Every company faces risks of all kinds. ISO 31000 defines risk management as “the effect of uncertainty on objectives.”
Uncertainty can mean natural disasters, project failures, legal issues, accidents or even attacks from your competitors. The bottom line is that you can’t live without risk – but you can manage the effects and make sure they do not have a serious impact on your business.
By taking control of the risks associated with your company, you can mitigate the overall damage and protect your interests.
Risk management allows your company to incorporate a set of guidelines that minimise damage while putting protections into place that make it less likely a given risk will materialise in the first place.
In general, risk management involves the following process:
Identifying the risks themselves.
Creating an assessment of how vulnerable your systems may be to specific identifiable threats.
Defining how likely a given risk is to your company. In other words, a failed project is probably more likely than an earthquake.
Taking action to reduce those risks.
Prioritising your risk reduction measures.
Focusing on integrating risk management into your systems should be a proactive process, in order to minimise the potential damage to your company.
The level of risk management you will want to employ depends on the nature of the risk involved.
On a grand scale, the risk of a natural disaster taking out your servers is fairly low – and can be mitigated by having backup servers at a different location waiting to be activated.
On a smaller scale, the risk of one of your people selling confidential information to a competitor may be a much more plausible risk . To mitigate that, you would have to put in place processes to monitor what employees do with their devices, perform detailed background checks, and be constantly vigilant.
How you choose to handle risk depends on the size of your business, what industry you operate in, and the full scope of the risks you want to address. You don’t want to waste time on risk that are unforeseeable, but you do want to address real concerns.
100% Security Labs can do a full assessment of your company, identify actionable risks, and put together a plan to manage them. We’ll look at a large variety of risk factors, including:
Again, depending on the size and nature of your business, we may recommend appointing a risk management officer to fully integrate our plan. Or, we may simply present an overall systemic plan to help migrate your risk.
Either way, we can work with your organisation to make risk less of a burden for your company, and minimise the total amount of potential damage.