Start Here: Risk Management

February 7, 2023

Risk management concerns proactively identifying, assessing, and mitigating potential financial, legal, and security risks to your organization. All security programs are essentially about managing risk to ensure protection of data and assets against intrusion, leaks, and loss. While you can’t prepare for every possible risk, you should be able to identify many of them, such as minor risks which may have minimal effects on your bottom line, or worst-case threats that could potentially shutter your organization. 

Risk management is important because it can help you identify risks and mitigate their potential effects. A good risk management program will give you a risk profile based on: threats (such as natural disasters, hackers, and power outages), vulnerabilities (such as proximity to floodplains, age of equipment, and weak or out-of-date code), impact (the potential cost of a breach or loss, to your customers, your business, and your reputation), and likelihood (an approximation of the probability of an adverse event occurring).

SPIO helps you manage your risk through our security risk assessment (SRA) tools, which help classify your data, identify agents most likely to seek unauthorized access to it, and assess vulnerability to malicious intrusion attempts. Your security posture should be based on your risk status and the likelihood of potential attacks and intrusions: the riskier your data, the tighter your security needs to be. SPIO helps you identify threats and vulnerabilities and offers suggestions to mitigate their impact and likelihood.

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