Sample interview questions: How do you assess and manage financial risks associated with cybersecurity threats?
Sample answer:
Assessing Financial Risks Associated with Cybersecurity Threats
- Identify critical assets and vulnerabilities: Assess the organization’s IT infrastructure, systems, and data to pinpoint areas susceptible to cyberattacks. Consider potential financial impacts if these assets are compromised.
- Quantify potential losses: Estimate the direct and indirect costs associated with a cybersecurity incident, including data breaches, downtime, reputational damage, and regulatory fines.
- Assess likelihood and impact: Determine the probability of a cybersecurity event occurring and evaluate its potential severity. Use historical data, industry benchmarks, and expert analysis to develop a risk profile.
- Consider financial contingencies: Review existing insurance policies and explore additional coverage options to mitigate potential financial liabilities. Assess the need for ransom payments or other recovery costs.
Managing Financial Risks
- Implement cybersecurity controls: Strengthen IT systems, enforce security policies, and train employees on cybersecurity best practices to minimize the likelihood of successful cyberattacks.
- Establish i… Read full answer
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