An information security policy is the foundation for a successful program to protect your information, prepare for and adapt to changing threat conditions, withstand and recover rapidly from disruptions, and equip your business leaders with indispensable insights. Information sharing through alliances or industry utilities can be used to better address the due diligence and ongoing monitoring requirements of a third-party risk management program.
How you approach that is entirely up to you. An asset-based approach is widely regarded as best practice, and although the specific information risk and control requirements may differ in detail, there is still a lot of common ground. Most organizations need to address the information risks relating to their employees as well as contractors, consultants, and the external suppliers of information services.
Information risk management joins the financial, inventory, contractual, and risk management responsibility to manage the overall life cycle of your assets, including tactical and strategic decision making. Management must monitor risk in the cloud – all cloud-based technology developed or acquired must enable transparent and timely reporting of information risk and be supported by well-documented and communicated monitoring and escalation processes. Together, these trends are resulting in the asset side of the balance sheet becoming less interest sensitive while the liability side is becoming more sensitive.
Cyber threats, the digitization of information, complex supply chains, and movement of employees between organizations and continents all put your organization’s valuable trade secrets at increased risk. From backing up laptops and servers and archiving cloud data to leveraging an iron mountain data center and recovering information from older systems, you can help. Risk management has traditionally been focused on operations in the physical domain, but greater reliance on digitization, integration, automation, and network-based systems has created an increasing need for cyber risk management across many industries.
As customer data and intellectual property evolve and invite new forms of information theft, the leadership role of the chief information security officer must become stronger and more strategic, moving beyond the role of compliance monitoring to help create your organizational culture of shared cyber risk ownership and transferring residual risk management to other parties (including insurance organizations). A keen focus on your organization’s unique financial goals and long-term investing success is fundamental to the selection of appropriate investment strategies and responsible management of your wealth.
When an organization participates in active risk management, it has the ability to identify and respond to opportunities and meet its mission objectives. In order to minimize your information security risks, you need to ensure that you clearly define and precisely know what you are protecting, how you plan to protect it, and its overall value. For example, optimal utilization of all grid assets requires a fundamental shift in grid management rooted in an understanding of asset risk and system risk.
Organizations need to take on a holistic approach when creating a digital risk management strategy that supports risk-based decisions and improved cybersecurity while reducing costs related to managing security risk, denial of service attacks, and the introduction of malware into your systems. Convergence relates to the degree of integration within organizational structures that combines physical and information security into one universal security team.
Since ROE uses shareholder equity as its divisor, and that equity is risk-based capital, the result is more or less automatically risk-adjusted. For organizations that want to protect their people, property, and performance against risks, programs such as Anvil deliver advanced technology-led resilience solutions which identify relevant threats, warn those affected, and prescribe what action to take. Correspondingly, there is a clear need for strong risk-management processes from the outset and for those to be applied and continuously developed throughout the life of a project.
Want to check how your Information Risk Management Processes are performing? You don’t know what you don’t know. Find out with our Information Risk Management Self Assessment Toolkit: