Operational Risk
Operational risk refers to the potential loss or harm that an organization may face due to internal processes, systems, human factors, or external events. It encompasses risks arising from the day-to-day operations and activities of a business. Operational risks can appear from various sources, including inadequate or failed internal controls, process failures, employee errors, technology malfunctions, fraud, legal and regulatory non-compliance, and natural disasters.
Operational risk can have a wide range of impacts on an organization, including financial losses, reputational damage, legal and regulatory penalties, business disruptions, and erosion of customer trust. Managing operational risk involves identifying and assessing potential risks, implementing controls and safeguards to mitigate those risks, and monitoring and reviewing risk management practices continuously.
Organizations employ risk management techniques and frameworks, such as risk assessments, internal controls, business continuity planning, incident response plans, and risk monitoring and reporting, to effectively manage operational risks and minimize their impact on business operations and objectives.
ThreatNG Security can help in mitigating operational risk for an organization. Here's how each component contributes:
External Attack Surface Management (EASM): EASM focuses on identifying and managing an organization's external vulnerabilities and potential entry points for attackers. By continuously scanning and monitoring the organization's digital footprint, including websites, applications, and network infrastructure, EASM helps detect weaknesses and misconfigurations that malicious actors could exploit. By addressing these vulnerabilities promptly, organizations can reduce the risk of operational disruptions, data breaches, and financial losses.
Digital Risk Protection (DRP): DRP involves the proactive monitoring and protection of an organization's digital assets, such as brand reputation, intellectual property, and customer information, across various online channels. It helps detect and mitigate risks related to unauthorized data leaks, brand impersonation, phishing attacks, social engineering, and other digital threats. By swiftly identifying and responding to these risks, DRP solutions minimize the potential damage to an organization's operations, finances, and reputation.
Security Ratings: Security ratings objectively assess an organization's security posture by evaluating its cybersecurity practices and controls. Security ratings use various data points and metrics solutions to assess an organization's security performance, including areas of strength and weakness. This information enables organizations to prioritize strengthening their security controls and addressing vulnerabilities. By improving their security ratings, organizations can enhance their operational resilience and reduce the likelihood of security incidents.
By integrating these three solutions, organizations gain comprehensive visibility into their attack surface, digital risks, and security posture. This holistic approach enables proactive risk management, faster detection of vulnerabilities and threats, and timely remediation. As a result, firms can lower their overall operational risk by minimizing operational disruptions, monetary losses, reputational harm, and legal and regulatory non-compliance.
