Risk management is the ongoing process of identifying, assessing, and responding to risk.
It allows organisations to understand the likelihood and resulting impact of risks, determine the acceptable level of risk for delivery of services, prioritise cyber security activities and make informed decisions about cyber security expenditures.
Risk Management as a Service (RMaaS) provides a clear overview of data breaches and ensures key business risks are visible, so you can easily manage and mitigate any issues. We use expert tools and reporting to effectively communicate risk information to business leaders, helping inform decisions and ensuring demonstrable accountability for risk acceptance and actions.
Why you need to take action
Managing risks across an organisation can be complicated, more so if the business is large or growing. Often the processes used involve generic, time-consuming and manual tools such as spreadsheets and local databases, which results in security teams being swamped by the complexity and scale of the task. With manual methods, it’s common for organisations to experience a lack of visibility when it comes to risks, due to difficulties in linking or correlating data and modelling a range of event frequencies. This coupled with late and inadequate reporting can lead to concerns that actions aren’t being progressed. There can also be missing history or evidence for any data breaches or incidents.
If risk issues are not communicated properly or overlooked or underestimated, your team face the continual worry that a risk might blow up. Organisations that fail to understand their business and the risks that affect it are exposed to significant potential harm. When discussing risk management strategy with business leaders, security teams may also find it difficult to demonstrate progress and make the case for budget, leading to even greater vulnerabilities.
Alongside these security concerns, organisations need to address increasing requirements for a risk-based approach to compliance and regulations. For example, GDPR stipulate businesses must ensure a level of security appropriate to any risks and take technical and organisational measures to mitigate risks. A lack of responsibility in taking these measures can result in serious administrative fines.