Risk plays a critical role in almost every business decision with business executives having to balance risk and reward if they want to be successful. IT is often overlooked with other risks being valued with more importance; IT vulnerability isn’t even considered a board level problem in many cases. Failure to identify, assess and mitigate IT risk sets your business up for security breaches and financial losses down the line.
To identify the business risks associated with the use of IT, organisations need a wider view of IT risk that aligns with the strategic direction of the business. As this approach is often overlooked or left to the IT team, the risk management is not aligned with the rest of the business. When developing an IT risk management strategy, it’s important to consider how this can improve the alignment of IT and make the business more agile.
Today’s IT risk environment is more threatening than ever thanks to the growth of sophisticated malware attacks and increased security vulnerabilities, regulations continue to increase placing additional costs on businesses.
Adaptability and Performance
IT services must have the capability to adapt and transform rapidly, effectively and cost-efficiently to achieve targeted business outcomes. IT must be able to adapt its capacity and performance aligning with the business growth. Also, it must be able to track performances through metrics. The performance must appease both business and customer users.
Security and Protection
Using system management and reporting, IT plays a vital role in ensuring a high level of security online and offline. With the ever-changing landscape of cyber-attacks, its important risk strategies move in line with this so businesses can stay protected.
Processes
IT risks are constantly applying pressure to an organisation’s technology, infrastructure and people. It’s important these roles are also considered when developing an IT risk strategy. Its vital that all employees are trained on their appropriate systems to reduce the risk of human error. While all of these issues can change quickly in a business external processes such as laws to abide by also play a major factor in how your IT risk management strategy should be planned out.