Good Governance Financial and IT Risk - What You Should Know in a Slowing Economy
What You Should Know in a Slowing Economy
A slowing economy will inevitably result in some level of operational budget cuts. Because it does not result in direct revenue impact, cyber security is often the first target for companies to reduce or cut. As cyber security primarily focusses on minimising financial losses to the organisation and its clients or partners, risk prioritisation decisions must be tackled with caution since cyber breaches can impact customers and other third parties along the supply chain.
If the organisation is found to be negligent in their risk management decisions, putting profit before customer security they can be exposed to significant punitive fines and damages which are not covered by cyber insurance. Therefore prioritisation of cyber security investment is a logical step in the IT risk governance process.
The Open Group Factor Analysis of Information Risk (FAIR)
This methodology is a structured approach to quantifying potential financial losses attributed to cyber risk. This is a powerful defence for organisations to justify their budget prioritisation decisions. These tools and the justification of cyber security investment can be complex process, therefore engaging cyber security risk specialists is a solution for many organisations.
Industries of Higher Risk
Some industries simply have higher security risk profiles due to the nature of their work. Examples include construction businesses, entertainment venues, industries that deal with vulnerable persons (such as aged care), and any other business that may attract adverse behaviour from those with opposing ideologies - such as RSL clubs, places of worship and sporting organisations.
Barringtons security risk management and assessment team has decades of experience working with clients of all shapes and sizes across a broad range of industries. Their arsenal of Risk Assessment Management Services includes Cyber Security Risk Assessments and Cyber Penetration Testing. They are able to provide a quick turnaround, reporting on any weaknesses in an organisation and develop valuable solutions in helping organisations in making quantified cyber security risk management part of the day to day decisions of any organisation.
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