The IT security risk is the vulnerability of a technology system caused by malicious and unintentional acts of people, processes, and things. IT risk management is the process of assessing, controlling, and reducing risks to an acceptable level. IT security risk assessment has the following benefits.
- Quality control
Ensures that your organization’s information assets are protected to the extent necessary for organizational processes, assets, and functions, based on an analysis of risk against each asset, in order to reduce unnecessary exposure or potential loss of resources.
- Continuous updating of security records
The effectiveness of the security policies and controls may require you to update the security records periodically to ensure that all changes are reflected in the correct version.
- Compliance with legislative or other external requirements
IT risk management strategies usually include procedures for monitoring and evaluating IT risks to ensure that your organization is aware of the extent to which it is complying with any external legislative or other regulatory requirements, as well as any security standards that might be applicable, such as ISO 27001.
- Measurement of improvement
Comparing results between iterations allows you to measure improvement as well as allowing you to predict when further work is likely to be completed.
- Continuity planning
Continuity planning is used to ensure that when an interruption occurs, the business process will continue, for as long as necessary, which can often be extended for many days. In some cases, it can also include alternative services and recovery options for critical functions.
- Identification of risks and weaknesses in critical assets and processes
Risk analysis identifies the risks that your organization faces from external or internal sources, from both physical and information assets and processes. Once identified, you can then review other areas that could potentially be exposed to similar or alternative risks before devising a risk reduction strategy to address any identified issues.