IT networks are the backbone of most organisations throughout Australia and the world, meaning any complications or security breaches can compromise their ability to operate.
As these systems become more and more integral to a company's operating procedures, it's important to have strategies in place to ensure risk is managed effectively. IT security solutions involve preparing for worst-case scenarios and putting a plan in place to recover quickly from a security incident.
According to a report from the Australian Cyber Security Centre, the digital threat to Australian businesses is growing, demanding that organisations have capable IT risk management strategies to reduce the impact of potential attacks.
Why do organisations need an IT risk management strategy?
The way businesses store information has drastically changed in the digital era. Now, vital data is often stored digitally on local hard drives or servers, or even managed remotely via cloud services.
When these systems go offline, it impacts businesses financially and can compromise their data – an intangible asset that plays an increasingly tangible role in a company. How would your organisation react if it lost client, invoice or employee information?
A recent report from IBM and The Ponemon Institute investigated the financial impact of data breaches, finding that these incidents have the potential to costs businesses millions of dollars. On top of this, the research revealed that malicious and criminal cyberattacks are the main culprit, accounting for more than 40 per cent of all recorded breaches.
How can organisations reduce IT risk?
The first step to reducing IT risk within an organisation is to be aware of the issues that could pose a threat to IT security. As Oceania Family Business Leader at EY Ian Burgess pointed out, cyberthreats are simply the reality of doing business in the digital world.
Organisations also cannot simply rely on prevention to keep their data and systems secure. Even though technology research expert Gartner revealed that businesses worldwide are increasing their governance of IT security, they still need dependable disaster recovery solutions to ensure they can handle worst-case scenarios.
It's also essential to ensure that employees of all levels recognise the risks that come with digital business initiatives. According to Gartner, nearly two-thirds (63 per cent) of businesses now keep company executives up-to-date with IT risk developments within an organisation.
Ultimately, businesses need to review their security systems regularly to ensure their risk management strategies will be effective if they are needed.
If you are concerned that your IT risk management strategy is not up-to-date, contact the team at NetCraft to secure a tailored solution designed meet your needs.