Ensure Banking It Security With Information Risk Management

Today technological advancements have led to the opening of new avenues for enterprises

. However, as the amount of opportunities increases the number of risks also increases exponentially. Hence, the greatest challenge faced by the enterprises is to pursue opportunities without being affected by the risks/dangers associated with it. This is what risk management is all about. Wikipedia defines risk management as the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities.

Any industry be it manufacturing industry or service industry like banking industry, risks are something that is inevitable. In the case of the banking industry, their greatest challenge is ensuring banking IT security. The changing regulatory / compliance requirements and the adoption of new technology (Cloud and Mobile services) have led to increased security threats making effective information risk management a top priority. Effective information risk management involves assessing current risk management strategy and controls, creating unified risk management frameworks and focusing on ROSI (Return on Security Investment).

Risk management helps enterprises not to avoid risks but to minimize and control its intensity and effect. Risk management is the process of identifying, assessing, controlling, and reviewing risks, to ensure that the enterprise is exposed only to those risks that are necessary to achieve its primary objectives. Risk management is a proactive process and not a reactive process and therefore it involves six major steps namely

1.Identify all known risks

2.Characterize each identified risk by describing its impact and probability of occurrence

3.Assess the vulnerability of critical assets to specific threats

4.Prioritize risks based on the impact and probability of each risk

5.Evaluate different measures and strategies to mitigate it

6.Control risks so that its impact is lessened as much as possible

Enterprises can ensure effective information risk management by collaborating with global leaders who help in developing comprehensive risk management solutions that drive compliance, effectiveness, innovation, and sustenance. Their vast and in-depth industry expertise help enterprises in managing their information risk framework comprising of regulatory compliance, optimization control, and compliance reporting. Their banking IT security services include

1. Risk management

2. Data Protection

3. Identity Management

4. Secure release

5. Phishing diagnostic

6. Cloud and mobile security

Thus a proactive approach can ensure effective risk management which helps enterprises to fast track business success even in an environment that is highly volatile, hyper competitive and increasingly uncertain.

by: Gladeyas

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