The information resources protection has become more complex and challenging for organizations in a rapidly changing security threat setting. The adoption of cloud computing technologies by organizations, and the extensive use of internet services by customers for daily activities like bill payments, communication, banking, etc. are few examples illustrating the shifting technological scene in organizations. The shift towards these new technologies presents new risks to an organization’s information assets. Although, Information security standards like ISO27000 series suggests a diverse set of technical and process controls to protect an organization’s information assets, the standards acknowledges that the organization’s selection of controls to mitigate threats should be based on its level of risk exposure (B. Maynard, 2014).
2. Components of Risk Management
Risk Management in an organization is a multifaceted activity, and requires involvement from all stakeholders in an organization to ensure that the risk management program aligns with the strategic vision and goal of the company at every level. According to NIST (2011), Risk Management in is a comprehensive process involving four important components which are frame risks, assess risks, respond to identified risks and monitoring of risks. These four components ensure that risk management program is holistic, addressing risk ranging from strategic to tactical level, and also ensures integration of risk based decision making into all facets of an organization.
2.1 Frame Risks
Framing risks is the process of establishing a risk context that would help describe the environment that aids risk based decision making. Framing risks would help an organization develop...
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...rity program or not, while the risk assessment would help determine if the types of controls to be that needs to be implemented (Peltier, 2010). The risk assessment also helps identify the countermeasures to mitigate the risks, or help decide if it’s best to accept the risk rather than mitigate it.
A risk management program also helps classify risks into different categories like legal risks, environmental risks, intellectual property risks, financial risks, physical risks etc. which would help business leaders prioritize risks and allocate the required funds and resources required to mitigate them. Aligning the risk management program with the business objectives would help business leaders to foresee risks and plan recovery in cases of breaches thereby reducing the impact of risks and ensuring sustained growth in a radically changing risk landscape (Peltier, 2010).
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