IT security risk management is the process of identifying, assessing, and responding to risks in information technology (IT) infrastructure, policies, and procedures. These activities help businesses reduce or manage the negative impact of cyberthreats on business operations and value, while ensuring compliance with laws, regulations, and contractual obligations.
In today’s fast-changing cybersecurity landscape visit this site, threats are constantly finding ways around defenses—a challenge that organizations must continually tackle in order to mitigate cyberattacks and keep their customers and data safe. As a result, IT security risk assessments should be an ongoing process that all stakeholders in your organization are aware of and comfortable with.
Developing an IT security risk assessment plan requires identifying all assets, determining their priority, and then evaluating all potential threats and vulnerabilities that could put those assets at risk of compromise. This includes identifying both technical vulnerabilities—for example, misconfigured network devices—and organizational weaknesses that can lead to information being compromised, such as ineffective processes or poor employee cybersecurity awareness.
An essential component of IT security risk management is evaluating the likelihood that a threat will actually cause damage, which can be calculated using a risk determination formula: likelihood multiplied by impact factor multiplied by probability. The resulting probability and impact values can then be used to inform risk assessment processes moving forward, including choosing which threats to address first, as well as how to prioritize and implement remediation actions.
There are a variety of factors that influence the likelihood that a threat will occur, from existing security controls to the kinds of information a company holds and how it’s stored. In addition, the industry in which a company operates can be a significant factor: The X-Force Threat Intelligence Index found that companies in manufacturing and finance face more cyberattacks than those in transportation and telecommunications.
Once a risk level has been determined, the company can choose to mitigate the identified threat or accept it as tolerated. Mitigation involves implementing a control that either fully fixes a vulnerability—for example, by applying a security patch to an IT system—or lessens the likelihood and/or impact of a threat occurring—for instance, by creating a process to automatically remove access for terminated employees from a key application.
Large enterprises often have multiple teams that are responsible for different aspects of the IT security risk management process—from risk assessment and testing to policy development and training. This can lead to a disjointed approach that’s difficult to align and coordinate effectively. Fortunately, technology solutions like Trava can provide a centralized view of the IT security risks faced by your entire enterprise. Having this visibility will make it easier to coordinate and align your internal controls with the risk management process. It will also allow you to measure your IT security risk posture and continuously improve over time.