Question

Cyber Risk is very transient, so how do regulations, frameworks & risk managements strategies need to evolve?

Answer 1

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Due to the varying nature of the shift in technology, no rules or regulations can fully comprehend the entirety of the functionality of a certain technology and therefore presents us with a challenge that essentially requires the use of government mandate and intervention to be able to operate effectively. It can be seen that companies constantly change their security measures, change their teaching and defence training techniques with the workforce. There is constant rise of technology that essentially allows individuals and companies especially big organizations to safeguard themselves from the exploitation that is posed by the transient cyber risks. No government can essentially cover the entire regulations that needs to be put up in order to successfully mandaste the effects of certain technologies on the lives of people.

Policies need to be put in place which takes care of the problems faced by the people daily on a global scale. An international organization needs to be created to allow successful communication between countries to allow them, to effectively cooperate with each others to eradicate the presence of different rules and regulations and therefore, common laws can be created for different countries that would help them deal; with the problems at the same level with much more efficiency.

The risk management strategies that need to evolve are:-

- Identifying the risk.
It is very important to identify the types of threats that an organization may face in the future at an early stage which enables them to get the "First mover advantage" and make some necessary improvements with the security system if necessary. Whereas the National Institute of technology has developed some safety measures in order to minimize cyber risks.

- Board communications.
It is necessary to set up proper communication channels from the bottom level to the senior level management as it makes up a structure of risk indicators.