A recent study by Oxford Executive Research shows that the companies that have recovered from major operational IT disasters have increased their share prices by 5% on an average versus the market, while the companies that struggled to regain their operations experienced a 20% drop in their relative share value. This is the reason why organizations want to mitigate IT risks and improve the return on their investments in information systems by handling corporate risk management more efficiently.
As the world moves towards digitization with technologies evolving day by day, the threats and risks on the Internet also continue to increase. All our data, confidential files, bank statements and even our critical personal information is often saved on our systems or would have shared it with someone via the Internet. As we all are a part of this digital world, all our information is available in the digital format. Similarly, an organization's data also resides in their systems and is carried around within their servers. It is important to safeguard this data in order to mitigate IT risks.
There are several important files that contain critical and confidential information of a company. With business rivals and hackers around, it is important for the businesses to safeguard this data and prevent them from getting their hands on this sensitive information. Data on the Internet or on company's systems and servers is quite easy to break into and steal if it is not protected carefully, in a secure manner. Besides, considering how important data is, adequate steps must be taken with respect to IT risk management to avoid losing confidential information and data. Following a few best practices for IT risk management can substantially increase Shareholder value.
Considering the reality of IT risk management, it is important to develop awareness about the possible threats. Today, there are several ways to develop awareness against IT risk. Companies can begin with establishing the types of risks that they could have a possible threat from, and then clearly define what they expect from a robust and efficient risk management framework. These include -
In a situation where data has been compromised, IT security has been breached, and risk can no longer be prevented, companies must quickly shift gears and move ahead from an awareness stage to understanding and assessing the impact of the looming risk.
IT risks have different causes and hence different approaches must be followed when it comes to managing and mitigating them. The type of security breach and the way in which the data is tampered must be understood. Next, a suitable method must be followed to manage the risk. Broadly, managing IT risks requires a combination of efficient process, advanced technology, skilled resources, and information.
With millions of dollars being invested into IT risk management, companies expect their people and technology to be at the forefront to prevent and mitigate IT risks. As IT budgets are constrained, bigger companies need to make sure they are not over-investing or under-investing in risk management.
There are many other ways in which companies can align the costs of IT risk management to processes that would not make a huge dent in their IT security budgets.
Managing and preventing IT risks for several companies across the globe effectively for over 17 years, Flatworld Solutions has emerged as one of the most reliable software development companies. Our staff is well-versed in providing IT risk and security management services to companies of all sizes, across various industry sectors. We offer high-quality services within a quick turnaround time at cost-effective rates. By partnering with us, you can ensure complete IT security and also stay updated with all the IT risk management best practices. We also provide long-term security tips and guidelines for IT risk management.
Contact us to share your IT risk management requirements with our security experts and help us better understand your project needs.
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