Risk Management Purposes

Risk Management Purposes.

Risk management purposes may focus on managing third-party partners, cloud data storage, IoT and operations.:

  • Third-party – Third-party risk is likely one of the most important ones we’re following up on right now. More and more, organisations are relying on third parties to provide goods and services. These first-line third-party providers also have their own providers, some of which go back even further. Any problem in this whole supply chain can affect the people who depend on it. This could happen when cyber threats are sent through trusted third parties and connections. It could also hurt the reputation of the third party if it turns out to be a fraud. Managed services are becoming more popular.
  • Cloud – Cloud-based companies are becoming more and more companies’ first choice for their IT infrastructure. These could be cloud service providers who offer application services or just a place to host or infrastructure services. The cloud services themselves are just as vulnerable as any other system. And if the service providers don’t take care to keep their environment safe, you could be the one who gets hurt. They need to be protected as an extension of the core infrastructure of the organisation.
  • The Internet of Things – The Internet of Things (IoT) environment is growing quickly, and billions of smart devices may now be connected to the internet. These give information and capabilities to many organisations around the world, ostensibly to help them manage their infrastructure, but it is well-known that IoT security is still a long way off.
  • Operation – Operational technology has been in place for a while so that buildings and systems, mining operations, and power distribution operations can all be managed remotely.

So how do you set priorities?

  • Priorities are set based on how dangerous cyber threats are seen to be to the business and how important the business goals are.
  • They are run by consulting with the business and the executive to make sure that they work well together.
  • Priorities are set based on risk goals and, by extension, business goals.