In IT risk is real, and becomes ever more real with each passing day as the number of phishing and ransomware scams escalates. According to a study by SonicWall, the ransomware attempt volume reached more than 300 million for the first half of 2021, a new record. US, UK, and Germany topped the list as potential targets, with South Africa and Brazil rounding out the top five.
With ransomware attempts shooting up by almost 80 million compared to the previous six months, it would be easy for security and IT personnel to become paranoid about cyberattacks.
That’s where risk management comes in. It uses a series of enterprise risk management software tools to bring sanity to enterprise management and cybersecurity by highlighting the areas of high risk, analyzing the factors involved, and outlining how to respond to those risks. The goal is to achieve some measure of control in order to minimize future negative outcomes, and to move the organization from a reactive to a proactive stance.
The key steps of the risk management process are:
- Identify risks
- Assess risks
- Implement controls
- Review effectiveness
Risk management tools are used to help…
