Technology Risk Consulting
Today’s organization in all sectors whether it is business or a public sector entity or a non-profit organization rely heavily and increasingly on Information Technology (IT) and in other computer based technologies. The dependency on the Information Technologies is to gain and maintain strategic advantage and also to achieve and sustain the operational efficiency. Technology risk assessment and management can be of great advantage.
In a similar way the organizations are reliant not just on the internal resources but also in the third parties to successfully select the design and implement and also maintaining these technologies and the technology based processes, solutions and services. Accordingly, the identification and management of opportunities and the risks associated with the selection, operation and implementation of information technology remains a big challenge for organization’s today. Here comes the need of technology risk consulting services which can help you overcome this hurdle of managing technology risks.
Technology Risks includes the following listed:
- Hardware and software failure
- Human Error
- Viruses and malicious attacks
- Natural Disasters such as floods, cyclones or fires.
You can manage Technology risks by completing a business risk assessment by taking help of Technology Risk Consulting Firms. By just having business plan continuity with the help of technology risk consulting firms you can recover your business from any type of IT related incidents.
What is Technology Risk?
If your business depends on Information Technology systems such as networks and computers for operating the key business activities, you must be aware of the range and nature of risks to those systems. Some of the Technology risks related to IT are listed below:
General IT threats
General threats related to IT data and systems include:
- Failure of Hardware and Software - such as power loss or data corruption.
- Malware - Malicious software that is designed to interrupt the computer operation.
- Viruses – It is a type of computer code that can copy itself and then spread from one computer to another, often interrupting the function or woks process of computer.
- Spam, Scams, and Phishing – These are unidentified email’s that tries to fool people into revealing personal details or purchasing of fraudulent goods.
- Human error - Incorrect data processing or careless data disposal or accidental opening of infected email attachments.
Criminal IT threats
The targeted criminal threats to the IT systems include the following:
- Hackers - People who illegally gets access to your computer systems.
- Fraud – People who use computer systems to receive personal data.
- Passwords Theft – Malicious hackers often target passwords for illegal purpose.
- Denial-of-Service - Online attacks preventing website access to the authorized users.
- Security Breaches – This includes physical break in and online intrusion as well.
- Staff Dishonesty – Stealing data or sensitive information, such as customer details usually done by employees.
Natural Disasters and IT Systems
Natural Disasters such as cyclone, fire and floods also sometimes present risks to the IT systems, data and infrastructure. Damage to the buildings and computer hardware can result in loss or corruption of customer records or transactions.
How Technology Risk Consulting Manages Technology Risks?
Technology risk consulting manages risks in a structured process that involves a series of activities designed to:
- Identify risks
- Assess the risks involves
- Mitigate risks
- Develop a clear response plans
- Review risk management procedures.
What is the prescribed Procedure for Technology Risk Consulting to Manage IT Risks?
The prescribed procedure for technology risk consulting to manage Technology risks is mentioned below:
Check out the Legal Requirements of the Business
At the first step the technology risk consulting firms should be aware of the legal and legislative requirements of the business owners for example the Information Technology Act, 2000 as well as the privacy laws such as the Personal Data Protection Bill 2018.
Assess all the IT related risks
An effective IT risks assessment checks on serious risks based on the probability that there is scope of occurrence of risks.
Prepare a Business Continuity Plan
If the IT risks are identified by the technology risk consulting firm, they will first of all check its impact in the business. The development of a business continuity plan helps the business survive and recover from the IT crisis. A business continuity plan identifies the crucial business activities, response plans, risks and then its recovery procedures.
Have a proper IT risk management policy and procedure
By having proper IT Risk Management Policy, the company would implement this among various levels of the employees in the organization.
The technology risk consulting firms can assist you in training your staff on issues such as:
- Safe email use
- Setting out processes for common tasks
- Managing changes to IT systems
- Responses to IT incidents.
They can issue a code of conduct for the employees and customers providing them clear direction and also define acceptable behaviors in relation to the key IT issues, such as the protection of privacy and ethical conduct.
