Information Risk Management Ensuring Security of Business Data
Today’s business world with its technologically enabled environment communicates in digital mode. Most of the data and information are stored in digital format and the wide corporate networks provides an easy access to the business critical data. However, such easy access to the critical corporate business information also poses security risks. Organization have over the years made use of a number of methods to ensure security of information.
The basic concept of information security is to support the goals of the organization in face of any uncertainties. However, managing these uncertainties in the wake of ever-changing technology landscape is not an easy task. Organizations thus depend on the IT professionals for expert advice on managing and combating cyber threats and vulnerabilities. With a set of risk management frameworks, and tools and techniques, the new age global organizations with their wide spread business will ensure information risk management.
Risk management which is considered the art of balancing the risks and opportunities requires organizations to identify the risks involved, manage the same and alleviate it to acceptable standards for the organization. However, risk assessment which involves a quantitative analysis requires organizations to make use of risk management framework to minimize the subjectivity in assessment and improve consistency. Further with technological innovation paving way for streamlining business processes with increased speed and collaboration also brings in potential information risks. Organizations thus need to make use of proper information risk management systems.
Information Risk management involves implementation of data protection and security standards for the organization. However, the success of the information risk management framework is dependent on the identity, prioritizing and monitoring security measures on the basis of business goals. Nevertheless, this has to be well coordinated across all areas of the organization including the workforce. Educating the workforce of their responsibilities the need for risk management in the technologically enabled business environment will help organizations in the long run. Further, as part of the information security management process, it is necessary to resource requirements for implementing the strategies for information security and management processes.
The global organizations thus need to include information risk management as one of the strategies for business development. An effective information risk management will benefit the enterprises by providing a clear focus on the potential risks impact areas, ability to address the high level risks quite early in the product life-cycle as well as help enterprises in improving cost and scheduled estimates.
Leading service providers have worked out comprehensive risk management framework that supports assessment of all information, processes, information technology assets and vendors. Such holistic and modular approach allows client organization to leverage on the services to design, transform and sustain end-to-end information risk management in a modular manner.
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