IT Risk Mitigation
Technology has allowed hackers to create systems that bypass security measures while mining data from web sites. Organizations have almost become completely dependent on technology to run their everyday operations. In situations where security threats are possible, it is the responsibility of the decision makers to minimize damages and losses generated by security incidents. A major concern with security breaches is that many organizations do not know how to manage or countermeasure their effects. Individuals called hackers and phishers are responsible for most online thefts and fraud. These individuals use their abundance of computer knowledge to invade computer systems remotely to access, download, sell, and fraud individuals. Using, copying, and distributing intellectual software without permission, is considered pirating. Forging someone’s identity with the intent to use it for fraud is considered identity theft. Organizations should have a clear understanding of potential theft vulnerabilities, and have a plan in place to serve as a countermeasure if a breach were to ever occur. Organizations should focus on protecting the major three components of information technology (IT) systems, which includes people, information, and IT. Without the proper knowledge, hardware, and data security encryption techniques, organizations allow themselves to be vulnerable to IT security breaches.
Changes and innovative technology present many new security risks for organizations. Ethics is considered moral principles that influence behavior. Ethical individuals are viewed as having integrity, and a sense of knowing and doing what is fair and right. When handling consumer data, organizations should make an ethical decision to implement the proper security measures that can prevent hackers from accessing them. Organizations spend hundreds to millions of dollars developing and investing in security systems to protect against potential data breaches. Organizations must understand the importance of ethics, privacy, and security threats when handling information. A risk management system can be used to monitor and analyze security threats and create countermeasures. Security breaches can disable business functions, and pilfer confidential data including credit card information, social security numbers, and passwords. No matter the size of the organization, they must have an understanding of the financial cost of a potential security breach. Security breaches occur in many types of businesses including e-businesses. A security breach can create distrust, hinder reputation, and cause a loss in revenue. Risks are considered the terms in which an impact on a business process is caused by a loss of confidentiality, integrity, and availability. Organizations should be greatly aware of security concerns that threaten its information, customers, and resources.
Risk management requires identifying risk and implementing security controls. A risk analysis is used to identify risks using a business-oriented approach. Risk can be identified by constructing risk scenario’s, which are used to explore potential risk. As risks are discovered, management can prioritize the solution for the risk and resolve breaches based on the type and amount of security needed. It is recommended that organizations have a clear understanding of potential vulnerabilities, and have a plan in place to serve as a countermeasure. The primary objective of a risk analysis is to find risks and reduce their potential damage to an acceptable level. Information security should be integrated into business operations. A security breach and failure in IT could have a dramatic impact on organization success and survival.