Risk Management and Information Security

Risk Management
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Risk Management
The advancement of technology has been critical for businesses. It has facilitated an improvement in business processes. However, it has also exposed businesses to the risk of losing data. Information security is critical to ensure that companies can keep their information assets secure. Businesses need to take a risk to implement technological solutions. However, an assessment of the potential risks is critical. Hence, understanding information security and risk management are essential for organizations that employ technical solutions in their operations.
On the one hand, risk management refers to identifying potential risks, analyzing them, and undertaking the necessary precautions to curb them. The process's goal is to treat risks according to the organization’s overall risk tolerance (Vasile & Croitoru, 2012). It may not be possible for organizations to eliminate all the risks. However, businesses should endeavor to attain an acceptable risk level. The risk management process commences by identifying the critical assets for the business's operations. These could be data and systems which impact confidentiality and integrity. Next, an organization must identify the vulnerabilities. These are the weaknesses or deficiencies in the organizational processes that can compromise information (Lenaeus et al., 2015). Furthermore, a business needs to identify the threats. These are potential causes of the compromise. Lastly, identification of controls should be made. Measures should be put in place to protect the identified assets.
On the other hand, information security concerns the tools and processes businesses use to safeguard their information. In other words, information security entails all of the controls put in place to secure an organization’s information assets. Information security is meant to protect sensitive information from unauthorized access. The ultimate aim is to ensure the safety and privacy of critical data. Security incidents can tamper with critical data and disrupt the work process. While risk management entails a continuous evaluation of risks to information assets, information security is the actual controls implemented to protect information assets.
Security policies define how an organization plans to protect its information technology assets (Alias, 2019). These documents are updated constantly to ensure they meet the current technological demands. Security policies factor into risk management by defining what should be done to ensure organizations better understand the nature of security threats. Through security policies, the IT department can consider better approaches to ensure the security of the information held in the organization. Staff members use the security policies to ensure their actions are aligned with the organizational objectives. Without security policies, it is challenging to develop risk management processes. In other words, security policies are the foundation of risk management in organizations.
Both IT and non-IT leaders have significant roles in information risk management. IT leaders are responsible for implementing new information risk management tools and technologies....