Network Risk Management
Risk management has always been a part of securing one's business. Before the Internet age, risk management focused mainly on securing physical property and other assets from accidents and natural disasters. But today, companies must consider how ever increasing digital connectivity expands the definition of risk management and how it applies to network security.
What Is Network Risk Management?
Network risk management attempts to identify, assess and control threats to an organization's digital assets including information stored on both internal and external servers or public cloud services as well as digital information in transit.
As technology develops, creating new ways to connect with people, places and things, cybercriminals follow closely behind, developing new and more sophisticated ways of gaining access to sensitive information using the many points of access available to legitimate users. In just one year (from 2012 to 2013) cybercrime increased 30 percent, costing on average $7.2 million per organization.
Network Risk Management Optimizes Network for Productivity and Security
Because customer confidence is crucial for developing a solid customer base and growth, organizations need to take every step they can to protect their business and the tools they use to do business. That includes managing cybersecurity in a way that maximizes the usefulness of the Internet and cloud computing while minimizing the threats associated with doing business in spaces that are vulnerable to cyber attacks, viruses, malware and hackers.
Who Performs Network Risk Management?
Responsibility for network risk management lies in an enterprise's Chief Risk Officer (CRO), sometimes called the Chief Risk Management Officer (CRMO) or the Risk Management Officer (RMO) or a managed service provider hired by the company. To help these executives maintain network security and remain vigilant, several organizations have developed risk management standards including the National Institute of Standards and Technology and the ISO. These standards help identify threats and vulnerabilities, identify ways to reduce these risks and implement risk reduction efforts.
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IT Security and Risk Management: An Overview: http://www.zdnet.com/article/it-security-and-risk-management-an-overview/