Implementation of Effective Risk Management-Samples for Students

Question: Critically evaluate IT security risks in terms of vulnerabilities targeted by hackers and the benefits of using intrusion detection systems, firewalls and vulnerability scanners to reduce risk. Answer: IT risk management is the process of applying the principles of risk management in an IT organization to provide management for the risks, which are often associated with the IT field. The risks are managed in the sectors of ownership, involvement, adoption, influence and the use of IT in a larger enterprise (Meyer Reniers, 2016). The essay further discusses about the approaches taken to mitigate security risks, transferring IT risks, critically evaluate the risks and the benefits of the intrusion detection system. To conclude the essay it can be said that risk management in IT industry has to be taken seriously to safeguard all the data from hacking. The various approaches that can be implemented to mitigate security risks in an organization. To keep the system updated and patched with correct encryptions methods which are being used in the market (Hopkin, 2017). Using different types of OS increases the maintenance of the machines. It is advisable to stick to only one type of OS. To provide good antivirus software to the computers of the organization. Issuing of good security certificates are advisable to reduce the security risks that occur in the organization (McNeil, Frey Embrechts, 2015). When risks occur in an organization, the best option is to accept the fault and try to remove it. If the risk is non-removable then the best option for the organization is to transfer the risk to an insurance company. There are certain conditions, which cater to the procedure of the transferring of the risk to the insurance company. The legal obligations of the insurance provider should be checked by the organization before accepting the contract (Bahli Rivard, 2017). The procedures the hackers use mainly pertain to phishing out information from the target. The victim will not be able to know when such phishing scenes occur with them. Having a small buffer zone for the server of the organization will prove a vulnerability for the organizations as data can be selectively chosen out of the buffer overflow data. Sensitive data related to the organization should be kept secured with encryption so that if the data is hacked from the organizations system the data cannot be decrypted easily thus reducing the vulnerability (Hopkin, 2017). There are certain options, which the organization can take up to check their vulnerability of security. An intrusion detection system (IDS) is a system designed to monitor all types of network activity on a particular system of network. This can be used to keep a track of all types of traffic in the network and any suspecting activity can be tracked back to the source. The most basic kind of vulnerably reduction mechanism is the use of a firewall for the system network (Meyer Reniers, 2016). There are many industries, which overlook this property of the network making it vulnerable to hacks. Another software which can be used is the vulnerability analyzer which can keep a track of all types of potential and real vulnerabilities in the system network. To conclude the essay it can be said that the issue of risk management follows many routes and any IT company facing such risks should follow-up with the management to effectively remove the threats inside the organization. Such threats can prove to be harmful for the organizations reputation. The various approaches for the process of removing of the vulnerabilities has been discussed in the essay. References Bahli, B., Rivard, S. (2017). The information technology outsourcing risk: a transaction cost and agency theory-based perspective. In Outsourcing and Offshoring Business Services (pp. 53-77). Palgrave Macmillan, Cham. Hopkin, P. (2017). Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan Page Publishers. McNeil, A. J., Frey, R., Embrechts, P. (2015). Quantitative risk management: Concepts, techniques and tools. Princeton university press. Meyer, T., Reniers, G. (2016). Engineering risk management. Walter de Gruyter GmbH Co KG.