What Is IT Risk Management?

IT risk management or information security risk management, involves implementing policies, methods, and technologies to manage and reduce IT threats.

If your business uses IT, you need a risk management plan. Firstly, it is vital to identify threats to then minimise those risks, and develop a clear plan in response to an IT setback. Secondly, identifying the risks allows you to acquire more security and prevent IT breaches.

Moreover, business owners actually have legal obligations to having privacy, electronic transactions, and staff training that impact IT risk management procedures.

If you have any queries or concerns, reach out to the professionals at KJR. Further, you can also visit our website for more information.  

Types of Risks and Examples 

General IT risks include:

• Hardware and software failures
• Human error (inadvertently unlocking files and emails containing viruses, or careless data distribution)
• Malware
• Viruses
• Scams
• Natural disasters (such as floods, storms, and bush fires which may interrupt the business, customers or suppliers)

Criminal IT risks include:

• Ransomware (software that intercepts the business from accessing their files or the computer system until a payment is paid)
• Hackers
• Theft
• Denial-of-service (online attacks that intercept website access for authorised users) 
• Security breaches
• Staff member deceit (theft of business’ data or confidential information such as customer information)

Benefits IT Risk Management Plans

By having an IT risk management plan, you:

• Are able to identify potential vulnerabilities that your business is susceptible to. Therefore gain a better understanding 
• Position your organisation to be proactive to IT threats, rather than being reactive to negative changes 
• Improve your organisation’s ability to prepare and respond to cyber attacks and other IT risks. Which may also prevent the business from undergoing further costs 
• Help your business guide future decision-making in relation to controlling and managing risk, while maintaining company goals and objectives 
• Avoid business costs associated with data leakage and other IT risks

Therefore, having a clear and strong plan in response of possible IT threats is very important to protect your business.

What If You Don’t Have a Risk Management Plan? 

Having no risk management plan will mean that your business becomes much more susceptible and vulnerable to IT risks. Which detrimentally influences data confidentiality, integrity and availability. 

Unquestionably, if you leak important data related to your business, or the information of your clients, you risk the longevity of your business. The organisation’s reputation will be extremely harmed. Which will lead to your customers and other essential stakeholders no longer trusting the business. Further, the IT system may be irreversibly damaged to a point where you need to install a whole new system. In turn this will increase expenses to the business and disrupt business flow.

In brief, having an IT risk management plan allows you to be two steps ahead in the case of tech solutions. Whereas not having one puts your company at risk.

Software Testing & Tech Solutions 

KJR is trusted by ASX 100 companies, Australian federal, and state government departments. We specialise in providing tech solutions for you and your business. For all your software quality assurance needs, contact the software and IT experts at KJR!

We also offer a variety of services such as software testing, digital consulting, IT solutions, software quality assurance, devsecops, software automation testing, and many more.