CSE5CRM: Cost-Effective Cybersecurity Risk Management Forum

This discussion post addresses the importance of a structured, risk-based framework for cost-effective cyber risk management within organizations, particularly large national or multi-national entities, using a recent cybersecurity incident as a case study. It emphasizes the need for a comprehensive and maintainable framework, detailing critical steps like understanding current risk exposure, implementing cost-effective methods, and building a cyber-aware environment. The post highlights the benefits of a structural approach, such as the risk management framework, to safeguard organizational assets and promote real-time risk management, especially in sectors handling confidential data. It discusses the WannaCry ransomware as a type of cyber attack and the importance of preventing such attacks. The post also covers the cost-effectiveness of the risk management framework, including the integration of tools to function in multiple ways and the importance of selecting and planning to reduce costs. References are provided to support the arguments.

Running head: - CYBER SECURITY RISK MANAGEMENT
CYBER SECURITY RISK MANAGEMENT
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1CYBER SECURITY RISK MANAGEMENT
Cyber security is one of the most important concern for all the business organization.
Every organization relies on the computer technologies to store the information. The
information need to be protected so that it is not misused and hacked .Cyber security gives
economic security as well as it protects public and health information and provide safety.
Nations is secure when its information is secure. The main aim is to discuss about the
benefits of structural approach and cost effective method for managing cyber risk. In the
below sections the topics discussed are related to the ways and implementation of cost
effective methods, the environment it’s operating on, justification that the method used is cost
effective .
The first thing that an organization need to keep in mind are the risk related to cyber
security. In order to prevent it three major points needs to be taken care that will help in the
long run of the organization. The organization must have a clear understanding about the
recent risk exposure to cyber security, implementation of the cost effective methods for cyber
security and build an environment in the organization related to cyber security. It is
implemented in the system life cycle (DiMase et al., 2015).
WannaCry ransomware is a type of cyber-attack, in which the windows of the computer
containing important data is infected and then the PC’s files are distracted (Mohurle & Patil,
2017). It consists of multiple of components, the components includes an application that can
encrypt and decrypt data, a file that contains the encryption keys and a copy of tor.
To prevent such kind of cyber-attack, cyber security is one of the major concern for
the organization. Structural approach and risk management framework serves as a cost
effective method (Scheuermann, 2017). Risk management framework is a structure and
planning to save guard the organizational assets. Risk management framework promotes real

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time risk management. Risk management framework promotes the implementation of
continuous monitoring the process, and involving real time management of risk.
Both external and internal environment and factors that contribute to organization
cyber risks. The environment of the organization where cyber security is needed the most is
the organization where lots of confidential data are secured sectors likes banks, business
organization, government sectors where data needs to be stored securely, needs to implement
risk management framework .
With the help of cost benefit analysis it can be stated that risk management framework
to manage cyber risk is cost effective (Nas, 2016). For example number of security tools used
are not efficient enough for cyber security so with the help of cyber security risk management
framework integrated tools can be implemented that can function in multiple
ways .Therefore, the replacement of number of tools with one tool is a cost effective
methods. The selection and planning helps in reducing the cost.
Importance of cyber security is effectively increasing due to the fact that lots of
important data are stored in it. At the same time organization needs to look after that the
methods used are cost effective and that can be done with the help of risk management
framework. Preventing the risk before it occurs will surely reduce the cost. Risk management
framework will help to reduce cyber risk in the future.

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References
DiMase, D., Collier, Z. A., Heffner, K., & Linkov, I. (2015). Systems engineering framework
for cyber physical security and resilience. Environment Systems and Decisions, 35(2),
291-300.
Mohurle, S., & Patil, M. (2017). A brief study of wannacry threat: Ransomware attack
2017. International Journal of Advanced Research in Computer Science, 8(5).
Nas, T. F. (2016). Cost-benefit analysis: Theory and application. Lexington Books.
Scheuermann, J. E. (2017). Cyber Risks, Systemic Risks, and Cyber Insurance. Penn St. L.
Rev., 122, 613.