IT risk management

As we already know, new and advanced technology brings an increased risk of cybercrime. Those with malicious intent find ways to breach even the most advanced security software, making IT risk management a must for all law firms.

Living in the digital age means many of us rely on cloud-based storage, with reams of information being secured online or in complex systems. This information is open to attack if not properly protected. Therefore, vigilant risk management systems need to be installed to keep your systems safe.

With this in mind, it’s imperative for businesses to ensure their budgets allow for proper IT risk management services and practices. Leaving yourself vulnerable to digital attacks could result in data loss, reputation damage and serious financial implications.

What is IT risk management?

As a business, you may already have policies and procedures in place to ensure compliance with industry regulations. IT security is no different. Your exact requirements will depend on the systems you use and the information you retain digitally.  

Computer Weekly poll showed that top concerns for IT risk management in the UK included network performance, network traffic, flow data and user behaviour when implementing IT risk management strategies. Respondents also prioritised identity and access control, along with application performance.

Having procedures in place to monitor and actively improve safety in these areas should be a crucial point in developing business strategies. There is no sense in creating products or systems that work without considering how to keep information safe and ensure the highest level of protection against cybercrime. 

How should you allocate an IT risk management budget?

Including your IT risk management strategy in your budget allows for proper apportioning of spending and highlights your commitment to IT safety. It can be difficult to know how much of your budget to allocate, however, so here are some considerations to keep in mind:

Rising costs

In the same Computer Weekly survey, global respondents expected costs for information risk management to rise as budgets are allocated to cover various risk management protocols.

The best way to ensure full protection is to keep your software updated. Often, software will come with a subscription fee per year, so it’s important you’ve got enough in the budget to cover this cost, as well as any potential paid-for premium upgrades.

Expanded knowledge base

Having competent, expert staff on hand to tackle security threats, monitor your networks, and maintain security packages is a necessary expense for many organisations. The more risk management practices in place, the more staff you will need for troubleshooting, updating and ongoing risk analysis.

Supply chain and partner buy-in

Threats to IT security are not just external but can come from internal and supply chain parties as a result of misinformation, a lack of knowledge or less secure IT systems. If working with partner organisations, it may be crucial for you to allocate part of your budget to implementing supply chain risk management protocols and watertight training systems. You’ll need to budget for this across your own and partner organisations, with considerations for retraining and updated training as appropriate.

Simple training, such as how to respond to and report phishing emails or other risky materials, shouldn’t eat into too much of your budget, so you can focus on high-level awareness and optimal supply chain knowledge.

A helping hand

Allocating your budget to compensate for increased IT threats may seem overwhelming as new threats and solutions emerge. At CBSIT, we can assist in the planning of your budget and offer a protection package that works specifically for you and your business. Contact us today to see how we can help you move forward and stay secure in the digital age.