Building a Cyber Risk Management Program

Appendix. The Cyber Risk Management Program Framework v1.0

In the ever evolving landscape shaped by digital transformation, it’s critical to recognize that cybersecurity is not just an IT concern but rather an intrinsic part of business strategy and decision making. With this realization comes the need for enterprises to operationalize a comprehensive cyber risk management program within their business operations. This Appendix introduces a framework designed to holistically establish a cyber risk management program (CRMP), from governance to operational escalation and disclosure.

Purpose and Context

Recent years have brought an extraordinary surge in cyber threats and incidents. Authorities and regulatory bodies have highlighted the pressing need for organizations to strengthen their cybersecurity postures, and to ensure effective communication to stakeholders about cyber risks. Boards and executives must be able to provide proper oversight of their cyber risk environment. Many existing standards and references, when viewed in isolation, may fall short of providing a comprehensive program that truly serves the requirements of the business. This gap underscores the critical need for a unified framework that harmonizes and interprets the authoritative guidance, regulations, and standards, ensuring that businesses can properly manage and oversee their cyber risks.

The CRMP framework synthesizes insights from leading practices and standards, providing a structured and comprehensive ...