What is Risk Management in Information Security

What is Information Security Risk Management (ISRM)? This is a question that many business owners and individuals may not know the answer to. Or they might have heard of it but don’t really understand what it is. Well, that’s okay! Because you’re about to learn what ISRM is and why it’s important for organisations. We’ll also look at some of the things that make a great ISRM approach.

Information Security Risk Management: Definition and Why It Matters

Information Security Risk Management is the process of identifying, assessing, and controlling risks to the confidentiality, integrity, and availability of information stored on or processed by data and info systems. 

ISRM is important for organisations because it can allow them to plan and provide for potential problems before they happen. It also allows organisations to set expectations in regards to outages or service disruptions.

Another benefit of having a proper ISRM strategy in place is that it can help improve your business reputation. This is because by proactively identifying and addressing potential information security risks, you demonstrate that you are taking data security and privacy seriously. This is a positive message for your clients and prospects and can help build trust.

More benefits:

  • Promote awareness of privacy and data protection laws and regulations among all employees 
  • It saves time and effort
  • ISRM data and risk analysis can guide businesses  in making strategies that will help meet and even exceed their goals
  • More efficient resource planning by eliminating unnecessary or obsolete security measures and making potential costs visible

ISRM Process

While every ISRM framework is different, the basics of an ISRM process stay the same and can generally be divided into two categories:

  • Risk assessment: This includes the identification of information assets, threat assessment, vulnerability assessment, and risk calculation. Once the threats are identified, the next step is to evaluate the likelihood of a threat exploiting a vulnerability and the impact of that exploit.
  • Risk treatment: After the risks have been identified and prioritised, it’s important to develop a plan on how to deal with them based on your business objectives. This includes implementing countermeasures, risk acceptance, transferring the risk, creating a backup and recovery plan, etc.

What Makes a Good ISRM Approach?

There is no one-size-fits-all answer to this question. However, there are a few key things that you should look for when evaluating an Information Security Risk Management program or approach:

  • It should be tailored to your specific organisation and its needs
  • It should be based on industry best practises
  • It should include both technical and non-technical members of your organisation
  • It should be updated regularly to reflect changes in your environment and the threats you face

How Can Best Practice Help

Need help building a practical ISRM framework that you can stick to and rely on in the long term? Best Practice can help you develop a tailored framework that meets your specific needs and is based on international standards. Also, since ISRM is an ongoing task, we’ll provide you with continuous insight to help improve the effectiveness of your ISRM program.

We’re the world’s leading provider of business improvement services. Our team of expert consultants has years of experience helping organisations like yours manage their risk and improve their performance. Get in touch today to learn more about our services.

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