Information Risk Management

Information risk management is the process of determining, evaluating, and reducing risks pertaining to the privacy, accuracy, and accessibility of information. It involves putting controls and procedures in place to lessen the effects of any dangers and weaknesses that could affect an organization’s information assets. Risk identification and assessment of potential threats constitute the initial step, followed by prioritizing the risks based on their potential significance and likelihood of occurrence. Information risk management is a continuous activity that needs to be monitored and evaluated frequently to identify emerging risks and vulnerabilities and take the necessary steps to mitigate them. Effective information risk management can assist organizations in safeguarding sensitive data and preventing data breaches, which can lead to monetary losses, reputational harm, and problems with legal and regulatory compliance.