Every organization faces unexpected turbulence. The gusts may come in the form of hardware and malware malfunctions, careless employee errors, or any other type of disruptive incident. Ignoring the vulnerabilities of information securities and the countless regulatory compliances can end up causing serious expenses and damage to an organization. With a strong IT risk management software tool in place, organizations can protect their data, optimize workflow, and stay up to date with compliance and contract management. It’s the smart way to run a business.
Technically Speaking….What is Risk?
What exactly is risk? Well, by looking at decision theory we can assume the following: Risk = (Likelihood x Impact). In IT specifically, we can quantify risk by looking at asset value, threat level, and vulnerability. This gives us: Risk = Assets x Threats x Vulnerabilities. You might be wondering what the difference between threat and vulnerability is, and how to classify each in your own organization. Generally, threats cannot be controlled proactively (examples: mass email viruses, power outage). On the other hand, vulnerability can be controlled and treated with proactive measures (examples: old hardware, weak personnel).