How To Incorporate Risk Management In Your Organization

Enterprise Risk Management
March 21, 2021

Recent years have not been kind to workplace cybercrimes. To keep your organization secure, it is critical to conduct a cyber risk assessment. As the name suggests, it assesses the cyber risks your company or organization is facing. Risk assessments or Risk management are used to identify, estimate, and prioritize risk to organizational operations, organizational assets, individuals and other organizations.

Thus, resulting from the operation and use of information systems. It is essential to identify mitigation strategies for these risks for several different reasons such as safety of your employees and customers, financial security, operational continuity and dependability. Read our earlier blog post to know how to conduct a cyber risk assessment.

Here are 6 different ways you can incorporate risk management in your organization.

Assess Risks and Vulnerability

The nature of threats are constantly evolving and a change in security systems are required to keep up with this. The main goal of a security assessment is to assess and evaluate areas of vulnerability in the organization. Next, it is crucial to determine what kind of vulnerabilities they are (Potential or actual) so that they can be addressed effectively and efficiently. Last, appropriate measures are taken to minimize exposure to the threats or eliminate them.

Prioritize Risks

It is always necessary to determine the priorities of your workplace. Different security setups are implemented to mitigate different risks, and different systems are designed to protect different types of targets in your workplace. There are systems implemented to protect the personal safety of your organization, tangible property (cash, products) and intangible property (classified data). Identifying risks, prioritizing them based on their urgency and mitigating them effectively can vastly improve workplace risk management.

Comprehensive Planning

Comprehensive planning is vital to risk management strategies. Several security systems are specifically designed to detect risks and mitigate them. This takes time and advanced coordination. An organization may also need a custom setup that takes time to design, build and implement. Planning thoroughly for your organization’s security needs can contribute to better risk management. Healthcare organizations especially have become a common target during the ongoing pandemic. Read our blog on how to implement a healthcare risk management plan.

Monitor Software and Hardware 

Some of the more straightforward risks an organization faces are vulnerabilities in its software and hardware. These can be managed by monitoring and implementing the regular security updates of your technology provider. The task can prove to be difficult as every employee will need to be monitored. Implementing robust IT policies and regular check-ins for employees in the organization to monitor their technology usage and habits are critical steps in minimizing risk exposure.

Firewalls and Threat Intelligence

Securing your network is vital as several thousand sites are being accessed by your employees and every single computer is exposed to the internet, thus increasing your chances of being hacked. It is important to implement firewalls, which block untrustworthy websites and apps, conduct regular threat intelligence and implement security protocols on your networks. Implementing HackShield into your systems can greatly reduce your exposure. It mitigates risks by:

  1. Instantly discovering sensitive data and applying transparent encryption
  2. Monitoring and auditing data movement at the endpoint to ensure compliance
  3. Assessing the level of liability on endpoints and stratify risk
  4. Tracking and protecting selected data for anyone in the system
  5. Shutting down access to protected data for terminated employees or discontinued third parties
  6. Monitoring third-party downloading of protected health information (PHI) on any device
  7. Writing rules as to who can have access to information
  8. Preventing the transfer of data to non-authorized targets

Companies such as SureShield implement software to holistically conduct secure risk management for your organization. To know more, follow us on LinkedIn and Twitter or email us at [email protected] for any questions and we’ll be happy to help.

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