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Securing sensitive information is now as critical as protecting your physical assets. If the former is unprotected, it can have devastating effects on your business. The worst scenario will be closing your business down because of a massive data breach. It is why businesses need information security to protect digital and physical data. To optimize it, you will need information security risk management (ISRM).ISRM helps organizations make strategic decisions to address potential risks to confidential information, which are your assets. It also helps reduce the impact these risks pose to your business goals. It involves identifying, assessing, and treating risks to your information security. However, businesses cannot expect ISRM to altogether remove risks. It is more about managing these risks to an acceptable level.
What Is ISRM?
Through risk management, you can forecast and find potential risks. You can also use it to develop proactive measures to prevent or mitigate those risks. Cyberattacks have increased amid the pandemic. It further highlights the need for a reliable information security risk management program.
How Should Your ISRM Strategy Look?The National Institute of Standards and Technology (NIST) of the US Commerce Department follows this Cybersecurity Framework to prepare for cyberattacks. You can use it to build your information security risk management strategy, too.
1. IdentificationYou need to identify your critical assets and the data they have created, transmitted, or stored. You should also develop a risk profile for each asset. It should be based on the business context, related risks, and existing business needs when profiling.
2. ProtectionYou should use security controls to secure your most critical assets against cyberattacks. These usually include staff training and threats awareness campaigns. There should also be identity management and access control, maintenance, and protective technology.
3. DetectionThis part of ISRM involves identifying events that threaten data security. It is when a 24/7 security monitoring and detection tool must be in place.
4. RespondingOrganizations must address detected intrusions and attacks to contain their negative effect. Responding activities usually include the following:
- Ensuring timely response to an attack
- Communicating to stakeholders
- Analyzing whether the response actions are properly done
- Risk mitigation to prevent the attack or reducing its adverse effects
- Improving the response plan to handle future cyberattacks more effectively