Information Technology Risk Management
Most businesses have an IT network in which files, applications, software and documents are stored and shared. As an MSP, one of your biggest challenges is consistently safeguarding your customers' data against security breaches, system failures and disasters that can lead to data loss and compromised files. This strategic process is known as information technology risk management.
5 Components of Risk Management
According to IT Today, "An ITRM program is designed to execute, manage, measure, control and report on risk matters within IT. It is essential to an organization's overall risk management capability and effectiveness. If successful, an ITRM program provides the board of directors, senior management, regulators and other external stakeholders with confidence that IT can deliver business value efficiently and securely, while providing high-quality assurance around data integrity, availability, and confidentiality."
There are five key components to information technology risk management:
1. Identify risk. The first step to an effective IT risk management program is to evaluate the unique vulnerabilities and threats of the organization as well as the theoretical effectiveness of the organization's existing security measures. Threats can include anything from natural disasters and incompetent employees to lax web browsing policies and limited physical or virtual security.
2. Measure risk. Once the organization's specific threats are identified, determine the likelihood of their occurrence and then multiply that by their influence on the organization's operations.
3. Rank risk. During step three of IT risk management, evaluate the risks to determine which risks pose the biggest threat to the operation, and make those risks a top priority.
4. Mitigate risk. According to Continuing Professional Development, "During this step you assess your highest ranked risks and set out a plan to treat or modify these risks to achieve acceptable risk levels."
5. Monitor risk. The last step of an effective IT risk management program is to track and monitor risks through comprehensive data to avoid future risks that require impulsive reactions.
SolarWinds MSP (Formerly LOGICnow) Simplifies the Process
Effective information technology risk management requires ongoing consistent attention that many IT departments don't have the bandwidth to support. SolarWinds MSP develops cloud-based IT solutions that help MSPs and IT pros better manage customer networks to minimize risks and create opportunities. To learn more about SolarWinds MSP's comprehensive suite of IT solutions, contact us or sign up for a free no obligation 30-day trial!
IT Today: http://www.ism-journal.com/ITToday/ITRM.htm
Continuing Professional Development: http://continuingprofessionaldevelopment.org/risk-management-steps-in-risk-management-process/