Information Risk Management Ensuring Security of Business Data
Today's business world with its technologically enabled environment communicates in digital mode. Most of
the data and information are stored in digital format and the wide corporate networks provides an easy access
to the business critical data. However, such easy access to the critical corporate business information also
poses security risks. Organization have over the years made use of a number of methods to ensure security of
The basic concept of information security is to support the goals of the organization in face of any
uncertainties. However, managing these uncertainties in the wake of ever-changing technology landscape is
not an easy task. Organizations thus depend on the IT professionals for expert advice on managing and
combating cyber threats and vulnerabilities. With a set of risk management frameworks, and tools and
techniques, the new age global organizations with their wide spread business will ensure information risk
Risk management which is considered the art of balancing the risks and opportunities requires organizations to
identify the risks involved, manage the same and alleviate it to acceptable standards for the organization.
However, risk assessment which involves a quantitative analysis requires organizations to make use of risk
management framework to minimize the subjectivity in assessment and improve consistency. Further with
technological innovation paving way for streamlining business processes with increased speed and
collaboration also brings in potential information risks. Organizations thus need to make use of proper
information risk management systems.
Information Risk management involves implementation of data protection and security standards for the
organization. However, the success of the information risk management framework is dependent on the
identity, prioritizing and monitoring security measures on the basis of business goals. Nevertheless, this has to
be well coordinated across all areas of the organization including the workforce. Educating the workforce of
their responsibilities the need for risk management in the technologically enabled business environment will
help organizations in the long run. Further, as part of the information security management process, it is
necessary to resource requirements for implementing the strategies for information security and
The global organizations thus need to include information risk management as one of the strategies for
business development. An effective information risk management will benefit the enterprises by providing a
clear focus on the potential risks impact areas, ability to address the high level risks quite early in the product
life-cycle as well as help enterprises in improving cost and scheduled estimates.
Leading service providers have worked out comprehensive risk management framework that supports
assessment of all information, processes, information technology assets and vendors. Such holistic and
modular approach allows client organization to leverage on the services to design, transform and sustain
end-to-end information risk management in a modular manner.
Also read more on - identity access management, application security, SAP security