Cybersecurity Risk Analyst: Roles, Compensation, and Courses

During the 2008 financial crisis, Lehman Brothers, the American investment bank, collapsed, leaving thousands jobless and pushing an already fragile economy into chaos. While multiple factors contributed, poor risk management played a critical role in its downfall. This crisis underscored the importance of having a risk analyst on your team. 

As more companies realize the importance of proactively managing their risks, the demand for roles like cybersecurity risk analysts is on the rise. Let’s understand what this role encompasses: its responsibilities, salary, and eligibility to secure a job in this field. 

TL;DR

• Cybersecurity risk analysts identify, assess, and mitigate security risks to protect organizations from cyber threats, ensuring compliance with frameworks like HIPAA.
• The role is critical as breaches in healthcare are increasing, leading to poor risk management, financial losses, reputational damage, and regulatory penalties.
• A cybersecurity risk analyst earns $70K–$114K+ per year, with career growth tied to experience, certifications (e.g., CISA, CRISC, CySA+), and industry demand.

Who is a cybersecurity risk analyst?

A cybersecurity risk analyst evaluates an organization’s data assets, networks, and cloud infrastructures to identify vulnerabilities, potential threats, and signs of compromise. Based on the findings and severity of the threat, risk analysts develop plans to mitigate the risks and improve the posture. 

Typically, a cyber risks analyst evaluates, classifies, and responds to security risks. They assess potential risks in a way that aligns processes and controls with relevant frameworks and internal systems. 

How crucial is a cybersecurity risk analyst for organizations?

Cybersecurity risk analysts are critical for organizations, especially as cyber threats become more frequent, sophisticated, and costly. According to a data breach survey conducted by IBM, about 60% of organizations increased the cost of their product or service to compensate for the loss incurred due to a data breach. When customers are included in the landing cost, the impact ripples in the long term as they start losing prospects to competitors. 

The same report points to the shortage of security staffing as one of the contributing factors to organizations facing a data breach. This research underscores the importance of investing in a cybersecurity risk analyst. 

While traditional security tools like antivirus solutions and XDR (extended detection and response) are useful in helping IT teams investigate and remediate breaches, they function as reactive rather than proactive measures. This means you are taking corrective actions after your systems have already been contaminated and the damage is done. However, from an operational perspective, this is not recommended. 

Regarding security, it is better to be safe than sorry. Cybersecurity risk analysts help organizations proactively manage risks before they infect systems, causing financial, reputational, and operational damage. This way, your business can focus on uninterrupted growth rather than costly roadblocks that slow you down.  

Roles and responsibilities of a cybersecurity risk analyst

Cybersecurity risk analysts play a critical role in identifying, assessing, and mitigating risks to your organization’s data assets. Typically, their roles and responsibilities involve: 

Conduct risk assessment

Scans data assets deployed across the cloud infrastructure to identify potential risks and vulnerabilities such as unauthorized access, poorly configured systems, and failing controls. 

Conduct vendor due diligence

Evaluates third-party service providers before onboarding them. This includes assessing their security posture and practices for non-compliance, reviewing whether the existing controls are adequate, and determining how well their cultural practices align with yours.  

Develop security policies

Collaborates with upper management and external stakeholders to develop policies. These should sufficiently address regulatory requirements (GDPR, HIPAA, PCI DSS/ NIST), compliance obligations, and stakeholder expectations. 

Implement security controls

Collaborates with system engineers and auditors to identify the right security controls and enhance existing control processes. They evaluate opportunities to improve the performance of internal controls.  

Manage security systems

Sets up, configures, and manages threat controls and tools like firewalls, anti-virus systems, and data encryption software. These systems must be continuously upgraded to the latest version to ensure optimum performance. 

Monitor systems controls

Continuously monitors security controls and other threat prevention systems for anomalies and vulnerabilities. They communicate the findings to relevant stakeholders and board members to plan corrective actions. 

Meet auditing requirements

Coordinates with internal and external auditors to identify compliance gaps. They also review gap assessment reports shared by internal auditors to check if those have been adequately and correctly scoped before submitting them to external auditors. 

Research new threats

Cybersecurity risk analysts research the market for new and emerging threats to stay ahead of cybercriminals and determine the best action against them. This is especially important as malicious actors are finding ways to circumvent traditional security tools.

Manage and respond to incidents

Develop and maintain incident response plans. These plans should include protocols and responsibilities of involved stakeholders, containment strategies, a recovery process, and a post-incident resilience process.  

How to become a cybersecurity risk analyst?

To become a cybersecurity risk analyst, you need some level of training, degree, or experience in the field. Typically, organizations do not hire individuals who have a proven track record of security network management and a deep understanding of threat management techniques. In most scenarios, this is not an entry-level job; companies look for someone with a bachelor’s degree in computer science or a similar field. 

Skills like out-of-the-box thinking and problem-solving abilities boost your chances of landing a position as a security risk analyst. Additionally, if you have worked in a security-related field, it qualifies as relevant experience. Degrees or certifications from a reputed university or certifying institution also help secure a security risk analyst role. 

Internships are helpful in landing your first cybersecurity risk analyst job, but companies typically look for these skills and experience:

• 3+ years of experience in Governance, Risk, and Compliance (GRC), information security, or audit
• Advanced knowledge of IT General Controls (ITGC) and SOX compliance
• Expertise in risk analysis for complex business processes and technological systems
• Strong understanding of security technologies, including firewalls, proxies, SIEM, IDPs, and antivirus solutions
• Knowledge of penetration testing, network security, and methods to identify and mitigate security vulnerabilities
• Experience with third-party risk management and vendor risk assessments
• Familiarity with GRC and vendor management platforms
• Excellent communication skills, with the ability to convey technical concepts to non-technical audiences at all levels
• Commitment to enhancing security and compliance maturity across the organization

How much does a cybersecurity risk analyst earn?

