Framework for Comprehensive IT Risk Management PPT

This PPT slide, part of the 23-slide Risk Management: Cybersecurity Strategy PowerPoint presentation, outlines a structured approach to managing IT risks, emphasizing the importance of a comprehensive risk management program. It identifies 6 broad categories of IT risk, which include:

1. Data Protection and Privacy: This category focuses on safeguarding sensitive information and ensuring compliance with regulations.
2. Reputation Risks: Risks that could negatively impact the company’s public image and stakeholder trust.
3. IT Security: Encompasses the technical aspects of protecting IT systems from unauthorized access and threats.
4. IT Operations and Business Community: Addresses risks associated with day-to-day IT operations and their impact on business continuity.
5. IT Projects and Investments: Focuses on risks related to the execution and funding of IT projects.
6. Outsourced IT Activities: Covers risks arising from third-party service providers and their management.

The slide suggests a three-phase approach to develop a unified risk management plan. The first phase, Identify Risks, involves pinpointing specific risks within each of the 6 categories. This step is crucial for understanding the unique challenges the organization faces.

The second phase, Determine Strategy, requires evaluating which of 4 strategies—avoidance, transfer, mitigation, or absorption—best fits each identified risk. This strategic selection is vital for effectively addressing vulnerabilities.

The final phase, Decide Implementation Approach, focuses on how to integrate the chosen strategies into the organization’s operations.

The concluding note emphasizes that while no cybersecurity effort can guarantee complete safety, a well-structured risk management plan can significantly reduce potential costs associated with risks. This slide serves as a foundational framework for organizations seeking to enhance their IT risk management practices.

This slide is part of the Risk Management: Cybersecurity Strategy PowerPoint presentation.

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Cyber Security Risk Management IT Security Data Protection Cybersecurity Compliance

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