Information Security Risk Management

The 6 Stages Of Information Security Risk Management

Uncover the six stages of information security risk management.

What Is Information Security Risk Management?

Information Security Risk Management is also known as the ISRM. ISRM is the process of managing risks in information security.

As said, ISRM goes with a process.

  1. First, identify the security risks (by type and number)
  2. Second, determine the system owners of critical IT assets
  3. Third, assess the level of risk tolerable for the organization
  4. Lastly, build and create an information security incident response plan

6 Stages Of An Information Security Risk Assessment

Information Security Risk Management includes the process of Information Security Risk Assessment.


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Basically, there are 6 stages in information security risk assessment. This framework is developed by the U.S. Dept. of Commerce National Institue of Standards and Technology (NIST).

1. Identify Data Risks

The first step is the identification of data risks. So this should include the specification of your digital assets.

This step will surely be tedious. But this step should also be taken meticulously.

Besides, this stage should involve plenty of information. Be sure to involve the following, for instance.

  • Company private data- this could be data about product development, and trade secrets
  • Personnel data- data of your employees can lead to identity theft
  • Payment Card Industry Data Security Standards- for those dealing with financial transactions 

Your goal is to gain enough data about the top information security risks. Also, along with this is the checking of existing security controls. This should help you better decide which controls to alter. Or perhaps, decide whether change it into something latest.

2. Protect The Assets

After gaining a holistic view of your critical IT assets, you can now take the steps to protect them.

You can do so in the following ways:

  • Conduct training awareness to employees
  • Employ access controls
  • Implement security controls in each asset to lessen risks
  • Assign a lead person that should focus on managing information security

3. Implement The Plan

After the second stage, you should have your plan ready. Now, it is time to adopt the security policies. Also, data security controls should now be laid clear.

Since training awareness is already done, employees should now be conscious of the policies. Besides, if you see the need to add new controls, then do.

Mostly, companies do install software that can give alerts in case of illicit access.

4. Security Control Assessment

Know that security controls should be in continuous assessment. Perhaps the IT oversight should make sure that security controls are going according to plan.

Also, assess the employees’ conduct regarding information security. 

5. InfoSec System Authorization

Reaction time is essential in keeping most security controls. Thus, you should see to it that responsible persons are prompted. Besides, also review the manner of addressing the alerts sent to the IT team. 

Doing so should help you assess the effectiveness of your InfoSec management process.

6. Risk Monitoring

Again, information security risk management is an ongoing process. Along with it is a continuous assessment.

Thus, it is vital the risks are regularly monitored.

Why?

Because cybercriminals easily change pace. They might be ahead of the game before you know it. But one way of keeping up is by regular risk monitoring.

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