Importance of Implementing Effective Cyber Security Controls for Active Cyber Security Risk Management

Abstract

Advancements in the field of information and communication technology (ICT) have proved to be great enablers in our day-to-day functioning. However, it brings along with it several vulnerabilities that are often exploited by cybercriminals and hackers. Of late, an increasing number of cybercrimes are being reported worldwide. Cybercrimes range from cyber-stalking, cyber-bullying, ransomware, and cyber terrorism. Falling prey to carefully orchestrated cyber-attacks could prove disastrous at all levels, i.e., personal, organizational, or societal. Based on a review of the literature and practical experience in the area, the chapter presents a broad overview of various challenges related to cyber security and specifically highlights the importance of implementing effective cyber security controls for active cyber security risk management. The main contribution of this work is in terms of the selection of effective security controls based on cyber risk assessment for ensuring cyber resilience. This chapter also highlights the need for a sustainable business continuity plan for ensuring the continuity of operations during crises or threats. The chapter shall help individuals and organizations be aware of the likely threats and risks and suggest various mitigation techniques that can be practiced to counter cyber threats.