Automating the IT Risk Management process is critical for organizations that want to secure their IT investments from internal and external risks related to information security, infrastructure, project management, and business continuity processes. Furthermore, a well-defined IT GRC program based on frameworks such as COBIT and ISO 27002 cannot achieve high maturity scores without process automation for risk and compliance management.
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IT Risks Faced By Organizations
Companies are faced with IT risks from multiple sources which are not restricted to information systems.
a. Internal IT Risks – data fraud, unauthorized system access, lack of an information security culture, inadequate employee awareness, inefficient IT governance, poor application development standards
b. External IT Risks – cybercrime, threats such as viruses and worms, the vulnerability of emerging technologies (Cloud computing, SaaS)
Today, corporate battles can be fought using cyber warfare, wherein competitors steal sensitive information by hacking into corporate systems or exploiting their vulnerabilities. Such unethical acts of sabotage and vandalism can cause severe losses to an organization's revenue, brand value, and market share. Moreover, the organization is held liable for any data theft incidents related to the payment cards or patient healthcare information.
Automation of the IT Risk Management Process
IT operations, fraud and surveillance systems such as threat and vulnerability management, configuration and compliance auditing, and identity governance systems can be used as sources for automating the IT Risk Management process. Incidents arising from these systems can be mapped to IT Risk repositories, enabling incident response teams to evaluate their risk to the organization.