What is IT risk management and why is it important?
Risk management is the process of reducing and controlling threats concerning a business, its earnings, and its private data.
Many businesses overlook the importance of risk management, often resulting in unfortunate consequences including data loss, breaches, or issues with outdated software.
IT risk management covers a broad range of different risks. These include risks as simple as hardware, software, and applications being up to date – in line with the fast pace of ever-updating technology. However, this also extends to more complex and threatening risks, such as data breaches, stealing of personal data, or misuse of financial information.
Cybersecurity and general IT management are critical for running a business effectively without hiccups. It is always good to be prepared and have measures in place to deal with difficult situations to minimise the potential damage caused by an IT crisis.
This article will delve into the importance of IT risk management for small and medium-sized enterprises, including the ever-so-demanding and often confusing task of performing risk assessments.
Risk assessments are concerned with identifying and analysing potential negative outcomes associated with various activities/procedures. Later in accordance with the risk assessment, measures can be put in place to minimise the risks of those outcomes and the potential damage to a business, regardless of its size.
Verizon’s 2023 Data Breach Investigations Report found that 43% of all cyberattacks target small businesses, and 60% of those go out of business within six months of the attack. Let that sink in for a moment. Don’t let your business become another statistic.
We will now look at IT risk assessment; what it is, and the four different strategies underpinning it.
The four different IT risk assessment strategies are:
Analysing risks properly and efficiently to determine the best strategy to combat them is vital for protecting a company and its assets. Risks, in general, can be dealt with by either diminishing their overall negative impact or diminishing the likelihood of the negative event occurring.
In the IT sector, which is always evolving as new technology is developed and becomes available, it is especially important to be able to assess potential vulnerabilities frequently. Hardware fails over time and software becomes more vulnerable to breaches and cyberattacks over the years, so it is always a good idea to keep on top of things and have the best strategies in place to deal with any difficulties.
As risks are identified and become known, it is vital to determine the significance of their impact and address the more significant ones first by developing appropriate measures to put in place for them.
High-impact high-probability risks are the most crucial ones and are often dealt with using avoidance strategies.
IT risks need to be constantly monitored, with measures put in place as quickly as possible to ensure everything is kept secure and your business can run smoothly.
Having a functional and reliable IT department and service at the foundation of your business takes a lot of the pressure off of running things successfully.
However, for this to be achieved, effective communication and a team of the right expertise are key. This is where professionally managed IT services come into play, taking the load off your shoulders that are risks and risk assessments, and instead placing this into more than capable hands.
The team at Numata provides managed IT services to small and medium-sized businesses.
We can alleviate the workload associated with the intricacies of IT management, including the identification of IT risks and the development of strategies to minimise them. Our team has the knowledge and training to provide excellent IT service, minimise these risks, keep everything secure, and allow you to focus on what matters: running your business.
It’s important to note that not all risks are immediately obvious. At Numata, we have professional experience and expertise in cybersecurity, ensuring no stone is left unturned, with all risks appropriately analysed.
Leave the heavy lifting to us, you get back to working on what matters.