Page 48 - DCAP309_INFORMATION_SECURITY_AND_PRIVACY

Information Security and Privacy

Notes 3. To help improve the business’s operating performance and shareholder value.
4. To improve efficiency by reducing risk exposure inherent in the business processes.
5. To support the achievement of strategic goals.

4.2.2 External Factors

1. To ensure compliance with regulatory requirements.
2. To deliver competitive advantage.

3. To reassure stakeholders and interest groups that the business is actively managing risk.

4.2.3 Steps involve in Risk Management

Risk management involves the following steps:
1. Reviewing operations of the organization.

2. Identifying potential threats to the organization.
3. The likelihood of their occurrence.
4. Adopting appropriate actions to address the most likely threats.
Risk management is not a matter of getting the right insurance. Previously, people were not
serious about risk management. Nowadays the impression of risk management has changed
dramatically. With the recent increase in rules and regulations, employee-related lawsuits and
reliance on key resources, risk management is becoming a management practice that is every
bit as important as financial or facilities management.
Information security, availability and confidentiality only address some of the components of
an organization’s information security. Therefore, we are moving beyond the concept of just
information security.

Task Discuss the process of identifying risk.

!

Caution To successfully manage their risk in the future, organizations need to develop an
enterprise-wide risk management framework.

Self Assessment

Fill in the blanks:

3. ....................... is a process to identify and then manage threats which could severely impact
or bring down the organization.
4. Successful risk management needs the involvement of all levels of ....................... of an
organization.
5. To successfully manage their risk in the future, organizations need to develop an
....................... risk management framework.

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