Increasing cyber security concerns have IT departments working harder than ever before. For instance, ransomware — malware that scrambles data and demands a ransom to decode it — increased 6,000 percent in 2016, according to an IBM study released late last year.
Such statistics highlight a real burden for already overburdened IT departments. Not only are they busy fighting viruses, hackers, ransomware and the like, they are still charged with the everyday responsibilities that have always fallen to IT.
If you are looking for efficiencies in your own risk management or related departments, namely through investing in software or technology, you might want to consider and then convey how such an investment could help your overworked IT folks–from both a security and efficiency perspective. In other words, help them help you.
Combat These Three IT Challenges with Risk Management Technology
Considering cyber security is one of the leading risks for organizations today, integrated risk management technology is a natural tool to help combat it–even if it’s not directly aimed at IT users. Here are three IT challenges integrated risk management technology can help resolve:
1.) Security: We already know that protecting organizational data has become a critical role of IT departments. As a result, they want solutions with end-to-end security. The right risk management technology will automatically include the following controls, (just to name a few):
- Password policies that can be defined to fit client standards including timeouts, length, and password strength
- Client defined/assigned security roles for users–down to the field level–to prevent unauthorized access to any part of your system including objects, reports, page layouts and views, and specific fields
- Server protection at top tier data center facilities with adequate physical access controls
- Firewalls with tightly controlled perimeters, intrusion detection systems and proactive log monitoring
- Third party validation services that attest to the secure nature of the software
2.) Compliance: IT compliance is a specialized set of activities to ensure that an organization meets the requirements of contractual obligations and government-imposed IT regulations for the protection of data assets and processes. Failure to adequately perform this function can result in substantial fines and contractual penalties, as well as loss of business.
Enabling your IT department to focus on cyber security initiatives of course requires secure technology that complies with the highest standards imposed by both internal and regulatory bodies.
However, you can further aid your IT department’s critical mission to protect your organization’s digital environment by introducing it to solutions that make the department more efficient–freeing professionals up to focus more on cyber security and less on the administrative headaches associated with compliance.
Some risk management technology features that IT might appreciate include: a full audit trail of all compliance activity, including attestations; an unlimited asset register with relationships used to define location, possession, configuration, software, etc.; solutions that are fully configurable to your organization’s requirements; and reports that enable quick identification of all instances of any asset type.
3.) Application Overload: Just like IT departments aren’t short on challenges, they also aren’t short on technology applications that they have to maintain. In fact, they are often slowed down by the proliferation of applications that their businesses run upon today.
IT departments spend a tremendous amount of time updating or modifying their organizations’ applications in order to get them to work at all, much less work together for the maximum benefit.
That’s why investing in solutions that can actually consolidate or reduce the amount of applications being used, especially on in-house servers, can create tremendous efficiencies for the IT department–and in effect, reduce security risks. Less time spent managing multiple applications might mean more time devoted to cyber security. Plus, fewer applications likely means less risk of one or a multitude of those applications causing a breach or falling out of compliance.
Integrated risk management technology is built to span across a variety of departments and business challenges — aiming to be a single source of truth across the enterprise. Therefore, it is an ideal candidate to replace a whole host of applications from enterprise risk management systems and health and safety management systems, to vendor risk management systems and compliance and regulatory management systems.
This of course gets to the core of helping IT to be more efficient, and in effect, more secure.
Cybersecurity is everyone’s job
Cyber risks cannot be combatted by the IT department alone, especially if they are put upon with requests outside of cyber security initiatives. Similarly, technology that serves singular purposes can create more harm than good.
Because risk management technology is committed to enterprise-wide risk, it can serve as an enterprise wide solution — even if the business challenges that need to be solved, like those of IT, are not necessarily within the traditional realm of risk management.