What is IT risk? | nibusinessinfo.co.

uk 2024/3/26 23:05

IT risk management
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What is IT risk?
Guide
Information technology or IT risk is basically any threat to your business data, critical systems and
business processes. It is the risk associated with the use, ownership, operation, involvement,
influence and adoption of IT within an organisation. IT risks have the potential to damage business
value and often come from poor management of processes and events.

Categories of IT risks
IT risk spans a range of business-critical areas, such as:

security - eg compromised business data due to unauthorised access or use

availability - eg inability to access your IT systems needed for business operations
performance - eg reduced productivity due to slow or delayed access to IT systems
compliance - eg failure to follow laws and regulations (eg data protection)

IT risks vary in range and nature. It's important to be aware of all the di!erent types of IT risks
potentially a"ecting your business.

Potential impact of IT failure on business

For businesses that rely on technology, events or incidents that compromise IT can cause many
problems. For example, a security breach can lead to:

identity fraud and theft

financial fraud or theft
damage to reputation
damage to brand
damage to your business' physical assets

Failure of IT systems due to downtime or outages can result in other damaging and diverse
consequences, such as:

lost sales and customers

reduced sta" or business productivity
reduced customer loyalty and satisfaction
a damaged relationship with partners and suppliers

If IT failure a"ects your ability to comply with laws and regulations, then it could also lead to:

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breach of legal duties

breach of client confidentiality
penalties, fines and litigation
reputational damage

If technology is enabling your connection to customers, suppliers, partners and business information,
managing IT risks in your business should always be a core concern.

In its guidance, the National Cyber Security Centre (NCSC) provides a clear explanation of why IT risk
management matters.

IT risks should be carefully assessed and measured. This is where an IT risk assessment comes in - a
process of identifying security risks and evaluating the threat they pose. Once risks are identified and
assessed, you will manage them through a comprehensive IT risk management process.

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IT risk management Di"erent types of IT risk

In this guide:
Introduction 
What is IT risk? 

Di"erent types of IT risk 
IT risk assessment methodology 
IT risk management process 
ISO 27001 IT security management standard 
IT risk management policy 
IT incident response and recovery 
IT risk and business continuity 
IT risk management checklist 

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Actions
NCSC: Risk management guide
Cyber security: small business guide
Invest NI's ICT support for business

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