What does "risk management" entail in the context of maritime cybersecurity?

In the context of maritime cybersecurity, "risk management" encompasses a comprehensive process that involves identifying, assessing, and prioritizing risks to an organization's information systems. This ensures that potential vulnerabilities and threats are recognized, allowing for effective responses to mitigate those risks. By systematically analyzing what could go wrong, the impact of those risks, and the likelihood of their occurrence, organizations can develop strategies that focus on safeguarding maritime activities and infrastructures. This proactive approach is essential for maintaining secure operations within an industry that is heavily reliant on technology and data integrity.

While other activities listed, such as allocating funds for security upgrades or buying insurance, are important components of an overall security strategy, they fall under the execution of risk management rather than defining it. Developing communication protocols also plays a role in cybersecurity but is more about operational response than the assessment and prioritization aspects fundamental to risk management.