The process of identifying, assessing, and managing risks is a critical component of the internal control system. Conducting a cybersecurity risk analysis ensures that risks are identified in a timely manner. Cybersecurity objectives must be defined before management can identify potential events affecting their achievement.
Identified risks are periodically assessed, in relation to cybersecurity objectives, to implement appropriate measures to monitor and manage risks. Risk mitigation plans are prepared based on the identified risks and risk action plan.
Data breaches are the order of the day. This often implies that confidential and sensitive information ends up with unauthorized individuals. This can happen through hacking, for example, because security patches are not updated in time, but also due to human errors.
By implementing a sound system for dealing with cybersecurity risks, the chance of data leaks is minimized. The framework also ensures that if an incident occurs, it is dealt with in a timely and structured manner.
Organizations are increasingly outsourcing business processes. While the user organization is ultimately responsible for preparing a diligent risk management framework, cybersecurity risks often reside with the organizations that provide outsourcing services.
By providing clients with a SOC for Cybersecurity statement, trust and transparency are provided to clients that cybersecurity risks are identified and handled appropriately. The assurance statement provides insight into the actual performance of the cybersecurity framework.