IoT networks are exploding - deployment-wise - all over the world and are becoming merged concept-wise with IT and OT into the moniker of Cyber-Physical Systems (CPS). Managing the cyber risk of these systems is complicated due to the different architectures involved, real-time performance requirements, and criticality and safety issues. Context is king in security, and understanding and acting on device and process context in CPS environments are vital if we are to maintain manageable remediation workflows and control our corporate risk. This session explores the key issues and outlines a practical solution to CPS-VM.