Cybersecurity is a big issue for major multinational corporations in today's lightning-fast digital world. Risk management and Network Security Governance (NSG) are complex, and this paper discusses the challenges and strategies needed to protect digital assets in a more vulnerable cyber environment. Cyber threats are constantly changing, technological integration is complex, and regulatory compliance is severe, all of which make it more challenging to maintain robust network security. NSG requires strong security rules and standards, which this conversation must address. The ever-changing threat environment demands that these regulations be open, accurate, and flexible. Risk management identifying, assessing, and mitigating threats—is essential to regulatory compliance and organizational reputation, according to the article. Risk mitigation methods like proactive, investigative, and remedial approaches are examined, along with cybersecurity advancements like Artificial Intelligence (AI) and Machine Learning (ML). In solving network security issues, the text emphasizes continuous learning, collaboration, and information sharing. Network Security Governance and Risk Management (NSGRM) is complex and dynamic, and this study covers its challenges and strategies.