When it comes to assessing IT risk and making smart decisions, a clear picture of the current risk posture is required, so that stakeholders can make informed choices. In this second part of our series on IT risk balancing, we present some further points to ponder.
The evaluation of the current IT risk management framework should begin by identifying and analyzing the current risks associated with the organization’s IT systems. This assessment should consider both internal and external threats that could put the system at risk, as well as any historical data or trends that may indicate potential future risks. Once these risks have been identified and analyzed, the organization should then determine an appropriate risk management strategy. This strategy should include areas such as IT policy and governance, personnel training and education, security controls, threat mitigation techniques and incident response plans. The evaluation should also consider whether the existing measures are adequate for addressing current risks or if additional steps need to be taken to ensure that all organizational assets are protected.
Sometimes (usually) an expert is brought in to review the current scenario. An IT risk consultant's main responsibility is to help businesses understand and mitigate the risks associated with their IT infrastructure and technology assets. This involves identifying potential vulnerabilities, assessing risks, developing risk management plans, and designing effective security controls to minimize the risk exposure. At CTS Services, we guide our clients in establishing and improving security posture, optimizing security practices, and minimizing downtime through the use of technology tools and best practices.
Some specific areas that we can advise on as an IT risk consultant, usually your Managed Services Provider, include:
While we certainly advise the CEO, CFO and CIO work hand-in-glove in balancing risks, there are many other stakeholders who made need a voice in the decision-making process, at a staff level perhaps. Here is a list of stakeholders related to IT risk management:
Here are seven IT risk assessment questions that CFOs, CEOs, and CIOs should be asking when it comes to managing IT risks to their business:
Developing a Sound IT Risk Assessment Plan
The key is understanding the risks a business faces, generally, and those that are most prevalent within their company, including:
1. Cyber threats such as malware, phishing attacks and computer viruses pose a serious risk to any organization. CFOs must be vigilant in assessing their risk exposure, developing strategies to protect against malicious attacks, and regularly monitoring security performance.
2. The loss or theft of confidential data can have dire consequences for an organization’s reputation, financial standing and customer trust. CFOs should ensure that all data is securely stored and that access is strictly controlled.
3. Regulatory compliance issues are increasingly complex and require organizations to stay up-to-date with the latest requirements. A formal risk assessment process helps CFOs identify areas of non-compliance and create action plans to address them.
4. Weak authentication methods for user accounts leave businesses vulnerable to unauthorized access or data manipulation by malicious actors. CFOs must ensure that only trusted users can access sensitive systems or data with strong authentication protocols in place.
5. An inadequate disaster recovery plan could mean long periods of downtime or lost work due to system failures or disruptions. A thorough risk assessment will help CFOs develop strategies to minimize possible impacts on operations and services if disaster strikes.
6. Uncontrolled access to sensitive systems and data presents many risks, from hacking attempts to unintentional errors caused by untrained personnel making changes they don't understand or have authorization for. As part of their assessment, CFOs should ensure these systems are adequately protected with appropriate access controls in place.
7. Downtime due to system failures or disruptions can lead to severe financial losses as well as customer dissatisfaction if services are unavailable when needed most. To avoid this scenario, CFOs should always include adequate contingencies in their risk management plan, including strategies for preventing disruption before it happens and responding appropriately when it does occur.
8. Unauthorized access to networks or other resources can lead to unauthorized activity on the corporate network, resulting in costly damages for the company in terms of both financial losses and reputational damage if the breach goes public without proper remediation steps taken beforehand.
We hope this two-part blog series helps you to prioritize your IT and business risk posture. As a CFO, CEO or CIO it is essential to develop and maintain an effective IT risk management program to protect your organization’s information assets as well as your overall business continuity.
By asking key questions about cyber threats, data security, compliance issues and more, these leaders can ensure that their business is adequately protected from potential risks. Implementing strong authentication protocols and disaster recovery plans as well as controlling access to sensitive systems are also critical steps for mitigating any financial or reputational damage caused by IT-related incidents. It’s time for organizations of all sizes to take proactive measures when it comes to safeguarding their technology infrastructure - don't wait until it's too late!
We are here to help you minimize risks and stay in IT compliance, as your business may require. If you would like to get a clear picture of your IT risks, the risk gap, and your biggest vulnerabilities, then take the next step and request a phone consultation to learn more about our process.
Call CTS now, before it’s too late, to create a comprehensive security evaluation and solution that specifically addresses your company needs. You can reach us at 508-528-7720 or send an email to firstname.lastname@example.org to schedule a time to meet – at your office via Zoom, or on the phone.
This is the second installment of a two-part series. Read Part One here.
Our blog posts are written by several members of our team. Please contact us if a particular post or topic is of further interest. We're here to help keep your business up and running.