide risk management issue, not just an IT issue. Many organizations base their cyber risk management on a National Institute of Standards and Technology model called the NIST Cybersecurity Framework.
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