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!

----------

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

Related Content

Risk Analysis Examples
These risk analysis examples will help you construct an effective IT risk assessment for your clients.
Risk Assessment and Management Software Tools
Risk assessment software tools such as MSP Risk Intelligence from SolarWinds MSP help MSPs and IT Professionals provide the utmost in network security.
IT Risk Management Software for Enterprise Businesses
Use SolarWinds MSP as the remote management solution in your business. IT risk management is the application of risk management practices into your IT organization.
Risk Management In Network Security
Information technology risk management requires companies to plan how to monitor, track and manage security risks. Every business needs to consider their exposure to cyber crime.
IT Risk Management Policy Examples
An IT risk management policy outlines protocols to handle and track IT assets and risks. Don't have a policy? These tips can help!
Risk Assessment and Security
A key step toward developing and managing an effective security program involves assessing information security risks and determining appropriate actions.
Network Risk Assessment Tools
Network risk analysis should be the bedrock of an MSP's security strategy. Find out how MSP Risk Intelligence from SolarWinds MSP can help.
The Purpose of IT Risk Assessment
The purpose of IT risk assessment is to help IT professionals identify any events that could negatively affect their organization.
Risk Evaluation Matrix | Assessment and Analysis
Organizations of any size should consult an IT risk evaluation matrix in order to assess network and data vulnerabilities and prioritize security measures.