Cyber risk management, also known as cybersecurity risk management, is the process of identifying, prioritising, managing and monitoring risks to information systems. In today's interconnected world, organisations rely heavily on information technology for critical business functions. However, this reliance exposes them to various cybersecurity threats, including cybercriminal activity, employee error, natural disasters, and more. These risks can result in lost revenue, data breaches, long-term reputational damage and regulatory fines.