Risk Mitigation Strategies

It is rightly said that “Prevention Is Better Than Cure.” This maxim can also be applied in information technology in terms of IT risks. Risk mitigation is a process whereby an enterprise takes some proactive measures or use some strategies to mitigate or eliminate risks altogether in order to prevent or reduce damage to the organization.

The following sections gain an insight into some popular risk mitigation strategies organizations are looking for in 2019.

What is the Role of Change Management?

The recent technological advancements in information technology require businesses to change their IT systems and networks. Organizations upgrade new systems to optimize their efficiency and survive and thrive in the tremendously growing and competitive IT industry.

Change management is the act of ensuring that your company’s IT infrastructures such as accounting systems, database systems, managerial information systems, networks, and IT procedures are secured when a “Change” is applied to them. A Change can be an addition or subtraction of new devices or services. An unsuccessful change can pose new risk and vulnerabilities such as oversight, missing objects, loopholes, or overlaps.

In the event of failure, the change management team should rollback the change to the previous secured state, identify the fault, and make recommendations.

One of the popular technique for change management is Parallel Changeover. Using this technique, the change management team runs a new system simultaneously with the old one for a specific time period. In the case of any problem, the rollback option is available.

How Incident Management Can Be Helpful?

Incident Management is the act of restoring service to a normal situation or previous secure state as quickly as possible after the disruption. Furthermore, an incident management team in an organization identifies, analyzes, and remediate the incident in order to prevent its future reoccurrence.

Moreover, incident management can help enterprises to prepare for unexpected software, hardware, and security failures, and reduces the time to restore the disruption in the aftermath of an incident.

An Incident is, in fact, an unexpected event that disrupts the normal functioning of an IT service. Below are the steps in an incident management process:

  • Incident Identification
  • Logging
  • Categorization
  • Prioritization
  • Response
  • Diagnosis
  • Escalation
  • Resolution and Recovery
  • Closure

The adequate administration and usage of incident management is the best practice to prevent incidents. An important strategy for incident management is effective incident handling.

How User Rights and Permission Reviews Help Avoid Risks?

User rights and permission reviews attempt to assign specific and limited privileges to users in order to provide them only the level of access that is vital to perform a specific assigned task. For instance, can information just be seen such as read-only or having just read/write permission?Privilege Abuse or Privilege Escalation occurs when a user misuses the privileges.

Unlimited rights and permissions to users or employees can pose various risks and vulnerabilities. For example, employees’ insecure BYODs (Bring-Your-Own-Devices) or removable media can provide a porous hole to the company’s secure network.

Moreover, the security teams in organizations should perform routine audits to check Privilege Escalation.

What Are the Benefits of Routine Audits?

The routine audit is the act of performing timely and surprise visits to the company’s physical and logical IT infrastructure to make sure that everything is fine and functioning properly.

Performing routine audits also help to check out the performance of the workforce who is responsible for the correct functioning of specific systems and applications. For example, are the systems and applications are being patched in a timely manner? Are there any loopholes in network security?

How Policies and Procedures to Prevent Data Theft Can Be Applied?

Data is deemed to be a digital currency nowadays. Whether it comes to private organizations or governmental organizations such as military, or national security, data security has become inevitable and vital part of the overall security of organizations. Data has worth and value and if it falls into the wrong hands it can have devastating consequences.

To ensure data security, the role of Data Loss Prevention (DLP) technique is worth mentioning. DLP is a set of technologies, techniques, and tools that are designed to protect confidential data and information. This technique can be applied to all form of data, such as:

  • Data in Use
  • Data in Motion
  • Data at Rest

Conclusion

In this article, you have learned about the risk mitigation strategies that include change management, incident management, and more. The purpose of using these strategies is to ensure that your organization has a maximum level of protection against IT risks and Data Breaches.

References

https://smallbusiness.chron.com/changeover-techniques-34890.html

https://searchitoperations.techtarget.com/definition/IT-incident-management

http://www.taskmanagementguide.com/solutions/departments/IT-department/performance-routine-audits-maintenance-hardware-software.php

https://www.cisco.com/c/en/us/products/security/email-security-appliance/data-loss-prevention-dlp.html

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