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Information Risk Management: The Current Challenges Faced by Organizations and their Solutions
ETCO India, Sep 2010, Pages: 107
Information Risk Management has become a mission critical business requirement for businesses across the world amidst known and emerging threats facing the Information Systems of organizations. A lot of action is carried out in this area with loads of products & services introduced in the global markets and billions of dollars being burnt by business owners. But everyone has one question in their minds – are we doing enough? Business owners want to know whether they are effectively & proactively identifying the information risks and implementing adequate controls to mitigate them. This paper presents the problems faced by global organizations pertaining to Information Risk Management and presents solutions that are deemed feasible by a number of respondents that participated in a survey of 325 participants conducted by the researcher. If the Risk Management and Information Security consulting companies across the world design service packages to “implement the frameworks and not only advise on them” to the extent that they are culturally accepted by the employees and the value addition to business is tangibly demonstrated, they can tap a huge market potential across the globe. As per estimates carried out in this research the Information Security and Risk Management markets in the technology & knowledge intensive sectors of UK and all countries under European Union put together offer a market potential of about $12 Billion for one time implementation and about $1.5 Billion in annual service charges if the Information Security and Risk Management consultants package and offer the services designed in this report.
The target audience of this report are:
- IRM professionals practicing in the global markets
- External and Internal auditors
- Senior Management, Top Management & Board members of organizations that either have IRM implemented or are planning to implement in due course
- IRM & ISMS process package and software tool design companies
- Quality Management professionals
- IT Security & ISMS professionals
- Legal & Statutory strategy makers
- IRM managers in Government & Public Sector units
Some of the key findings of the report are:
- The IRM & ISMS training manuals for employees mostly comprises of checklists of dos and don’ts whereby very little emphasis is given on improving the general knowledge of employees on the threats and associated impacts. The knowledge management efforts for employees pertaining to IRM & ISMS as a subject matter or domain area is not adequate.
- The security policies & acceptable usage policies written in the organizations as an outcome of IRM are more of “compliance enforcement documents” describing breaches and punishments very much in detail but not giving much emphasis on the rationale of the controls although it should be other way round. In fact these documents are the most uninteresting papers to be read by employees and most of the time responsible to induce fear psychosis and play safe attitudes in organizations.
- Very little efforts are applied to achieve buy in of employees on the security controls by understanding the negative impacts from them and modifying the documented policies to make them optimal from management and employee perspective.
- Implementation of stringent security controls have resulted in reduction of employee satisfaction & innovation capability thus resulting in reduction of delivery efficiency and effectiveness of the organization.
- The IRM and ISMS teams normally sit outside the IT & IS functions having members that are not qualified & experienced to carry out in depth audit of the technical environment of the organization. Thus, the auditing of these functions becomes more of paperwork to satisfy the audit plan requirements.
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