IT Risk Analysis and Assessment

IT risk analysis is a crucial part of any IT department's job as it helps identify and manage potential problems that could affect an organization's IT infrastructure. In order to perform an IT risk analysis, IT professionals must identify any potential threats to their organization and then estimate the likelihood they will occur. 

 

Performing an IT Risk Analysis  

IT risk analysis is typically performed as a part of IT risk assessment and involves identifying threats, estimating risks and determining how to manage them. 

Identifying Threats

There are many different types of threats that can affect IT infrastructure. For your risk analysis, you will need to list all of these possible types of threats. These can include:

  • Technical threats — disruption caused by technological advances or failures
  • Structural threats — anything related to the building that houses your IT infrastructure that could cause it to be harmed
  • Financial threats — If the business loses funding or experiences another significant financial change
  • Human threats — human error or loss of important individual
  • Natural threats — weather and natural disasters such as earthquakes, tornadoes, and floods

Estimating Risks

Estimating risk involves calculating the likelihood the risks you listed will occur. You can do this by using a risk impact/probability chart or by estimating the probability of an event happening, then using this equation to calculate the risk value: Risk Value = Probability of Event x Cost of Event. 

Managing Risks

Once you've estimated how likely your listed risks are to occur, you can begin to consider management procedures. There are four types of management procedures to consider based on your determined risks. 

  1. Protective measures: Protective measures reduce the chance that one of your listed risks will occur. 
  2. Mitigation measures: Mitigation measures decreases the severity of a disaster after it has occurred.
  3. Recovery activities: Recovery activities restore systems and infrastructure so that the affected organization can return to normal business operations. 
  4. Contingency plans: Contingency plans tell you what to do after a disruptive event or disaster occurs. 

IT Risk Analysis Help from SolarWinds MSP

IT risk analysis can be difficult without the right tools. The remote management solutions from SolarWinds MSP (formerly LOGICnow) help you identify and manage risks to your networks and data by giving you complete visibility into your system. Start your free 30-day trial today!

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Sources:

MindTools: https://www.mindtools.com/pages/article/newTMC_07.htm
MindTools: https://www.mindtools.com/pages/article/newPPM_78.htm
Tech Target: http://searchdisasterrecovery.techtarget.com/Risk-assessments-in-disaster-recovery-planning-A-free-IT-risk-assessment-template-and-guide

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