3 Must-Know Tips for Managing Risk in
the Information Age

It’s no secret that companies worldwide are at greater risk than ever from cybercriminals, online hackers, and other malicious users who are constantly looking for ways to steal information, take control of computers, and more. Why do these threats pose an even greater risk than in years past? We live in the information age – a world where information is readily available with the click of a button. In this post, we’ll share helpful tips for managing risk in the information age and how you can learn more about doing so in a cybersecurity course.

What Are the Risks?

Information security is one of the most crucial things for companies to focus on today – and for good reason. If you don’t have a strategy to protect your digital information, you could be at considerable risk of a data breach. More and more cyberattacks are happening each year, and it’s becoming more important than ever to take precautions against them.

The risks of failing to have a solid information security strategy in place include:

• Your data could be leaked and expose your customers or your employees to identity theft (or worse)
• You could lose credibility or even go out of business if you suffer a widespread data breach and cannot bring it under control quickly enough
• You could find yourself dealing with expensive lawsuits from those affected by the breach
• You could even face fines or prosecution by government agencies, including the Securities and Exchange Commission (SEC), the Federal Trade Commission (FTC), and the State Attorneys General

From a business standpoint, a data breach could lead to the loss of customers and a loss of market share. In addition, large-scale data breaches have exposed businesses and governments to massive public scrutiny and should also be considered a risk for any entity that handles data.

How To Manage Risk in the Information Age

Once you know the risks, it’s time to put a plan in place for managing them. Here are three of the most effective strategies for managing risk in the information age:

• Identifying your assets
• Developing an effective prevention plan
• Educating yourself and your team on digital strategy topics

Identifying Your Assets

You have to know what you’re protecting to protect it, so the first step in any effective information security strategy is to identify your organization’s assets and how they are used.

To do so, ask yourself these questions about your business:

• What do you have and how is it used? 
• What do those assets do for your organization? 
• How much would it cost to replace them if they were lost or stolen? 
• What would be the consequences of losing access to them? 
• What are the specific cybersecurity risks facing your business?

Answering these questions will help you understand your organization’s most important assets and how they should be protected.

Prevention

After you’ve identified your organization’s assets, it’s time to develop a plan for protecting them and preventing serious incidents. Proactive prevention is always the best strategy when it comes to risk management. It involves implementing security systems, processes, and policies designed to anticipate, identify, and avoid or eliminate potential threats. It involves developing a culture that promotes security and emphasizes preventing security issues.

To be truly effective, proactive prevention also requires creating a uniform deployment of security measures across all business units.

We’ll explore these components in greater detail later in this post. But to begin developing your plan, consider the following:

• What can you do to secure your assets physically? 
• How can you digitally secure your information? 
• How can you secure your information in transit? This could include using secure networking protocols or encrypting email messages
• What are your incident response procedures in the event of a breach?
• How can you ensure that only authorized personnel have access to your information? For example, developing user roles and permissions, requiring strong passwords, or using two-factor authentication
• How can you monitor for security threats? This might include implementing intrusion detection systems, conducting regular vulnerability scans, or training employees to spot potential threats

By developing a comprehensive security plan, you can help protect your business from the many risks associated with operating in the information age.

How To Make a Comprehensive Security Plan

Now, here is some more detailed guidance for the prevention and protection component of managing risk. When creating your security plan, there are a few key elements you’ll want to address.

Physical Security

First, you’ll need to consider how you’ll physically secure your assets. This can include things like keeping computers in locked rooms or safes, using surveillance cameras, or using access control systems like badge readers or key cards.

Digital Security

You’ll also want to consider how you’ll digitally secure your information. This might include encrypting data, using firewalls, or developing comprehensive security policies. Additionally, you’ll need to consider how you’ll secure your information in transit. This could include using secure networking protocols or encrypting email messages.

Incident Response

Lastly, you’ll want to establish procedures for responding to incidents. In the event of a breach, you’ll need to know who to contact and what steps to take in order to minimize the damage. By developing a comprehensive security plan, you can help protect your business from the many risks associated with operating in the information age.

Educate Yourself and Your Team

Finally, one of the best ways to manage risk in the information age is learning as much as you can about these risks and how to prevent them. You can start by taking a cybersecurity course, reading industry-related articles, or attending conferences or webinars. Additionally, it’s vital to ensure that your entire team is up-to-date on the latest security threats and procedures. You can be better prepared to identify and avoid potential risks by educating yourself and your team.

Operating in the information age comes with a unique set of challenges, but following these tips can help mitigate the risks.