Significance of Information Risk Management

Significance of Information Risk Management As information security threats continue to become acute, many enterprises are shifting from a conventional security mindset to an Information Risk Management (IRM) approach. Effectively evaluating risks, both external and internal, needs a thorough understanding of the attacker’s mindset. While securing an enterprise from the latest virus might consume several security resources, but the most hazardous threats to any business results from attackers with an aim to cause economic loss. Some of the reasons behind the attacks can be identified instantly, whilst others are difficult and leave a long lasting impact that affects a company’s reputation and revenue.

Information or data is of utmost importance to any company. Thus protecting a company against an economically driven data theft needs much more than advanced technology at work. Most importantly, it needs an efficient information risk management framework to be implemented within the organization for identifying, evaluating and resolving unwarranted risks. A systematic information risk management policy must address the following issues: The objectives and basis for IRM within the enterprise The association between risk management frameworks and the enterprise’s strategic planning procedures The range and extent of IRM within a company What is considered as an acceptable risk The key accountabilities of risk management Today IRM solution providers have introduced innovative data protection solutions that help in securing sensitive and critical enterprise information. The solution functions in the three phases, that includes: · Strategy and Design In this phase the solution assesses the data protection needs and creates an effective data classification strategy and policy. It also evaluates your critical data on the basis of, who owns it, who creates it, how it is used, how it is shared and many more. Depending on this risk assessment a data protection framework is designed to address current and emerging trends such as BYOD, Cloud, Mobility and many more. · Control and Integration In this phase the solution helps you to implement appropriate security and data protection technologies like data leakage prevention (DLP), information rights management (IRM), and database access monitoring (DAM) tools. It also offers project management and technical implementation skills for effective implementation according to the design criteria. · Sustenance and Optimization Here the solution fine tunes and optimizes the technology implementation to assure better alignment with business data movement rules, reduction in false positives, KPI reporting and executing a strong incident management and consequence management framework for ongoing vigilance which is important for building a culture of data protection within the enterprise.

Therefore, the modern day Information Risk Management and data protection solutions help you to implement a comprehensive data protection framework all through the information lifecycle. The solutions undertake a holistic but modular approach that enables an organization to leverage the IRM services either in a continuous or modular manner and assess, transform and sustain data protection.

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