Before we go into details about managing information risk, let’s start with a working definition we can refer back to:
Information risk management (IRM) is comprised of the policies, procedures, and technology one adopts in order to reduce the threats, vulnerabilities, and consequences that could arise if data is not protected.
Below, we’ve broken down each part of this working definition so you can best understand how U.K. businesses can manage risk.
Information risk management examines the classic equation for determining risk:
Threat x Vulnerability x Consequence
Policies come in many different forms—some of them are created within a company, some are standard to an industry, some are regulatory, and some are fiduciary. These frameworks that are in place help your organisation function properly and are vital to proper information risk management.
(When reviewing the policies that need to be in line at your organisation, keep the General Data Protection Regulation (GDPR) law recently passed by the EU in mind as well as how it will affect which policies your organisation needs to put in place.)
We suggest the following resources:
Armed with a solid understanding of the risk equation and the policies needed to manage your risk, you can begin adopting those policies and establishing a clear strategy for your information risk management. Creating fixed, step-by-step actions for better cybersecurity based on the policies above is an excellent best practice—and we suggest the following as a starting place for your IRM procedures:
You’ll want technology that provides you with both quantitative and qualitative risk assessment methods so you can fully understand if a risk will likely happen and the impact it will have if it does occur.
How do you manage your information risk? Tweet us @bitsight and let us know.
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