Information Security and Risk Management: Full Definition

Today, we are at constant risk of information threats. So, information security and risk management are important.

But, how can it help us protect our information?

Read on to learn more.

Overview

Who doesn’t want to protect his own information? Naturally, we want to do so. After all, we don’t go around and tell everyone our private info.

But, how is information security related to this?

Information Security (InfoSec) is the process of protecting our information. By this term, it covers both offline and online info.

For example, we want to protect our names and addresses. Otherwise, bad people will steal our identity.

We also want to protect our bank and credit information. So, hackers won’t steal money from us.

But, how bad can these hackers be?

Today, they steal information and sell it to others. So, they can get yours and even steal your identity.

In companies, it means a great loss for them. For one thing, they will lose their customers’ trust.

So, they will turn their backs on the company. Then, it can lead to a loss of income.

The company will also lose its reputation. So, it can cost them millions.

Big or small companies, even individuals, should really take note of information security now. So, how does this work?

What Is Information Security and Risk Management?

Information Security Risk Management or ISRM works like a plan. So, we should make this before something happens.

In InfoSec, it means we should do this before a security incident, like breaches and hacks. So, you can respond to it when it happens.

But, how does this plan work?

First, ISRM identifies the possible risks and threats. For example, it detects weak passwords and loose admin controls.

So, you know where you can improve. After that, you can do something to strengthen your security. But how?

You can put up strong security controls. Or as an individual, you can practice good password habits.

So, you can avoid the incidents we talked about. In companies, ISRM helps them lessen the impact of an incident.

After the incident, ISRM also works as a backup plan. So, a company can recover quickly. As a result, they can get back to their operations.

But, what do information security and risk management include? An ISRM has the following parts:

1. Threat actor: what causes the threats
2. Vulnerability: what the threats are
3. Outcomes: results of vulnerabilities
4. Impact: bad effect of security incidents
5. Asset: results of the affected information

Now, how can you build an ISRM?

Build Your Information Security and Risk Management Plan

To build an ISRM plan, here are the steps you need:

1. Identify – knowing what information is important to you and the potential threats that can affect it
2. Protect – learning what controls you need to protect your assets and fight the risks
3. Apply – applying the controls you learned
4. Control – checking the controls and updating them if needed
5. Assign – letting the right people take over during an incident
6. Monitor – updating security every now and then