How Technology Risk Consulting can help in Reducing Technology Risks?
Threats and risks in Information Technology systems and data is the reality of today’s business. It is suggested to put in measures or better hire a Technology Risk Consulting Services to protect your system and data against hackers and thefts. This can be done in the ways listed below:
Implement Practical Steps to Improve IT Security
To help in protecting your IT systems and data, the Technology Risk Consulting Firms will help you by:
- Securing computers, servers and wireless networks;
- Use antivirus and anti spyware protection as well as firewalls;
- Regular update of the software to the latest versions;
- Use data backups that includes off site or remote storage;
- Secure your passwords;
- Train the employees in IT procedures and policies; and
- Understands all the legal obligations associated in online business.
Creating a secure online presence
In case your business has an online presence, the technology risk consulting firm will help you in assessing the security of your website, email accounts, online banking, and profiles on social media.
Induction and IT Training for Employees
Training existing as well as new staff in the required IT policies, procedures and codes of conduct is an essential component of the IT risk management strategies. Training of employees can cover the key business processes and policies such as:
- Safe handling of the infected email;
- Protecting the privacy and details of the customer; and
- Priority actions to be taken in case of an online security breach.
It is almost impossible for a business to prevent or avoid any type of IT risks and threats. Technology Risk consulting firms will help you in getting insurance as it is an essential part of the IT Risk Management and recovery planning. It is important to update your insurance regularly especially looking at the new and emerging IT risks such as the increasing use of personal mobile devices for activities in workplace.
How Enterslice will help you in Responding to Technology Risk Incident?
Responding to the technology risks is very important as it will influence customer’s ideas regarding your reliability. Enterslice will help you in preparing an IT risk management plan and Business continuity plan that includes:
- IT Incident response plans;
- Emergency Response plans; and
- Recovery Plans.
IT Incident Response plans
The IT incident response plan identifies principal IT risks and the steps you need to take to mitigate damages and effects. They might include all the details of the key employees who needs to be notified, priority actions, communication plans, event logs and contact lists to record the actions taken.
Emergency response plans
IT incidents can be a consequence of a wider crisis, such as explosion, flood or cyclone. In any type of emergencies the safety of staff and its members must be your first priority. An effective IT incident response plan must integrate with the emergency support response plans.
IT incident recovery plans
A recuperation plan will assist you with reacting viably if an IT incident or any type of emergency influences your business. A recovery plan can abbreviate recuperation times and limit misfortunes, and ought to include:
- Strategies to recover your business exercises in the speediest conceivable time;
- Depiction of hardware and staff required to recover your tasks; and
- Your recovery time targets.
If your business utilizes Information technology (IT), it is imperative to comprehend the key advances that you can take to limit IT occurrence. Risks include hardware and software failure, human error, spam, viruses and malicious attacks, as well as natural disasters
Checklist provided by the Technology Risk Consulting Firms?
The checklists provided by the Technology Risk Consulting Firms are as follows:
- A well developed an IT risk assessment plans.
- Tested, implemented and tested business continuity plans.
- Security related to IT as a part of the physical design of the work premises.
- Assessed IT security in any stage of planning of new or changed IT systems.
- Discussed IT risks with the system users.
How can Enterslice Help You?
Our technology risk services team consists of experienced technology professionals who are able to combine their expertise in assurance and regulatory requirements.
We are able to influence this technical skill set to provide co-sourced and outsourced technology audit capability to an organization, or discrete assurance reviews over key areas of risk such as:
- System selection and specification
- Program assurance over areas of significant IT change
- Data governance
- IT outsourcing and third party management
- IT operations assurance
- Data and digital security
- Business and IT resilience
What you should do now for Technology Risk Consulting Services?
Effective technology risk consulting firm provides a co-ordinate and integrated approach that permits you to:
- Consider integrated business risks rather than IT centric
- Understand the emerging risks to your digital strategy
- Assess and highlight all the risk from selection to implementation of any new type of technology solutions
- Test and assess IT risks within your business.
- Assess the implications of your data governance and security.