Cyber Security Terms
Digital Risk Management

What is Digital Risk Management?

Digital risk management is the process of mitigating digital risk across all risk categories.

There are 9 categories of digital risk.

digital risk types
Digital risk types

Cybersecurity and third-party risks have the greatest impact across all categories. Focusing control measures on these categories compresses the entire digital risk profile.

What does Digital Risk Management Involve?

Digital Risk Management (DRM) involves detecting, remediating, and monitoring digital risks.

 An effective Digital Risk Management program can be implemented in 5 steps:

  • Step 1 - Identify All Exposed Assets
  • Step 2 - Create an Incident Response Plan (IRP)
  • Step 3 - Reduce Your Attack Surface
  • Step 4 - Monitor All Network Access
  • Step 5 - Continuously Monitor Your Attack Surface

Key takeaways

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    The objective of Digital Risk Management is to achieve confident control over all digital risks.
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    Not all digital risks need to be addressed -lower-level risks should be monitored and only addressed when they’ve surpassed a set risk threshold.
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    Security ratings help organizations instantly evaluate the cybersecurity risks of all third-party vendors.
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