Cybersecurity risk

Abstract

This paper presents the multifaceted field of cyber risks, their structure and composition, exploring the challenges posed by the rapid evolution of digital technologies. It highlights the prevalence of cyber risks as a set of activities performed in various sectors of human life, revealing the vulnerabilities faced by individual and collective users, commercial organisations, governments and individuals in today's hyper-connected landscape. The paper emphasises the importance of robust risk management strategies, highlighting the dynamic and persistent nature of cyber threats. A host of relevant international standards, frameworks and cyber risk management techniques to mitigate potential losses are reviewed. Approaches to defining the category of cyber risk are analysed. Daily attack techniques are reviewed. Risk analysis based on a set of reports from leading computer firms has been carried out. The structure of cyber security threats affecting the level of risk is determined. Despite the existing scientific and practical achievements in the field of cyber security, the ever-changing tactics of cyber criminals require constant adaptation of organisational and technical actions and the adoption of a set of proactive measures. Cyber risk management strategies are discussed, which include the selection of possible approaches, taking into account factors such as the level of cyber maturity, available resources, required skills and experience in cyber risk management. The article identifies the most prominent risk management tools, suggests some risk management strategies and advocates a comprehensive approach to cyber security that recognises the inevitability of cyber attacks and the need to build resilience in the face of emerging threats. UDC: 004.056.53:330.131.7. JEL: D74 D81 F52. DOI: https://doi.org/10.53486/escst2023.17.