Cyber Risk: The New Enemy for Risk Management in the Age of Globalisation

The present paper is a theoretical study on the topic of cyber risk and cyber risk management. This research represents the first step of a far deeper analysis on this topic that aims at underlining the main characteristics of cyber risk, delineating fu-ture developments in managing it and strengthening the importance of sharing in-formation and creating a shared knowledge between countries. Good situational awareness and cyber risk analytics are vital in helping firms identify weaknesses, rank threat scenarios, identify countermeasures and set priorities for intelligence gathering. There emerges the need to improve the traditional risk management process, by considering the necessity to manage not only risks, but also uncertainties, by implementing Business Continuity Management systems with the aim to build business resilience. To do that, one possible solution might be represented by the intervention of governments with laws and frameworks that might help companies fight cyber threats.