Risk Management Framework Analysis

Abstract

Risk management is widely regarded as one of the most effective methods for preventing the occurrence, avoiding, or limiting the impact of risks through a systematic, structured approach. Therefore, it helps organizations achieve their desired goals with the fewest losses. While technology advances on a daily basis, cyber threats grow at an exponential rate. As a result, cyber risk has become an important field to manage in order to assist organizations in achieving their goals in terms of cyber security. In this study, we present the most popular and common risk management frameworks: the International Standard Organization ISO (ISO 31000:2018), the National Institute of Standards and Technology (NIST), and the Committee of Sponsoring Organizations of the Treadway Commission (COSO), which will help the organizations handle the cyber risk. We review their structures, principles, and processes and how they are working to analyze, assess, and manage risk. Also, how to apply the risk management framework in the context of cybercrime. Finally, we discuss the features and limitations of each of them in terms of applicability, orientations, similarities, and contrasts.