IT Risk Management - Archer IRM
The world is getting more globalized every day, and organizations are getting more dependent on the cloud system and digital data and communication. There are information technology risks involved, so every organization should have solid IT risk management.
IT risk management, also known as “Information Security Risk Management,” are the policies, technologies, and procedures an organization uses to prevent unwanted parties' threats and reduce IT vulnerabilities that could negatively affect data stored.
IT risk management is a process that identifies, monitors, and manages potential technology risks to reduce their impacts or prevent them altogether.
Types of IT Risks
Some threats to IT systems and data include:
Malware. These are malicious software that weakens computers’ efficiency and disrupts their operations.
Software and hardware failure. Corrupted data and power loss.
Virus. This is a destructive computer code that can duplicate itself multiple times and spread from one computer to another. It disrupts computer operations, and it can cause more damage. Serious viruses can affect the system battery.
Scams. This includes spamming and phishing. These are unsolicited emails that deceive people into revealing essential details like personal information, credit card information, or any information that could lead to impersonation and financial loss.
Human errors. Humans are prone to errors and might input the wrong data, mistakenly open malicious software, fail to record data, etc.
Steps Involved in the IT Risk Management Process
There are five crucial steps that organizations participating in IT risk management must perform to achieve maximum effectiveness. They are:
Step 1: Identify Risks. Determine all the possible risks that might arise, how they relate to your organization, and how they can bring your organization down. Look at the various types of IT risks and spot threats that can fall under each of them.
Step 2: Access Risks. Perform an IT Risk Assessment. Study the risks thoroughly and determine the negative impact of each of them on your business. Prioritize each risk, making the one with the most negative effect high priority.
Step 3: Mitigate Risks. In this step, you put preventive measures to stop the risk from occurring if they arise and efforts to limit their impacts if they do occur.
Step 4: Develop Response and Contingency Plans. Here, you prepare plans for managing threats and recovering your system quickly.
Also, you must ensure that your organization continues to operate maximally after a threat incidence.
Step 5: Review risk management procedures and processes. Continue to assess threats and upgrade your operations. New threats come up every day, and you have to be familiar with up-to-date technologies and more recent management measures.
Importance of IT Risk Management in an Organization
There are so many benefits that you can enjoy when your IT risk management plan is as effective as it should be. Some of them include;
It increases competitive advantage. Good IT risk management will significantly boost your organization’s competitive advantage because your organization would have gained a reputation for always being reliable and trustworthy. Customers want a business they can put their hope in and not be disappointed.
It enhances productivity. Since IT risk management also deals with the maintenance of devices, in the event of a device developing an issue, procedures will already be set to deal with the situation. Asides from device, it helps your organization avert IT disasters, maintaining business operations.
It saves costs. Having an effective IT risk management plan will help you minimize expenses and allocate your resources to your organization's more important sectors. This is because processes have been set to mitigate and prevent threats; hence, money spent on damage is saved or used to satisfy more pressing needs.
It boosts resiliency. Good IT risk management will increase the operational resiliency of your organization. It also builds your business resilience because your organization will be able to bounce back from threats quickly and continue operations smoothly.
It builds and increases confidence among customers and shareholders. Good IT risk management will win over the trust of your customers and stakeholders because they are guaranteed that their investments and assets are safe, even in the case of disasters.
For your organization to flourish properly in this digital world, you need a standard IT risk management plan. If you aren’t sure of what to do, you should call in a group of experts to help you out. Contact Archer today! We have professionals ready to improve your organization’s IT risk management, taking in possible disasters that can occur and providing practical solutions and preventive measures to deal with them.
What is IT risk management?
IT risk management is the policies, technologies, and procedures an organization uses to prevent unwanted parties' threats and reduce I.T vulnerabilities that could negatively affect data stored.
What are some types of IT risks?