Developing an IT Risk Management Policy for Your Business

As your business grows, you need to protect the sensitive data your network houses. The best way to do this is to develop an IT risk management policy that keeps your data safe. This policy should include procedures and processes that help you manage your network’s critical data. Here’s what you should know about developing a policy for your data risk management.

Differences Between Policies, Procedures, and Processes

What’s the difference between policies, procedures, and processes? Aren’t they all interchangeable? No. They are three different levels of management. A policy is a high-level set of principles for a specific department within a business, or for the entire business. Procedures fit within that policy, and they are made up of processes. Processes rank lowest in this hierarchy as the actual actions taken to enforce the policy, and they have a start and a finish. Procedures govern how often processes are performed. For instance, your data security procedure should determine how often your network should have data backups. This procedure and its security process are just two pieces of your overarching data risk management policy.

Procedures Your IT Risk Management Policy Should Contain

When you devise your business’s IT risk management policy, you should include the following procedures:

Identify and Catalog Your IT Assets

To identify the security risks in your network and your business, you should first identify all of your business’s IT assets and catalog them. These assets can include IT hardware such as servers and routers, as well as software programs, network entry points, and cloud computing solutions that store your business data. Once you’ve identified and documented all your IT assets, you can begin identifying their risks.

Identify IT Assets’ Risks and Vulnerabilities

Your approach to data risk management should include identifying your assets’ risks and vulnerabilities. Determine where your network’s weak spots are, then begin developing solutions that prevent data breaches and other attacks. You should also determine the costs of implementing these solutions and managing your data with them.

Implement Risk Controls and Solutions

What are risk controls? They are business processes that reduce the likelihood of a particular threat. For example, encrypting your data reduces the likelihood of data breaches and increases your data protection.

Monitor Risks and Track Risk Controls’ Performance

One you’ve implemented these solutions, you should track how well they perform so you know how well your network is protected. You should also monitor the overall risks your business and your network face after the risk controls are implemented. Both of these steps help determine how effective your risk controls are, and whether your procedures and processes need to be revised.

Run Attack Simulations on Your Network

You can make sure your information security solutions and risk controls work by using penetration and vulnerability testing. This type of testing puts your security solutions to work before they have to fend off a real cyberattack. If these tests find any flaws or weak spots in your risk controls, your IT team can fix them or you can partner with a managed services provider to fix them before you face a real attack.

Managed Security Services for Your Calgary-Area Business

Pure IT offers managed security services that help you reduce your network’s security risks. We offer in-depth behavioral analysis that helps fend off ransomware attacks, as well as penetration and vulnerability testing that shows you how well your security solutions work. If you have any questions about our network security services, contact us today.

Posted Under: Cybersecurity