Cybersecurity is an essential component of contemporary technology ecosystems. This sphere demands constant vigilance, adaptation, and understanding of the continuously developing and understandably arduous security risks. The Open Web Application Security Project (OWASP) lists significant threats that you need to be aware of for protecting your cyber resources. This write-up aims to delve into these 'top 10 OWASP' risks, providing insights on their functions, impacts, and ways to mitigate them.

Injection Flaws

At position one in the top 10 OWASP risks are Injection Flaws. These are vulnerabilities in the code, allowing an attacker to introduce malicious scripts, altering an application's normal execution. SQL, LDAP, and OS command injections are prime examples of this. Enhanced code review process, parameterized queries and use of safe APIs can effectively mitigate such risks.

Broken Authentication

Broken Authentication, the second risk on the list, refers to when application functions related to authentication and session management are not implemented correctly, permitting cyber attackers to take over accounts. The key to dismissing this threat is erecting multi-factor authentication, greater password complexities and enforcing automatic logouts.

Sensitive Data Exposure

The third risk is Sensitive Data Exposure, which arises when application developers do not sufficiently protect sensitive information like financial data, login credentials or personal user data. The best mitigation is encryption, both of data in transit and at rest. Also, strong controls should be implemented for data exposure policies.

XML External Entity (XXE) Risk

The fourth risk in line is the XML External Entity (XXE) risk. This occurs when old or poorly configured XML processors evaluate external entity references within XML documents. A way to attenuate such risks is by disabling XML external entity and DTD processing whenever possible or using less complex data formats such as JSON.

Broken Access Control

Fifthly, Broken Access Controls can allow users to access resources they shouldn't have access to, therefore contributing to unauthorized data modification or exposure. Enforcing policy-based access controls and denying by default principle can significantly reduce such risks.

Security Misconfigurations

Security Misconfigurations is the sixth risk on the list. This happens when standard configuration controls are not implemented, providing attackers with unauthorized access to certain system data. Regularly auditing and stringent configurations are critical in fighting such risks.

Cross-site Scripting (XSS)

Seventh on the list is Cross-site Scripting (XSS), where attackers can inject eye-catching scripts into trusted websites. This may subsequently lead to session hijacking, identity thefts, and defacement of websites. Countermeasures include coded outputs, content security policies, and appropriate user input sanitization.

Insecure Deserialization

Insecure Deserialization results in remote code execution, replay attacks, and injection attacks, standing at the eighth position in the top 10 OWASP risks. Security measures comprise limiting or monitoring deserialization, and log reviewing for deserialization exceptions.

Using Components with Known Vulnerabilities

Ranked ninth in the line is using components with known vulnerabilities. The exploitation of such components can lead to serious data loss or server takeover. Regularly upgrading and patching are effective ways to prevent such risks.

Insufficient Logging and Monitoring

The final one in the top 10 OWASP risks is Insufficient Logging and Monitoring, which prevents or hampers the process of identifying an attack. Swift Incident response and effective monitoring capabilities are the keys to handle such risks.

In conclusion, the ubiquity of cybersecurity risks, compounded by their potential for significant damage, makes it essential to have a thorough understanding of the 'top 10 OWASP' risks. Each risk has a unique impact and requires specialized mitigation. However, overarching strategies such as rigorous review processes, upgrading systems, robust authentication and encryption, and comprehensive logging and monitoring aid in significantly reducing these risks, thereby contributing towards the creation of more secure application environments.