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GUIDELINES ON MANAGEMENT OF CYBER RISK CGL/220161st Issued: 31 October 20161GUIDELINES ON MANAGEMENT OF CYBER RISK Effective Date upon 1st Issuance:31 October 20162CONTENTS Page PART A: GENERAL ...............................................................................................................
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01
Identify the assets and services that are critical to the organization's operations.
02
Conduct a risk assessment to identify potential vulnerabilities and threats.
03
Implement appropriate safeguards and controls to mitigate the identified risks.
04
Develop an incident response plan to effectively respond to and recover from cyber incidents.
05
Regularly monitor and update the risk management strategy to adapt to new threats and challenges.
06
Train staff on cyber risk management best practices and create a culture of security awareness within the organization.

Who needs management of cyber risk?

01
Any organization that stores or processes sensitive information online, such as personal data, financial records, or intellectual property, needs management of cyber risk.
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Industries such as finance, healthcare, government, and technology are particularly vulnerable to cyber threats and therefore require effective cyber risk management.
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Small and medium-sized businesses may also need cyber risk management, as they can be targeted by cybercriminals seeking to exploit their weaker security measures.
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Even individuals who use online platforms for personal activities, such as online banking or social media, should be aware of cyber risks and take necessary precautions.
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Management of cyber risk involves identifying, assessing, and mitigating risks related to cyber threats and vulnerabilities within an organization.
All organizations, especially those in industries that are heavily reliant on technology and information systems, are required to file management of cyber risk.
Management of cyber risk can be filled out by conducting a thorough risk assessment, implementing appropriate controls, and regularly reviewing and updating the risk management plan.
The purpose of management of cyber risk is to protect sensitive information, safeguard critical systems, and ensure business continuity in the event of a cyber attack or data breach.
Information such as current cybersecurity measures, identified risks, mitigation strategies, incident response plan, and board oversight must be reported on management of cyber risk.
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