The recent economic downturns have had a major effect on how companies run today. Companies that used to rely on traditional forecasts and projections now refrain from making business decisions that are set in stone. They now have a renewed focus: IT risk management.
As most companies own or manage a business that makes use of Information Technology, it has become critical for them to identify risks related to IT systems and data and reduce or manage them. Moreover, companies need to ensure that they have a dependable IT risk management framework that can help them in the event of an IT crisis.
Are you sure that your information network will not fall victim to any IT risks? If not, get in touch with our experts and know why your organization needs IT risk management in place.
What is the purpose of an IT risk assessment and why companies need it?
IT risks usually involve hardware and software failures, human errors, spam, scams, and phishing, as well as criminal threats such as hackers, fraud, passwords theft or security breaches. These risks can easily be managed by completing an IT risk assessment methodology. Having an IT risk management framework can help businesses recover from such IT incidents and achieve organizational goals. Let’s now understand why companies need an effective IT risk management process:
Inbound and outbound Logistics
The use of IT in areas such as vendor-managed inventory systems to communicate with suppliers creates the need for IT risk management in inbound logistics. It helps companies to monitor IT effectiveness in managing supplier relationships and analyzing the risks associated with them. Similarly, in outbound logistics, organizations focus on reducing the costs of storage and transportation. Companies need to ensure the performance and protection of sensitive data associated with it. With an IT risk management framework, companies can address these risks and gain the information necessary for decision-making .[/vc_column_text]
Marketing and sales
Usually, the marketing and sales department in any organization is associated with the process of persuading customers to purchase products or services and to earn profits. They employ various emerging technologies such as big data and mobile marketing to gauge the potential and existing customers. These technologies enhance the risks of security breaches and hackers. Therefore, companies implementing such technologies need an IT risk management to reduce the impact of potential threats to the company’s information system.
Companies often provide different services to customers to maintain the value of their products and services after the sale. These services involve providing customer support, warranty service, addressing customer queries, and many more. The aim of companies behind providing such services is to improve the customer experience and escalate future sales. Therefore, many companies are offering online chat services and mobile apps with access to customer accounts to increase customer satisfaction. Although such services have a positive impact on the customer experience, they also make the company’s network and databases vulnerable to various security threats and compels companies to opt effective IT risk management methods.
Want to have a successful IT risk management strategy that can help to tackle various risks? Request a free demo and know how our experts can enhance IT risk management for your organization.