A cybersecurity risk analyst earns $70,000 to $114,000 on average. These numbers are based on factors such as experience, location, and industry. 

• Geographical location also influences salaries. For instance, the average annual salary in California is $137,600, while in Florida, it’s $111,870.

• Industry sectors can impact earnings as well. Cybersecurity analysts in certain industries may earn higher salaries due to the critical nature of their roles.

• In India, the annual salary for cyber security analysts ranges from ₹4,00,000 to ₹10,00,000, with an average of ₹6,00,000.

These figures are subject to change based on market demand, individual qualifications, and organizational needs. Here are detailed breakdown of their payscale: 

• Entry-Level (Less than 1 year): Approximately $69,948.
• Early Career (1 to 4 years): Around $77,422.
• Mid-Career (5 to 9 years): Approximately $94,110.
• Experienced (10 to 19 years): Around $108,779.
• Late Career (20+ years): Approximately $114,079. 

List of cybersecurity risk analyst courses

Here is a curated list of top cyber risk analyst courses based on the provider, eligibility, course duration, price, and a summary of the topics covered:

Course Title	Provider	Eligibility	Duration	Price	Summary of Topics
Associate in Cyber Risk Management (ACRM)	The Institutes	Professionals in risk management or insurance	9-12 months	Varies	Covers cyber risk landscape, assessing vulnerabilities, data protection, loss mitigation, legal and regulatory aspects, and cyber insurance.
Cybersecurity Risk Management and Compliance (LDR519)	SANS Institute	Cybersecurity professionals	5 days	Varies	Focuses on threat modeling, safeguard frameworks, risk analytics, prioritizing threats, selecting safeguards, and ensuring regulatory compliance.
Certificate in Cybersecurity Risk Management	University of Washington	IT professionals or those with related experience	3 courses (duration varies)	Varies	Provides a contextual view of cybersecurity, tools and frameworks application, cost-benefit analysis of security approaches, and real-world threat simulations.
Cybersecurity Graduate Certificate	Harvard Extension School	Bachelor’s degree and related experience	4 courses (duration varies)	Varies	Includes networks and cloud security, introduction to cybersecurity, foundations of technology risk management, and digital privacy.
Cybersecurity Analyst (CySA+) Certification	CompTIA	Network+, Security+ certifications or equivalent experience recommended	Self-paced	$392	Validates skills in threat detection, data analysis, vulnerability management, and securing applications and systems.
Certified Information Systems Auditor (CISA)	ISACA	5 years of professional experience in information systems auditing, control, or security	Self-paced	$575 (exam fee)	Emphasizes information system auditing, control, and assurance.
Certified Information Security Manager (CISM)	ISACA	5 years of work experience in information security management	Self-paced	$575 (exam fee)	Focuses on information security governance, risk management, and incident management.
Certified in Risk and Information Systems Control (CRISC)	ISACA	3 years of work experience in IT risk management and IS control	Self-paced	$575 (exam fee)	Concentrates on IT risk identification, assessment, response, mitigation, and control monitoring.
Cybersecurity Risk Management Specialization	University of Virginia (Coursera)	No prerequisites	4 months (approx.)	$49/month	Covers cybersecurity fundamentals, risk management framework, and real-world applications.
Cybersecurity: Managing Risk in the Information Age	Harvard University (edX)	No prerequisites	8 weeks	$2,800	Teaches risk management strategies, threat assessment, and mitigation techniques.

Job titles for cybersecurity risk analyst

Cyber risk analysts are known by various titles. Here are some of the common ones: 

• Third-party cyber risk analyst
• Cloud risk analyst
• Compliance and risk analyst
• Cyber risk analyst
• Cybersecurity risk specialist
• Security governance, risk, and compliance (GRC) analyst
• Cyber risk and controls analyst
• Cyber risk architect
• Threat intelligence analyst
• Cyber risk assessor
• Cyber risk coordinator
• Security Operations Centre (SOC) analyst
• Cyber risk management analyst
• Cybersecurity risk engineer
• Cyber risk and assurance analyst
• Cybersecurity supply chain risk management specialist
• Cybersecurity third-party risk engineer
• Data risk analyst
• Cyber risk manager
• Cybersecurity consultant
• Governance risk and compliance analyst
• Information security risk engineer
• Third-party cyber risk analyst
• Vendor management analyst third-party risk management
• Vendor risk analyst

Modern automation tool for cybersecurity risk analysts

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Still on the fence? Our experts have helped companies like yours take control of risk and compliance with confidence.  Talk to us now to know how we can help you.. 

FAQs

Is cyber risk a good career?

Cyber risk is an excellent career choice—it’s in high demand, offers strong job security, and plays a critical role in protecting businesses from ever-evolving threats.

How much do cyber risk analysts make?

Cyber risk analysts earn well, with salaries ranging from $70,000 to over $110,000 per year, depending on experience, industry, and location.

How long does it take to become a cybersecurity analyst?

If you’re starting from scratch, becoming a cybersecurity analyst can take anywhere from six months to a few years, depending on your background, education, and whether you pursue certifications like CompTIA Security+ or CISSP.