Risk Management Guide for Information Technology Systems

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Igor Vekshenkov

Summary

An information system is a basic component of every organization, and it provides a support for achieving defined organizational goals. The success of an organization mostly depends on its information system. The quality of the information system therefore indicates the quality of the organization.

The only stability in the modern world is change, and users adjust to them, as do the threats to information technology. Therefore, the only way to control threats to information security is to execute a process of risk management, which enables organizations to manage threats.

Risk is the net negative impact of the exercise of a vulnerability, considering both the probability and the impact of occurrence. Risk management is the process of identifying risk, assessing risk, and taking steps to reduce risk to an acceptable level.

An effective risk management process is an important component of a successful IT security program. The principal goal of an organization’s risk management process should be to protect the organization and its ability to perform their mission

This paper introduces various ways of managing information security threats and researches the existence of risk management systems. And provides a foundation for thedevelopment of an effective risk management program, containing both the definitions and the practical guidance necessary for assessing and mitigating risks identified within IT systems.

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