A Different Approach is Required
Managing cybersecurity and ensuring continuous technology operations are, at their core, risk management activities. Recasting them as a component of enterprise risk management is a helpful and effective way for technology leaders to engage business executives and board members into a more productive discussion of business risks, priorities and controls.
Effective technology risk management can also often be an enabler to help unlock and realize the many benefits of technology innovation, resulting in higher revenue, profit growth and improved service levels. Too often, undefined risk concerns delay the adoption of innovation. Risk management provides objective, quantitative measures and a framework to make decisions faster and with more confidence.
The problem, however, is that traditional risk management approaches rely on accurately predicting the likelihood and impact of unwanted scenarios occurring. This is extremely difficult to do in the uncertain and ever-changing world of information security. As a result, technology risk management often results in programs that are both too complicated and too subjective.
A different approach is required.
Start With the Critical Assets – You Can’t Protect What You Don’t Track
One of the fastest and most practical ways to implement technology risk management that actually works is to focus from the “bottom up” by identifying and risk assessing your most critical technology assets.
What are your “crown jewel” data assets and applications? How do your applications connect to each other? What business processes and services do they support?
Most serious hacks and outages can be traced back to problems and control gaps in the applications that use your crown jewel data. Many high profile hacks and outages have originated from interfaces into applications that were not tracked or risk managed properly.
Who is tracking the risks and compliance requirements tied to your critical applications and data? Are application controls in place? How do you know the information is accurate and up-to-date?
By measuring and tracking risks at the asset level, and by mapping these back to the business services they support, you can quickly generate an accurate, objective and quantified view of risk that has the business context needed for effective discussions between technology, executives and board members.
Find out more today.