Conquering Risk Management and Compliance: Practical Advice

by Trava, Cyber Risk Management

Unlock the secrets of risk management and compliance in the world of cybersecurity with expert insights. Discover practical strategies for identifying, assessing, and mitigating risks to safeguard your business and ensure regulatory compliance.

Listen to Michael discuss risk management and compliance in our podcast episode, "Deciphering Risk Management And Compliance With Michael Magyar"

Have you ever thought about risk management and compliance and felt like you were trying to crack a complicated code? Trava’s own Michael Magyar fills us in on everything risk in the world of cybersecurity.

So, what exactly is a risk?

According to Michael, it's all about exposure to danger, harm, or loss. But here's the kicker – a natural disaster can be a cyber risk too! But many of us just don't know where to start as it relates to risk management. Just like assembling a dream team for the big game, you can bring in the experts to help with the basics Seek help, and you'll be well on your way to understanding and addressing potential risks for your business.

Why is risk management so crucial for compliance?

Well, those intimidating standards require you to be aware of the risks that your company may face. It only makes sense, especially if you're dealing with sensitive data. After all, who wouldn't want to keep their customer’s information safe from the bad guys? Risk management is all about identifying, evaluating, and controlling the different risks that could affect your business. It's like foreseeing potential storms and preparing your ship to weather the rough waters. But why bother, right? Well, compliance standards require it, and for good reason! Knowing the risks your business faces is crucial for its safety and success and keeps those pesky legal obligations at bay.

The difference between risk management and crisis management

Risk is all about proactively trying to avoid those potential disasters before they strike. Crisis management, on the other hand, is all about reacting and dealing with things post-disaster. It's like the difference between a preventative health check-up and a visit to the doctor when you're feeling under the weather. Risk management isn't just about playing it safe; it's also about planning for the worst-case scenarios and creating strategies to address potential crises. If you're thinking, "What could possibly go wrong?" - this is your cue to start thinking about it! Also, crisis management isn't just a buzzword; it's the superhero cape you wear when everything hits the fan – think proactive risk management versus reactive crisis management.

How often should you be looking at your risks?

Well, according to Michael, continuous monitoring is key. He suggests quarterly check-ins to keep an eye on how your business is changing and to catch any potential cybersecurity holes that might pop up along the way. Many businesses struggle with charting their course through these unfamiliar waters. Michael suggests you find a trusted advisor, like a virtual CISO (chief information security officer), or a third-party cybersecurity vendor, to help you kickstart your risk assessment journey. Remember, even the mightiest ships need a navigator.

Where do you start in cybersecurity risk management?

The bottom line is to start small. Even if identifying resources for risk assessment feels daunting, gather a few key players in the room – from security teams to engineering and leadership – and ask yourselves what could go wrong. How bad would that be? And what should you do to reduce those risks?

Remember, the world of cybersecurity doesn't have to be daunting. It's all about understanding what could go wrong, strategizing to mitigate these potential risks, and having a trusted advisor on board to guide you. The next time you're pondering the mysteries of cybersecurity, you can start with these simple steps and be well on your way to protecting your organization with confidence and flair.


We can help!  Talk to the Trava Team and see how we can assist you with your cybersecurity needs.