IT Risk Management Services
Intelligence Driven Cyber Security Operations
IT Risk Management
Assessing information security risks is one element of a broader set of risk management activities. Other elements include establishing a central management focal point, implementing appropriate policies and related controls, promoting awareness, and monitoring and evaluating policy and control effectiveness. Effective IT risk management is an ongoing process that requires collaboration between IT teams, business units, and executive management. By proactively identifying and addressing IT risks, organizations can protect their valuable assets, maintain the trust of their stakeholders, and ensure the continuity of their business operations in the face of technological challenges and cyber threats.
As reliance on computer systems and electronic data has grown, information security risk has joined the array of risks that governments and businesses must manage. Regardless of the types of risk being considered, all Certcube risk assessments generally include the following elements.
- Identifying threats that could harm and, thus, adversely affect critical operations and assets.
- Estimating the likelihood that such threats will materialize based on historical information and judgment of knowledgeable individuals.
- Identifying and ranking the value, sensitivity, and criticality of the operations and assets that could be affected should a threat materialize in order to determine which operations and assets are the most important.
- Estimating for the most critical and sensitive assets and operations, the potential losses or damage that could occur if a threat materializes, including recovery costs.
- Identifying cost-effective actions to mitigate or reduce the risk. These actions can include implementing new organizational policies and procedures as well as technical or physical controls.
- Documenting the results and developing an action plan.
- Review Information Security Policy and Network Security Architecture and advise on and agree scope of the Information Security Management System.
- Agree control objectives (Statement of Applicability)
- Review controls (interview, observation, inspection)
- Information Security Management status report and findings
- Final report with recommendations for improvement and options for implementation of ISO 27001.
- Implement the recommendations to bridge the identified gaps
Risk Advisory
Our approach to IT RISK MANAGEMENT
Establish Governance Structure
Our team defines roles and responsibilities for IT risk management entities, including appointing risk owners and establishing oversight committees.
We develop and communicate IT risk management policies and procedures, aligned with the organization’s overall governance framework.
Risk Identification
Our team identifies IT-related risks, considering internal and external factors, such as cyber threats, system vulnerabilities, regulatory changes, and operational weaknesses.
we use various risk identification techniques, such as risk identification, in-hours workshops, use case scenario analysis, and obtained data analysis.
Risk Assessment
The team evaluates and prioritizes identified IT risks based on their potential impact on the organization’s objectives and assets. we deeply Estimate the likelihood and severity of each risk to determine their overall risk level.
Risk Mitigation Planning
We develop risk mitigation strategies and action plans for high-priority IT risks. Considering a range of risk responses, such as risk avoidance, risk reduction, risk transfer, or risk acceptance.
Compliance Management
Our team ensures that IT risk management practices align with relevant laws, regulations, industry standards, and internal policies.
Risk Monitoring and Control:
We continuously monitor the effectiveness of IT risk mitigation measures and control mechanisms. Further, implement incident response procedures to detect and respond to security incidents and breaches promptly.
Performance Measurement and Reporting
Our team prepares the key risk indicators and key performance indicators to measure the effectiveness of IT risk management efforts.
Prepare regular risk reports for management, the board, and other stakeholders to provide visibility into the organization’s risk posture and the status of risk mitigation initiatives.
Risk Communication and Training
We foster a risk-aware culture within the organization by promoting risk awareness and providing training to employees and stakeholders. Facilitate communication channels to report risks, incidents, and concerns.
Business Continuity and Disaster Recovery
We develop and maintain comprehensive business continuity and disaster recovery plans for IT systems and assets. Our team continuously tests and updates these plans regularly to ensure they remain effective.
Continuous Improvement
We conduct periodic reviews and audits of IT risk management processes to identify areas for improvement. Implement lessons learned from past incidents to enhance risk management practices.