What is the Difference Between Cyber Risk and Cybersecurity

What is Cyber Security? Cyber risk?


Cybersecurity and cyber risk are not interchangeable and have different functions.

As our businesses become more interconnected through technology, cybersecurity has become a top concern for enterprises. Since we have become more dependent on data, the more safety and security of the data becomes essential. And for a good reason.

Every year is an excellent year for those carrying out cyberattacks against companies and governments. IBM Securityreported in their yearly study that a data breach costs organizations an average $3.6 million. While the costs are going down each year, the data breaches were more significant than ever before.

It is not just the financial services firms and defense organizations; all types and sizes of organizations are at risk. Any organization which collects and stores information on customers electronically or keeps its accounts in a cloud has a cyber threat. Organizations must remain secure, vigilant, and resilient to both minimize risk and optimize new opportunities.


Cyber Risk Services


Do you have the appropriate cyber risk strategy in place to ensure your organization can survive a cyber threat without disruption? Are you prepared to effectively communicate with key stakeholders if a cyber incident happens, and the damage is done? 

A good cyber risk management program should establish clear communications and situational awareness about the cyber risks facing your organization and industry. While it will not make your organization attack proof, it will afford you the time to manage the situation at hand instead of figuring out the response systems.

What steps do you need to take to keep on the right side of laws to remain compliant if a data breach occurs?

Compliance is complex. Companies operate in a global environment. No longer can organizations focus on where the location of the headquarters is, but wherever their customers live. There are 50 U.S. states, all with different definitions of personal information and laws for reporting data breaches. The European Union (EU) has the General Data Protection Regulation (GDPR) that affects every business that has customers located in the EU as to what personal data is collected and used.

We can assist you through the process of developing a strategy and help you communicate effectively when a situation occurs with our cyber risk services. We understand cybersecurity threats to business and provide cyber risk services.



What is cyber risk?

Cyber risk is any danger of financial loss, disruption, or damage to the organization from information technology systems failure. It is a comprehensive view of the potential exposure to internal security flaws in the context of external threats. Cyber risk management develops collaboration with siloed stakeholders allowing for a better understanding of risks and responds to threats.



What is cybersecurity?

Cybersecurity is the method of securing computers and servers, mobile devices, electronic systems, networks, and data from malicious attacks. It is also known as information technology security or electronic information security. The term is broad-ranging and applies to everything from computer security to disaster recovery, and end-user education.

Deep dive into your company’s cyber risk:

  • Evaluate relevant threats to your organization
  • Assess internal and external vulnerabilities
  • Estimate the impact of the exploitation of those vulnerabilities
  • Determine the likelihood of exploitation
  • Develop a blueprint for action
  • Recommend communications strategies
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