The Five Main Steps In A Compliance Risk Assessment Plan [Forbes]
International Business Machines Corporation (IBM)
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Source: Forbes
Cyberattacks and data breaches are no longer merely an IT problem. They have the potential to cause business disruption, financial damage and reputational harm. Data theft can introduce a raft of legal and data privacy implications for organizations. According to IBM, the average data breach now costs organizations $4.45 million Moreover, regulations are increasingly requiring organizations to follow industry cybersecurity compliance standards or suffer painful consequences. Nearly every industry—including government, financial services, retail, banking, insurance, education, healthcare and more—is required to comply with specific cybersecurity regulations, standards and frameworks. What Is A Compliance Risk Assessment Plan, And Why Do Organizations Need One? A security risk assessment is usually one of the most crucial components of any risk management exercise. Risk assessments typically involve activities such as risk identification, risk analysis, risk reporting and recommend
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