Blog | January 19, 2021 4 MINS

What is an IT Security Risk Management Framework?

Navigating the IT Security Risk Management Landscape

$6 trillion. That’s how much cybersecurity damages will cost the world in 2021.

The number should come as no surprise since cyberattacks happen to businesses around the world all day, every day. Globally, 30,000 websites get hacked daily, and every 39 seconds, a new online attack happens.

The statistics about cybersecurity threats are horrifying for just about anyone. But for IT leaders, they’re especially alarming. Why? Because your business continues to generate huge volumes of data each day, IT systems are getting more complex, and cyber threats are snowballing.

While making your business immune to cybersecurity threats isn’t viable, you can prepare for potential events and mitigate the harmful impact. An IT security risk management framework comes into play to help guide your internal strategy.

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What is an IT Security Risk Management Framework?

An IT security risk management framework is a system of standards, guidelines, and best practices to manage cybersecurity risks and maintain industry regulations. Frameworks present a standardized and well-documented method for:

  • Conducting risk assessments that check your business priorities and identify gaps in security controls.
  • Performing risk analysis on existing control gaps.
  • Prioritizing action and future security investment based on risk analysis.
  • Executing those strategies by implementing a range of security controls and best practices.
  • Measuring and scoring security program maturity along the way.

The person responsible for executing the IT security risk management framework varies from business to business. Larger organizations typically have a Chief Information Officer or Chief Risk Officer to manage the process and work with their IT team to execute it. Smaller organizations might have someone in charge of IT oversee the project.

Regardless of company size, it’s essential to have multiple stakeholders involved in building the framework. For instance, the board and C-level suite will have a crucial role:

  • Identifying what risks may expose the organization to harm.
  • Establishing ongoing training for employees.
  • Managing the budget required to mitigate current and future risk.

Why Does My Business Need a Security Framework?

Cybersecurity frameworks have become a staple for companies that want to comply with state, industry, or international cybersecurity regulations. But beyond the law, security frameworks help organizations prioritize action in a flexible, repeatable, and cost-effective manner to protect their business.

Watch a 5-minute demo: OneTrust GRC IT & Security Risk Management

Your IT security risk management framework will provide five main benefits for your organization:

  1. Saves Time: A framework allows you to map where you are on your cybersecurity journey. From there, you can identify gaps that will guide a more actionable conversation with company stakeholders—knowing where you are versus where you need to be.
  2. Universally Applicable: Most of the content included in an IT security risk management framework is applied universally. For example, regardless of your industry or location, your business likely handles sensitive data. Given that almost every business shares this circumstance, this means you can benefit from a framework that shares specific actions about managing sensitive data.
  3. Community Approved: You don’t have to start from scratch when it comes to your IT risk management framework. A collaborative partnership of multiple persons from various industry expertise backgrounds develops the most trusted and popular frameworks. This collective knowledge from different areas worldwide ensures whatever framework you choose; it’s been tried, tested, and proven successful.
  4. Provides Consistency: IT risk management frameworks provide consistency in addressing security needs across your company. Without a framework, your cybersecurity stakeholders across the company may operate differently. Not only does this cause inefficiency, but it also puts you at risk for error and unforeseen gaps in execution.
  5. Simplifies Security: A published framework makes it easy to explain how security manages threats and risk to even the most non-security versed individuals within the company. Cybersecurity touches everyone within your organization, so having a common language is helpful.

Further IT Security Risk Management Frameworks reading:

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