Beyond the ‘spray and pray’: Why a Risk-Based Approach is Your True Security Guardian

July 22, 2025

While working with many organizations we come across the mindset that compliance mandates are the only thing that they should focus on. In the past beyond compliance these organizations tried to transfer risk to cyber insurance companies. These cyber security insurance providers are also enforcing their own requirements when it comes to reducing their own risk of paying up. You can see example of the high-level requirements at https://www.coalitioninc.com/topics/5-essential-cyber-insurance-requirements

With this trend we can see that even if organization take compliance based approach they still have to work with insurance companies and their requirements

We believe a risk-based approach isn't just about better protection; it's a smarter strategy that helps organizations meet compliance and insurance requirements while potentially cutting cybersecurity costs

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What is a Risk Based approach?

Like anything else, Risk based approach also starts with leadership. With effective leadership and risk based approach “spray and pray” could be avoided. Risk based approach have some five key elements

Risk Identification

This is the process of systematically identifying potential risks that could affect the business. The goal is to get a comprehensive view of potential threats across all facets of the organization (operational, financial, reputational, compliance, strategic, etc.).

Risk Assessment

Once risks are identified, they are analyzed and evaluated based on two primary factors:

Likelihood (or Probability): How likely is it that the risk event will occur?

Impact (or Consequence): What would be the potential damage or negative consequences if the risk event were to occur (e.g., financial loss, reputational damage, operational disruption, legal penalties)?

Note: Ideally it's best to use a hybrid approach that includes a mixture of quantitative and qualitative analysis.

Risk Prioritization

Since not all risks are created equal, this crucial step involves ranking them by criticality. For instance, if your most vital data resides in a SaaS environment, prioritizing a robust third-party risk analysis process will be far more impactful than implementing a new AI-based monitoring system

Control and Mitigation Planning

For the prioritized risks, tailored mitigation strategies and controls are developed. These can involve various measures like, Preventive controls, Detective controls and Corrective controls etc

Monitoring and Review

Risks are never static; they're constantly evolving. That's why a risk-based approach demands ongoing vigilance. This means continuously monitoring existing threats, assessing new and emerging risks, and regularly reviewing how well your security controls are performing. For example, if your most critical data lives in a SaaS application, a thorough third-party risk review for that application should be conducted as often as its data's criticality dictates This Risk based approach demonstrates a deep, proactive understanding of your cybersecurity posture, moving beyond simple checklist adherence, this not only reduces incidents and improves resilience for the business they also help compliance and negotiate better rates with Insurance.

In essence, a risk-based approach transforms the narrative with cyber insurers from "Are we compliant enough for you to cover us?" to "Here are our specific risks, here's how we're managing them effectively, and therefore, here's why we deserve favorable terms on our coverage.

How to transition to risk based approach to cybersecurity

Transitioning to a true risk-based approach, especially for cybersecurity, is a significant undertaking that requires more than just good intentions. We believe hiring an expert team – whether internal or external consultants is crucial for several compelling reasons

Deep Understanding of Risk Methodologies:
A risk-based approach isn't just about identifying threats; it involves complex methodologies for assessment
Risk Sentinels Experts possess the in-depth knowledge of frameworks (NIST RMF, ISO/IEC 2700, CIS Controls, Cloud Security Alliance (CSA)), tools, and techniques required to implement these effectively.
Current Threat Landscape Awareness:
The cyber threat landscape is constantly evolving.
Experts at Risk Sentinels stay abreast of the latest attack vectors, vulnerabilities, and adversary tactics, which is critical for accurate risk identification and assessment.
Industry Best Practices:
This allows them to apply proven best practices and avoid common pitfalls.
Risk Sentinels Experts bring a wealth of experience and network from working with diverse organizations across various industries.

Conclusion

The evolving landscape of cybersecurity clearly signals a fundamental shift: a compliance-only mindset is no longer sufficient. As we've seen, even the very cyber insurance companies once viewed as a simple risk transfer mechanism are now demanding a more proactive, risk-aware stance from their policyholders. This trend underscores a crucial point: true cybersecurity isn't about “checking boxes”; it's about intelligently managing the risks that matter most to your business. Typical IT teams are not cybersecurity experts and they have different mandates. At its core, Information Technology (IT) is primarily focused on enabling and optimizing business operations through technology. On the other hand, Cyber security experts focus on reducing risk of incidents on those systems, data, and operations.

Transitioning to this more mature, risk-centric model can seem daunting, but it doesn't have to be. As highlighted, leveraging the expertise of seasoned professionals, like those at Risk Sentinels, can provide the specialized knowledge, objective perspective, and efficient implementation required to navigate this shift successfully.

Don't let a "spray and pray" approach dictate your cybersecurity future. Embrace the power of a risk-based strategy – it's the smartest, most cost-effective path to genuine protection, sustained compliance, and a strong partnership with your cyber insurer. Your business deserves a security posture that's not just compliant, but truly secure.