What is Risk Management?
Risk Management is the practice of analyzing, identifying, and diminishing risks to your systems and organization.
The discipline of risk management started after World War II and referred to using insurance to manage risk. The concept has risen steadily in importance throughout the decades in industries such as finance and technology as they became more advanced and attracted higher risk (and higher rewards).
Why Does it Matter?
The cost of cybercrime is predicted to hit $10.5 trillion by 2025. Strong risk management will help make sure that ever-increasing cyber threats are as minimized as possible.
As Gary Cohn, Vice Chairman of IBM, puts it, “If you don’t invest in risk management, it doesn’t matter what business you’re in, it’s a risky business.” Sophisticated risk management, along with fast and accurate incident response, is a necessary part of any business strategy.