If your business relies on information technology (IT) systems such as computers and networks for key business activities you need to be aware of the range and nature of risks to those systems.
Looking at the nature of risks, it is possible to differentiate between :
*Physical threats -
resulting from physical access or damage to IT resources such as the servers. These could include theft, damage from fire or flood, or unauthorized access to confidential data by an employee or outsider .
*Electronic threats -
aiming to compromise your business information - eg a hacker could get access to your website, your IT system could become infected by a computer virus, or you could fall victim to a fraudulent email or website. These are commonly of a criminal nature .
*Technical failures -
such as software bugs, a computer crash or the complete failure of a computer component. A technical failure can be catastrophic if, for example, you cannot retrieve data on a failed hard drive and no backup copy is available .
*Infrastructure failures -
such as the loss of your internet connection can interrupt your business - eg you could miss an important purchase order .
*Human error - is a major threat - eg someone might accidentally delete important data, or fail to follow security procedures properly.
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Another classification on Types of IT risks
1- Viruses: type of malicious code or program written to alter the way a computer operates and is designed to spread from one computer to another.
2- Malware : is any software intentionally designed to cause damage to a computer, server, client, or computer network
3- Hardware failure: a malfunction within the electronic circuits or electromechanical components (disks, tapes) of a computer system.
4- Software failure: a failure that occurs when the user perceives that the software has ceased to deliver the expected result with respect to the specification input values.
5- hackers : people who illegally break into computer systems
6- Natural disasters: such as fire, cyclone and floods also present risks to IT systems, data and infrastructure. Damage to buildings and computer hardware can result in loss or corruption of customer records/transactions.
7- fraud : using a computer to alter data for illegal benefit
8- Security breaches: any incident that results in unauthorized access to computer data, applications, networks or devices. It results in information being accessed without authorization. Typically, it occurs when an intruder is able to bypass security mechanisms. includes physical break-ins as well as online intrusion
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Risk that affects the achievement of the org. main Strategic and long term objective >>>
- Reputation. السمعة
- Customer relation, The quality, Org. culture. Competition
- Network Risk, Intruders risk, Hackers, Virus Attacks, accidental delete, Hard disk, علق البرنامجو
General threats to IT systems and data include:
Read more about email scams, viruses, hackers, and other IT threats.
Specific or targeted criminal threats to IT systems and data include:
Read more about online crimes against business.
Learn more about protecting your website from hackers.
Natural disasters such as fire, cyclone and floods also present risks to IT systems, data and infrastructure. Damage to buildings and computer hardware can result in loss or corruption of customer records/transactions.
Read more about preparing for and recovering from natural disasters and business continuity planning.
Managing information technology (IT) risks is a structured process that involves a series of activities designed to:
A comprehensive approach to risk management used by Australian emergency management agencies is based on the prevention, preparedness, response and recovery (PPRR) model.
As a first step in managing IT risks, you should be aware of the legal and legislative requirements for business owners, such as:
the Spam Act 2003 (Cwlth), the Electronic Transactions (Qld) Act 2001 and privacy laws.
Read more about legal obligations for online business.
An effective IT risk assessment identifies serious risks, based on the probability that the risk will occur, and the costs of business impacts and recovery.
To complete your IT risk assessment identify risks to your business and perform a business impact analysis.
Having identified risks and likely business impacts, the development of a business continuity plan can help your business survive and recover from an IT crisis. A business continuity plan identifies critical business activities, risks, response plans and recovery procedures.
Read more about business continuity planning, and download our business continuity plan template.
IT policies and procedures explain to staff, contractors and customers the importance of managing IT risks and may form part of your risk management and business continuity plans.
Security policies and procedures can assist your staff training on issues such as:
A code of conduct can provide staff and customers with clear direction and define acceptable behaviours in relation to key IT issues, such as protection of privacy and ethical conduct.
Learn more about staff training.
Threats and risks to information technology (IT) systems and data are an everyday reality for most modern businesses. You should put in place measures to protect your systems and data against theft and hackers.
To help protect your IT systems and data you should:
Read more about protecting IT data and systems.
If your business has an online presence, you should assess the security of your website, email accounts, online banking accounts and social media profiles.
For example, secure socket layer (SSL) technology is used to encrypt transaction data and to send customer and card details to the acquiring bank for authorisation. You should ensure any web hosting solution you consider is capable of supporting the SSL protocol.
Training new and existing staff in your IT policies, procedures and codes of conduct is an important component of IT risk management strategies. Training can cover key business processes and policies, such as:
As an employer you have legal obligations when training staff. Providing support and training for new employees is a critical aspect of staff training. Read more about staff inductions and staff training.
It is impossible for a business to prevent or avoid all IT risks and threats. This makes business insurance an essential part of IT risk management and recovery planning. You should regularly review and update your insurance, especially in light of new or emerging IT risks, such as the increasing use of personal mobile devices for workplace activities.
Learn more about choosing the right business insurance.