Cyber Risk Management: 10 Frameworks and Best Practices to Protect Your Business

Every minute, another business falls victim to a cyberattack. If you're not actively managing cyber risks, you’re leaving your systems—and your future—wide open. This isn’t just an IT job anymore. As a leader, risk officer, or entrepreneur, you need a battle-tested plan. Here’s a checklist-style guide to the best frameworks and practical actions for keeping your business cyber-resilient.

Step 1: Know What Cyber Risk Really Means

It’s not just hackers in hoodies. It’s:

Human errors (sending sensitive info by mistake)
Malware, ransomware, phishing scams
Insider threats
Cloud vulnerabilities
Unsecured remote access

Step 2: Choose Your Framework

NIST Cybersecurity Framework (CSF)Used worldwide. Covers 5 areas: Identify, Protect, Detect, Respond, Recover.

ISO 27001Great for building a long-term cybersecurity program and getting certified.

CIS Critical Security Controls18 simple steps to cover key gaps fast. Pick one—and commit to applying it across departments.

Step 3: Lock Down the Basics

Install antivirus and firewalls
Patch software regularly
Use a password manager
Turn on multi-factor authentication (MFA)
Encrypt sensitive files

These simple steps block over 80% of routine attacks.

Step 4: Train Your People—Again and Again

Do quarterly phishing drills
Share quick video tips
Make security training mandatory for all new hires
Reward teams that spot and report suspicious activity

Awareness beats ignorance every time.

Step 5: Set Up an Incident Response Plan: You need a plan before disaster hits. Include:

Who does what in an attack
When and how to notify stakeholders
Templates for legal and PR teams
After-action review process

Keep a printed copy. (Yes, really.)

Step 6: Monitor Everything

You can't fix what you can’t see.

Use intrusion detection systems
Monitor user behavior analytics
Audit access logs weekly
Set alerts for unusual activity

Step 7: Secure the Supply Chain

Third-party risk is real.

Only work with vetted vendors
Require security standards in contracts
Disable old vendor accounts immediately
Review third-party access quarterly

Step 8: Back Up. Then Back Up Again.

Daily encrypted backups
Offsite or cloud copies
Test restores monthly

Because ransomware can be undone—but only if your backups are solid.

Step 9: Evaluate and Repeat

Do internal audits twice a year
Review controls after every incident
Adapt as your business grows or tech changes

Cybersecurity isn’t one and done—it’s an ongoing loop.

Final Step:

Make It a Culture, Not a Project: Cyber risk management must be baked into your culture. That means:

Executives lead by example
Cyber KPIs are part of business metrics
Security is everyone’s job

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