How to Effectively Measure Risk in the Digital Era

Risks are everywhere. From unpatched endpoints to new malware variants, there is a myriad of threats that can compromise your organisation’s security. But how can you effectively measure risk to make informed decisions on mitigation strategies?

Before we even start on the challenges, it is crucial for IT leaders to understand the various types of risks that organisations face, which are:

• Operational Risks: These are risks that arise from the day-to-day operations of an organisation. They may include things such as data breaches, system outages, and employee errors.
• Financial Risks: These are risks that could impact the financial health of an organisation. They include market fluctuations, changes in interest rates, and lawsuits.
• Compliance Risks: These are risks that arise from not complying with applicable laws and regulations. They can lead to fines, penalties, and other legal consequences.

Once you have identified the types of risks your organisation faces, it is essential to establish an effective risk measurement practice that provides ongoing guidance for decision-making. Here are the key elements to consider:

• Ongoing Updates: Continuously update risk assessments with current IT environment data to make informed decisions based on current technology and vendor relationships.
• Prioritisation: Streamline risk prioritisation aligned with strategic goals. Incorporate risk scoring to compare and assess risks, such as evaluating the potential risk of migrating data to a trusted cloud provider for cost savings.
• Accessibility: Ensure easy access to risk assessments, eliminating the need for exhaustive searches. Implement accessible risk reporting for swift information retrieval, facilitating ongoing decision-making.

Measuring risk is an essential part of any organisation’s security programme. By following the tips in this article, you can develop a robust risk management programme that will protect your organisation from harm.

The four key elements of risk management

Essentially, what you don’t know can hurt you. To gain more valuable insights and guidance on effectively measuring risks, download this e-book by Tanium, the industry’s leading provider of Converged Endpoint Management (XEM). Within its pages, three esteemed IT industry experts share their wisdom, offering practical, comprehensive, and actionable approaches to risk measurement. Do not miss out on this valuable resource—download it now.