Security Risk Management - Archer IRM
According to Standards Australia, 2006, ”security risk management provides a means of better understanding the nature of security threats and their interaction at an individual, organizational or community level.”
Security risk management is the process of identifying security risks and implementing procedures to mitigate or avoid the risks. It deals with understanding and responding to the likely factors that will disrupt the availability, integrity, and confidentiality of an information system and the organization as a whole.
Security risk management involves identifying, assessing, and treating risks to prevent adverse long-term effects in the organization.
Type of Security Risks
There are so many types of security risks that can be easily identified and controlled. Some of the significant, most damaging security risks are:
Malware. This is short for malicious software. This is when an alien, unwanted piece of code or software automatically installs itself in a system and starts to cause disruptions in the system’s operation. This software usually finds its way into the system when a user unknowingly clicks on a malicious link or software.
Denial of Service. This is a type of cyberattack where computer networks or servers are targeted and overloaded with user traffic making them unable to respond to requests on time. When a server is overloaded, it cannot handle requests, and eventually, the hosted website shuts down.
Password Theft. This is when an unauthorized third party steals your password and takes control of your account and activities. This is very dangerous, especially for organizations that store sensitive data and customers’ information on their systems.
Phishing. These attacks come in the form of fake communication used to trick users. Often comes, it comes in the form of an email that subtly requests sensitive data. Most times, phishing emails appear natural and convincing, using valid media and official addresses.
SQL injection. This attack is carried out when an unauthorized third party manipulates SQL queries in order to retrieve sensitive information.
Benefits of Security Risk Management
There are so many benefits that can be gotten from proper security risk management and some of them are:
It helps you handle threats to your organization your way. You can manage your threats in a cost-effective and integrated manner that suits you.
It ensures that employees feel safe and secure in the organization. When employees are sure that their personal information and organizational data are well protected, it creates a safe and comfortable working environment. This helps to ensure employee retention too.
It boosts your organization’s competitive advantage. In addition to protecting customers’ and employees’ information, it also protects the organization’s proprietary information.
It boosts your organization’s finances. When some type of sensitive data is breached, it could result in your organization losing money. Good security risk management can help organizations reduce the risk of financial losses.
It gives your organization a good reputation. One of the best ways to solidify your organization’s reputation is to ensure that your customers’ data and information are protected at all times. When customers see that you have their best interest at heart, they will have no reason to desert your business for another, and word of mouth will spread that you are the best at what you do. Companies that put information security and customers’ safety first usually have more business flow, and their reputation exceeds them at times.
It is an excellent compliance solution. Security risk management ensures that an organization's members (both internal and external) follow the regulatory rules and guidelines.
Stages Involved in Security Risk Management
The stages involved to ensure good security risk management are:
Identification: This first stage usually involves identifying the assets to be protected, vulnerabilities in the organization, security risks that might arise, and controls.
Assessment: Every threat is taking into consideration and carefully looked into. It is also good to prioritize these threats according to their significance and possible impact on the organization.
Mitigation: Once threats have been identified and assessed, the next thing is to look for ways to avoid them altogether or minimize their adverse impacts in the organization. Threats can be avoided, transferred, accepted, or have their effects reduced.
Monitoring and Reporting: This final step deals with continuously monitoring your security risk management plan. Security measured are being changed and upgraded constantly, and you have to keep your methods up to date to get maximum effectiveness.
Risk management is a critical part of any organization, and security risk management is essential. Everything can be done online these days, and when the security of your organization is breached, the organization can crumble over time. Avoid putting your business through that risk by contacting risk management experts today. Contact Archer to get all your security risks and other risks managed.
We have highly skilled professionals that will serve as the answer to all your security risk management questions. Our experts can also work hand in hand with you to draw up an effective security risk management plan, and they can help you train your employees on how to inculcate these plans on their day-to-day business operations.
What is security risk management?
Security risk management is the process of understanding and responding to the likely factors that will disrupt the availability, integrity, and confidentiality of an organization’s information system and the organization as a whole.
What does ISRM stand for?
ISRM stands for Information Security Risk Management.