Risk Management for Information System Security

Risk Management for Information System Security Name Course Date of Submission Risk Management for Information System Security Risk management of information process is very important in the wellbeing of any company. The safety of the company’s information is crucial to its survival. Every company has to protect its information from leaking in order to keep up with its business. A good risk management of information is essential in ensuring that the company’s information is safe. Every company has to decide the level of security to give to different information systems depending on the level of risk it carries. A well-managed risk management system helps in determining what information to protect. It provides a guideline on the types of information to give the first priority depending on the levels of risk on them. Risk management also helps give a financial sense to security issues. Risk management helps in determining the worth of each piece of information and the level of protection it is worth. It is not economical to spend a hundred dollars on a piece of information whose worth is ninety dollars. Thus, risk management is important in the evaluation of information and the choice of an appropriate security system. Risk management also helps link the IT sector with the business world. Traditionally, security was a matter of the IT department only. However, risk management has helped in linking the two sectors to be more integrated with each other. Risk management is governed by various principles. The first principle is prevention. Prevention means that a risk management system should be able to protect the company’s information correctly. A good risk management process should be able to protect the information of a company and prevent any risks associated with the information. A good risk management system gives its biggest priority to protecting all information from unauthorized access at all cost. The second principle is detection. A good risk management system should easily detect any information that has been tampered with, or accessed by a third party (Whitman, Mattord 2003). This helps the company take an appropriate measure on the steps to take to manage the situation. If a system fails to identify the information tampered with, then the company risks great loss and failure in its systems. The other principle is the response. This refers to steps taken in dealing with the identified threat or calamity. A company may choose to respond in three different ways. One of them is facing the risk head-on. This is by trying to solve the problem on its own and proceeding with their apparent work. On the other hand, the...