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Western University *
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Course
5401
Subject
Information Systems
Date
Jun 11, 2024
Type
docx
Pages
4
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Managing Risk
Any business entails risks. In recent years, and especially during the pandemic, businesses invested in IT systems. These became an important part of the business operation. It needs to be considered carefully when analyzing the business potential risks. In some industries, IT risk management is crucial for the
company’s future. Recognizing the business vulnerabilities and risks, and setting appropriate protection early, will give the business a competitive advantage. There are different types of risks that can have negative repercussions for a business. The most influential risks are theft and misuse of information, criminal activities, IT failures, privacy protection failures and the most crucial, data security. As companies’ competitive edges relay on secrecy, and customers relay on companies to keep their information safe, a breach in data security can have a devastating impact on a business. Barton, Williams and the rest of the executive team should decide to focus IVK’s resources in areas that will give the company an advantage over its competitors. Mitigating data security risks can be costly at times, but it needs to be done routinely. Beyond that, there should be a strategy for how much risk they
are willing to take. Investing in Web-based systems will attract more customers, as the reliance on technology increases every day, but it also has the potential to be expensive and increase the risk of a breach in data security. In conclusion, managing IT risk is important for any business. Implementing a system that will categorize the importance of IVK’s different data is needed. The
higher the importance of the data the more secure it will need to be kept. The system should have a formal and clear policy. Staff should be properly trained and
the access to the classified data should be monitored. This will also help to determine where to invest the company’s resources and will help the decision makers to recognize what risks are worth taking and which should be mitigated. References:
* Austin, R. D., Nolan, R. L., & O'Donnell, S. (2016). Volkswagen of America: Managing IT Priorities. The Adventures of An IT Leader
, (MA: Harvard Business Press). 978-1-633-69167-4 * Grant, G. (2023). Module 6: Performance and Risk
. Retrieved June 6, 2023, from https://brightspace.carleton.ca/d2l/le/content/181146/Home?
itemIdentifier=D2L.LE.Content.ContentObject.ModuleCO-3203051
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* Stoneburner, G., Goguen, A., & Feringa, A. (2002). Risk Management Guide for Information Technology Systems. Nist Special Publication
, 800-30
. https://doi.org/http://www.icsdefender.ir/files/scadadefender-ir/paygahdanesh/
standards/NIST%20-%20800-30R0%20-%20Risk%20Management%20Guide
%20for%20IT%20Systems.pdf