What Is It & How Can It Help Your Organization?
Cyberattacks are on the rise, with breaches of 1 to 10 million records costing an average of $50 million. Fight back with an intelligent, end-to-end IT risk management program that can quickly identify and mitigate risk across your organization.
IT Risk Management Process: 5 Steps
Identify RiskThis is the most basic part of the IT risk management process, but it’s also one of the most important. The faster you can identify risk, the sooner you can mitigate it. This involves looking at the larger, industry-wide risk landscape to determine which risks could directly impact your organization. It also involves examining internal processes and procedures to identify potential weaknesses.
Forecast Risk Probability
Once you’ve identified risks, you’ll need to prioritize them based on how likely they are to occur. To forecast each risk’s probability, you’ll have to analyze both how likely the risk is and the impact it might have on your organization.
- Probability of occurrence
- Financial, operational and reputational impacts
- Regulatory consequences, like fines
This can help you prioritize which risks to address immediately, and which might be less urgent.
Use Your Previous Analysis to Prioritize Risks
When you remediate risks matters, some can wait, but others can become more costly with time. Use your analysis of each risk to rank its priority. Ensure you weigh both its likelihood and business impact; you may still prioritize a specific risk based on its significant business impact.
Don’t stop with a ranked list, either. Timelines are an essential part of an IT risk management strategy, so ensure you align your priorities with your team’s capacity and have an estimated timeline for mitigating all risks.
Cyberattacks happen, no matter how effectively you’ve identified and mitigated risks. In the (even unlikely event) of a breach, the next step is to take action. This requires a documented and centralized IT risk management process that can adapt to different departments and their unique procedures.
Your documented process becomes the plan of action that will unfold once an attack happens. This should detail the procedures, people, time and resources required to stop the breach in its tracks.
Conduct 'Always On' Monitoring
Organizations are never really beyond risk. They just have yet to encounter their next risk. That’s why the final step in IT risk management is to monitor the program, which requires revisiting all previous actions on an ongoing basis. Organizations should adopt an “always-on” approach to risk that allows them to identify, prioritize and act on new and emerging risks.
But monitoring isn’t just about the risks. It’s also about reviewing how risk management processes perform in real-time, and making adjustments so the organization remains secure.
Discover Best Practices in IT Risk Management
- How the cyber regulatory environment has changed and why directors must prioritize cybersecurity oversight
- A forensic overview of the impact left by major cyber events and trends in recent years
- The cyber trends boards should expect to see in 2023 and beyond
Registrants will receive a copy of Betsy Atkins’ new white paper, “Bringing the Board Up to Speed on Cybersecurity.”
Additional IT Risk Management Resources
Board Members & Leaders