Risk is ever present in everything that we do. The most successful organizations are those that recognize this and strive for a mastery of risk. In this manner they are able to take advantage of the opportunities that risk presents while mitigating the negative effects as far as possible with the resources available.
Conducting a risk assessment is a requirement of the Health Insurance Portability and Accountability Act and the HITECH Act, as well as SOX and other similar pieces of legislation. It is the cornerstone of developing an effective and efficient Information Security posture.
netlogx Enterprise Information Risk Management Services will take organizations through the process of setting up and sustaining the vital Risk Management process.
The netlogx Risk Management process comprises:
- Identifies and characterizes the threats
- Assesses the vulnerabilities of critical assets to specific threats
- Determines the risks (i.e., the expected likelihood and consequences of specific types of attacks on specific assets)
- Identifies the ways to reduce those risks
- Prioritizes risk reduction measures based on a strategy
The netlogx methodology for Risk Management also follows a Plan Do Check Act (PDCA or Shewhart Cycle) approach. In this way there we establish and sustain a continuous assessment and improvement of the Risk Management posture. Information Security Management Systems (ISMS) such as ISO 27000 stress this and it is universally recognized as a Risk Management best practice.
Organizations can ensure that they a compliant with legislation that mandates risk assessment. They can also be confident that they are focusing on the risks that are most likely and impactful and so be sure they are spending their resources and time in the most effective and efficient manner.