How to manage residual risk?
Here are some simple ways to handle residual risks in cybersecurity effectively:
1. Subjective Approach: You can use your judgment to decide how much risk is left after taking security steps.
2. Data-Driven Approach: Use data and a systematic method to understand exactly what risks are left.
To make the best decisions for your organization and partners:
- Work with a Vendor Security Platform: Use a tool to automate security checks with your partners and update security regularly.
- Consider Different Risk Strategies: Besides avoiding and reducing risks, think about transferring risks (like using insurance) or accepting some risks if adding more security isn’t worth it.
These strategies help manage risks smartly and protect your organization and partners.
What is Residual Risk In Cybersecurity?
Residual risk in cybersecurity refers to the level of risk that remains after security measures have been implemented. Despite robust defenses, this residual risk still poses a threat, highlighting the need for continuous monitoring and risk management strategies.
Studies show that even with advanced security protocols, residual risk accounts for approximately 20% of cybersecurity incidents.
In simple terms, residual risk in cybersecurity is the risk that remains after all security measures have been put in place to reduce or mitigate potential threats. Imagine you’re locking your door to keep your house safe. Even after locking the door, there might still be a small chance that someone could break in. That small chance is like residual risk.