Risk Management for Cyber Security Managers - Types of Risks

The video discusses various business risks that companies face, emphasizing the importance of understanding these risks from a business perspective in cyber risk management. It covers operational, strategic, financial, reputational, and compliance risks, providing examples and explaining their implications. The video highlights the need for cybersecurity managers to manage risks considering budget constraints and the potential impact on company reputation and legal compliance.

Why is it important for cybersecurity managers to understand business risks?

• To improve technical skills

• To manage risks from a business perspective

• To increase company profits

• To reduce employee turnover

What is an example of an operational risk?

• Investing in new technology

• Employees ignoring security policies

• Expanding to a new market

• Launching a new product

What characterizes strategic risks?

• They are related to internal failures

• They involve changes in industry operations over time

• They are about financial transactions

• They focus on legal compliance

Which of the following is a financial risk?

• A new regulation being introduced

• A data breach

• A client’s check bouncing

• A competitor launching a similar product

What can cause reputational risk for a company?

• Successful marketing campaigns

• Data breaches and negative publicity

• High employee satisfaction

• Strong financial performance

How can compliance risks affect a company?

• By enhancing brand reputation

• By improving employee morale

• By leading to legal penalties

• By increasing market share

What is the potential impact of a company's reputation going down?

• Increased customer loyalty

• Loss of customer trust and business

• Improved employee retention

• Higher stock prices