Organization must have efficient yet effective policy implementation for information security.
Risk management process can help:
| Step | Explanation |
Identifying the Risk | Identifying risks the business is exposed to, such as legal, environmental, market, regulatory, and other types of risks. |
Analyze the Risk | Analyzing the risks to determine their impact and probability. The risks should be mapped to the organization's various policies, procedures, and business processes. |
Evaluate the Risk | Evaluating, ranking, and prioritizing risks. Then, the organization must decide to accept (unavoidable), avoid (change plans), control (mitigate), or transfer risk (insure). |
Dealing with Risk | Eliminating or containing the risks as best as possible. This is handled by interfacing directly with the stakeholders for the system or process that the risk is associated with. |
Monitoring Risk | All risks must be constantly monitored. Risks should be constantly monitored for any situational changes that could change their impact score, i.e., from low to medium or high impact. |
Main goal is to maintain CIA triad.
A deep understanding of the risk management process is critical for anyone starting in information security.
It is essential to prioritize clear and accurate documentation from the very beginning.
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