What is cyber risk?

Cyber risk refers to the potential for financial loss, disruption, or damage to an organization due to the failure of its information technology systems. This includes threats such as data breaches, hacking, malware, ransomware, and unauthorized access to sensitive information. Managing cyber risk involves identifying vulnerabilities, implementing security measures, and creating response plans to minimize the impact of cyber incidents. Organizations often employ specialists to assess and mitigate these risks, ensuring the safety of their digital assets.