In the absence of specific cybersecurity regulations in a country, the best course of action for a cyber risk manager would be to adhere to international standards and utilize the guidance and supervisory practices prescribed by these standards. These international standards are developed by experts in the field and are widely recognized and accepted. They provide a comprehensive framework for managing cyber risks and include best practices for identifying, assessing, and mitigating these risks. Implementing these standards would ensure that the company is adequately protected against potential cyber threats, even in the absence of local regulations. Furthermore, these standards are often used as a benchmark by regulators and stakeholders to assess a company's cybersecurity posture. Therefore, adhering to these standards would not only ensure the company's security but also enhance its reputation and credibility in the eyes of stakeholders.

Choice B is incorrect. While developing new regulations to govern cyber risk in your organization might seem like a good idea, it may not be the most effective strategy. This is because creating new regulations can be time-consuming and costly, and there's no guarantee that these regulations will cover all potential cyber threats. Furthermore, without expertise in cybersecurity, the developed regulations may not be comprehensive or up-to-date with current threats.

Choice C is incorrect. Developing a sound cybersecurity regulation according to existing country regulations is not possible or effective, as the scenario explicitly states that cybersecurity regulations are absent.

Choice D is incorrect. While developing a cyber risk awareness culture is important, doing so 'according to existing country regulations' is flawed because those regulations are absent. It also does not provide a comprehensive framework like international standards do.