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IT Risk Management, A step by step Guide

IT Risk Management, A step by step Guide

Efficient risk management in IT is imperative for all organizations. IT has become a fundamental part of our lives on a personal and professional level. The more IT is integrated, the more risk it can pose. Additionally, as technology and its landscape evolves, so does potential risk. Therefore, in this short essay, I aim to highlight certain practices organizations may often take when it comes to their management of risk. 

Firstly, I’ll discuss what IT risk management is. The aforementioned defines how we apply methods and techniques in IT in order to manage and mitigate risk for the organization, and the organization’s business decisions. There are three categories in which risks can be sorted in. The most common of them are preventable risks, normally those that stem from within the company. When workers begin engaging in inappropriate and unethical work, organizations can be damaged irrecoverably. Therefore, managers must implement a level tolerance for this behavior to assure the companies true uprooter isn’t from within. 

Next, all companies obviously take risks for strategic reasons, but it’s important to do sufficient research before risking significant amounts of money on a project. With better risk management, companies can gain an edge over their competitors by replacing doltish gambles with risks worth taking, helping exceed profit. Finally, the risks involving the most danger are external risks, often cybercrime, and it sometimes may be out of the company’s control. Due to this threat being the most feared in today’s world, obstructing it will be my primary focus. Although with the ever-changing landscape it is impossible to fully eliminate all risk, it is crucial for IT and security professionals to mitigate it to the best of their ability. 

In order to tackle risk, a series of steps must be taken. First and foremost, an organization must be able to identify risk. Through hiring the proper personnel, that is sufficiently skillful to spot risk, and is able to keep an eye out on the right places for threats, organizations can then proceed to management and mitigation. Once a risk or threat is identified, the team must perform its due-diligence and properly analyze how it may impact the organization, where it may be coming from, and how to defend. Furthermore, the team must evaluate how severe the risk may be and whether it needs to be dealt with in an urgent manner. Understanding how the specific risk compares to others, and if it should precede being dealt with before other business operations is key. 

Once the team understands the risk and its level of importance, the team then proceeds to actually fighting it off, and closing in on all vulnerabilities. To cap it off, the team must closely observe and make sure the risk has been mitigated. 

Another great way to also manage and mitigate risk is by simply educating all other departments in the organization on on-going cyber threats. Plenty of risks stem from human error and ignorance. We must understand that humans will never be perfect and therefore they will always generate risk. Nevertheless, as security professionals we must do our best to mitigate risk on all fronts, human and technical. The aforementioned practices are just to name a few.