Risk Management in Information Security

Risk management in information security is so important nowadays. Why? And how can it help us?

Introduction

We need to protect our personal information. Otherwise, it will cause harm.

Information security are the steps we take to protect our information. It includes both digital and physical. What are these pieces of information that we want to protect?

Well, it includes our names and addresses. And also other things such as credit and bank account information.

Besides, if they are not protected, cybercriminals can get that information and sell them. How scary is that!

In companies, it leads to loss of income. It can also damage its reputation and operations.

Thus, risk management is critical in information security.

Risk Management in Information Security or ISRM

Information Security Risk Management is like a security plan.

First, we examine the possible risks. Then, we think of how we can avoid and lessen the risks.

Hence, ISRM is important to survive the infosec threats.

What does this include?

1. Threat factor: Something that can cause security threats
2. Vulnerability: Also known as risks or threats
3. Outcomes: The result of the vulnerabilities
4. Impact: The bad consequences of a security incident
5. Asset: Affected information

Risk Management identifies these components. And through that, we can lessen the risks.

Building Your Risk Management in Information Security

There are six steps to build risk management.

1. Identify
2. Protect
3. Apply
4. Control
5. Assign
6. Monitor

Identify: Analyze data risk.

In this stage, we identify the assets that we want to protect. As mentioned above, it includes private information like names and accounts. In companies, it may include trade secrets and product plans.

Also, we analyze potential risks in the following aspects:

• physical
• technical
• personnel-related
• environmental

Protect: Manage the assets.

After identifying the risks, we take steps to protect them. How?

Here are some steps:

1. Give training to employees.
2. Apply access controls.
3. Make security controls like passwords.

Apply: Adopt security policies.

In this stage, we adopt policies and data controls. It may include the following:

1. Review threats and controls.
2. Make new controls to detect threats.
3. Use security tools.
4. Install technology alerts.

Control: Evaluate the applied steps.

After the application stage, we should continue to check and evaluate the applied controls.

Here are some steps to do it.

1. Make sure that the right resources receive the alert.
2. Add and update applications.
3. Test the security measures if it is still effective.

Assign: Determine the right individuals.

After reviewing the data, we should make sure that it is tested over time. Also, we need to inform the right individuals when threats happen. Thus, we deliver quick action.

Moreover, if we choose the right individuals, we can lessen the data loss.

Monitor: Review the activities.

The above five steps are very important. However, without monitoring, our steps can be outdated.

Besides, applying controls and alerts can help us treat risks promptly. 

But, we have to remember that cybercriminals are improving. So, our risk management plan should also be reviewed regularly.

Hence, we can continue to manage the risks. And we can protect the security of our information.