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How To Defend Your Information Systems Against Different Types Of Risks

 

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CISO at NCHENG LLP Certified Information Systems Auditor (CISA) with extensive experience in building internal cybersecurity practices.

Companies that rely on information technology systems such as computers for their business practices are expected to know their systems' risks. A security breach is the main risk associated with information systems, as it comprises threats such as malware, spyware, denial-of-service, password theft, viruses, hardware and software failure, phishing and hacking. In essence, a security breach is any form of unauthorized access to an individual or a company.

 implementing information system controls, a company should undergo a risk assessment process. The process involves an analysis of the chance of loss associated with a certain threat and should be followed up with the safeguarding of assets prone to certain vulnerabilities.This is important in evaluating possible threats and planning out the financial resources needed for those threats. Risk assessment is important because it establishes effective policies to deal with risks and lays out strategies that are cost-effective in implementing those policies. 

The assessment gives decision-makers information about the factors that adversely affect a company's operations and outcomes. Also, it informs those concerned with making informed decisions about the ways they can mitigate those risks. Companies can opt to carry out a qualitative or a quantitative risk assessment to establish the risks affecting their operations.

Combating Risks In A CompanyRisk management is a step-by-step method of identifying, analyzing, communicating and controlling risks in a company. The management of risks in information systems includes five typical methods: avoiding, reducing, transferring, retaining or utilizing the risk at hand:

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Risk avoidance involves eliminating the risk's cause or the consequences related to the risk.Risk reduction involves limiting the risk by establishing measures and controls that will reduce the threat's vulnerability.

Risk transferring involves making other selections that will help compensate for the loss being considered.

Risk retaining involves laying out a plan that will manage the risk. Thus, it involves making controls a priority, as well as implementing and maintaining them.

Risk utilizing involves research and acknowledgments, thus lowering the risk of loss by acknowledging the flaws and vulnerabilities associated with the risk. Research controls are also useful in correcting vulnerabilities.Companies can manage risks by creating a security policy that will assess the state of all of their online platforms, such as their websites and social media platforms. This policy should consist of prevention measures and the detection of attackers. These policies should also address physical security to ensure that unauthorized people do not access infrastructure, minimizing insider attacks.

Companies can conduct staff training for new and existing staff members on technology procedures, policies, and strategies for managing IT risks. With this, your staff can learn how to handle infected emails, secure the information of customers, and act during a security breach.The company should also consider insurance as it relates to these risks, as it is hard to secure systems from all possible risks. Insurance coverage is essential in risk management and recovery planning due to increased and emerging risks.When protecting against information system risks, consider physical actions you can take, including securing computers, wireless networks and servers. 

Additionally, you can utilize digital tools such as firewalls, anti-spyware software and antivirus protection to avoid malicious attacks. Always update your software to the latest version available to avoid system failures — and make use of data backups, such as remote storage and off-site storage, to avoid the loss of sensitive data.Securing passwords with strong authentication, including multi-factor authentication, is also essential. 

This will help you secure sensitive systems against illegal access, including access from attackers who disguise themselves as legitimate users or programs.Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify?