Understanding risk management is really important for keeping cyber threats at bay. Here are some key ideas to help you get it:

1. What is Risk Management?
   Risk management is all about finding, checking, and ranking risks. Then, it’s about taking planned steps to reduce, watch, and control how likely bad things will happen or how bad they might be.

2. Why It Matters:

   • A report from Cybersecurity Ventures says that cybercrime could cost us $10.5 trillion every year by 2025.
   • A study by the Ponemon Institute reveals that in 2021, the average cost of a data breach was about $4.24 million.

3. Role in Cybersecurity:

   • Finding Threats: It's super important to spot weaknesses. About 55% of companies said their processes for keeping things safe aren’t strong enough.
   • Risk Assessment: This helps businesses decide what is most important and how to use their resources wisely. Around 60% of these businesses worry about risks from outside vendors.

By using risk management practices, companies can better protect their valuable information from tricky cyber threats. This helps them avoid losing money and keeps their reputation safe.