Are you familiar with information security risks management (ISRM)? Do you have any idea what are the different stages of ISRM? This article will help you find the answers to these questions.
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What is Information Security Risks Management?
It is the process of managing the risks. That associates with the use of information technology. Also, it involves identifying, assessing, and treating the risks.
The main goal of this process is to treat the risks. But also businesses should not expect to remove all the risks. But they should know the risk level of their organization.
Stages of ISRM :
Identify the following:
- Assets. This is knowing what data or assets would have the most significant impact. If the organization’s confidentiality and availability are being compromised.
- Vulnerabilities. This is knowing what software vulnerabilities are putting the confidentiality. And integrity, and availability of the assets at risk.
- Threats. It is an important activity that helps add context. How? By tying risks to known threats. And knowing the different ways how those threats can cause the risks. And that will also happen by exploiting the vulnerabilities.
- Controls. It is a “safety net” control that does not address a risk directly. This can find users with unwarranted access. Thus, remove that unauthorized access when it’s found.
This is the combination of the information you have gathered. This is also about assets, vulnerabilities, and controls. In that way, you will also be able to define risk.
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There is a treatment option when we identified and analyzed the risks.
Below are those options:
- Remediation. Applying a control that fully fixes the underlying risk.
- Mitigation. Not entirely fixing the risk. Just reducing its impact.
- Transference. Transferring the risk to another entity. For your organization to recover from incurred costs.
- Risk Acceptance. If the risk is clearly low. And the time and effort it takes to fix the risk cost more. Then, there is no need to fix it.
- Risk Avoidance. Stopping all the exposures to identified and analyzed risks.
As they say, communication is always the key. Whatever may be the kind of treatment will be. There must be a discussion within the organization.
Also, stakeholders should understand everything. Including the costs of treating and not treating a risk.
Accountability and responsibility should also be properly defined. Right people should be the ones engaging in the process.
Identifying the roles in this process is also a critical step. Communicate properly!
Rinse and Repeat
This is an endless process. If you have chosen a plan that needs monitoring. Then the monitoring will be continuous.
Managing risk is also an ongoing task. It is an endless one. Also, its success will come down to how well we assessed the risks. Relayed the plans, and verified the roles.
If you identify the critical people, processes, and technology. It will help you address the steps above.
In such a way, it will create a strong foundation for a risk management strategy. And, that will develop over time in your organization.