IT Risk management Samples for Students †MyAssignmenthelp.com

Question: Discuss about the IT Risk management and Principles. Answer: Introduction to IT Risks The IT risks are explained as the application of the principles of the risk management to an IT company in order to manage the various risks that are associated with different fields. The aim of the IT risk management is to resolve the issues and to manage the risks that are associated with various fields of the IT sectors like the operations, security systems and the installation of the different tools (Barrett, 2016). The IT risk management is a large component of the enterprise risk management system. Apart from the risks and effects of negative services and operations of the organization, the IT risk management systems are also associated with the potential benefits of the various risks ventures. As per Goguen, Stoneburner Feringa, the management process is done by the It managers to allow a flexible balance in the economic and operational sectors that are related to the protective measures in order to achieve the target of the organization (Goguen, Stoneburner Feringa, 2017). The management in the IT sectors saves the large volume of data from the malicious hackers, avoids the unknown access from the outsiders, checks the illegal access to the systems, helps to update the existing software in a regular interval time, provides the maximum resources from the licensed stakeholders and dealers, helps to realize the importance of assert and much more. IT risk analysis According to MacLeod, there are various risks associated with the IT projects like the data risk, infrastructure, design, information security, innovation risks, legacy systems, operational risks, budget risks and much more. The IT industry faces both the external as well as the internal risks. The digital threats are nowadays very common in the market. These threats are capable of corrupting the hardware and the software (MacLeod, 2016). The hackers use the malware to control your system remotely, steal the critical data and destroy the necessary information. The spam and the junk emails over the web corrupt the entire device without any delay. Due to unencrypted data, there are huge chances of losing the data (Rodrguez, Ortega Concepcin, 2017). The new technology has no service for the camera systems that help the hackers to steal the data and the recoveries in such cases are quite difficult. The third party services without any legal license, helps the cyber attackers to acquire the system and break into the device. The main reason behind the cyber attacks is the lack of knowledge of the employees about the cyber attacks. The employees are not aware of the new tools and technology that helps the hacker to delete the data and change the host of the user (Samadi, Nazari-Shirkouhi Keramati, 2014). The IT risks are processed in the following steps: Assessment The risks are analyzed and assessed for the severity. Mitigation Various countermeasures were applied to measure the risks and put it in a place in order to reduce the impact of the particular risks. Assessment and evaluation It is the end part of the risk management where the effectiveness of the countermeasures is evaluated. So, based on the derived results, various steps are taken to reduce the risks and improve the entire system to keep up the plans updated. Transferring the IT risks As per Samadi, Nazari-Shirkouhi Keramati, the transfers of risks are vital for the IT sectors. The purpose of this action is to take the specific risks that in detailed in the insurance contract and pass it form one party who are willing to take the risks on behalf of the company, the insured one, and pay a fee for the particular. The risks are transferred from the individuals to the insurance company or from the insurer to the reinsurers (Samadi, Nazari-Shirkouhi Keramati, 2014). The risk pooling is on the risk transfer method is one of the effective methods that collect millions of dollars in premium payments basis annually. Every company faces several risks on daily basis. They need to decide which risks accepting, so the risk appetite varies from groups to groups. The company needs to use the insurance in the cases where there are chances of earning a reward for the risks. The manager tries to protect both the risks that offer a reward and that do not offer a reward. So the risks are managed by the traditional insurance like in case of the employee liabilities (Schneider, et al., 2014). The companies use the insurance to transfer the risks that they do not want to assume. The company pays a premium amount to the company and in return gets the payments for the events. The risks that are associated with the general public liabilities are transferred to the insurance to reduce the risks. Importance of firewall, vulnerabilities scanner and intrusion systems The single security systems cannot make the network safe from the attacks. The firewalls perform the network access in order to control the network border. To reduce the instances of the data loss that is of any size are the main security concerns by establishing the security standards and performing the upgrading methods to improve the security systems of the networks. The managed services of the firewall provide the improved TCO and reduce the costs. It helps to simplify the management by reducing the time and provides better internal security management. A firewall manages and monitors the entire security devices used in the networks. The intrusion detection methods are the burglar alarms for the network security (Schneider, et al., 2014). Final Verdict The IDS set off the malicious traffic and send the warming to the systems or to the IT staffs. It helps to examine the network traffic in order to prevent the attacks and vulnerability exploits. The vulnerabilities scanners are convenient that set to run automatically on any schedule. The scanners are quite accurate to run on the "authenticated mode" where the credentials provide to access the patch levels. The save a lot of time and provides direct communication and feedback on the various risks. Reference Barrett, S. (2016).Effects of Information Technology Risk Management and Institution Size on Financial Performance(Doctoral dissertation, Walden University). Goguen, A., Stoneburner, G., Feringa, A. (2017). Risk Management Guide for Information Technology Systems and Underlying Technical Models for Information Technology Security. MacLeod, M. A. (2016).The role of risk management in business continuity: A generic qualitative inquiry of information technology managers(Doctoral dissertation, Capella University). Rodrguez, A., Ortega, F., Concepcin, R. (2017). An intuitionistic method for the selection of a risk management approach to information technology projects.Information Sciences,375, 202-218. Samadi, H., Nazari-Shirkouhi, S., Keramati, A. (2014). Identifying and analyzing risks and responses for risk management in information technology outsourcing projects under fuzzy environment.International Journal of Information Technology Decision Making,13(06), 1283-1323. Schneider, E. C., Ridgely, M. S., Meeker, D., Hunter, L. E., Khodyakov, D., Rudin, R. S. (2014). Promoting patient safety through effective Health Information Technology risk management.Rand Health Quarterly,4(3).