IT Risk Management Sample

Posted on December 28, 2021 by Cheapest Assignment

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Financial Institutions

Introduction to IT Risks

The IT risks are explained as the application of the principles of risk management to an IT company to manage the various risks that are associated with different fields. The aim of IT risk management is to resolve the issues and to manage the risks that are associated with various fields of the IT sectors like operations, security systems, and the installation of different tools (Barrett, 2016). IT risk management is a large component of the enterprise risk management system. Apart from the risks and effects of negative services and operations of the organization, the IT risk management systems are also associated with the potential benefits of the various risks ventures. 

As per Goguen, Stoneburner & Feringa, the management process is done by the It managers to allow a flexible balance in the economic and operational sectors that are related to the protective measures to achieve the target of the organization (Goguen, Stoneburner & Feringa, 2017). The management in the IT sector saves the large volume of data from malicious hackers, avoids unknown access from outsiders, checks illegal access to the systems, helps to update the existing software at a regular interval time, provides the maximum resources from the licensed stakeholders and dealers, helps to realize the importance of assert and much more.   

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IT risk analysis 

According to MacLeod, there are various risks associated with IT projects including data risk, infrastructure, design, information security, innovation risks, legacy systems, operational risks, budget risks, and much more. The IT industry faces both external as well as internal risks. Digital threats are nowadays very common in the market. These threats are capable of corrupting the hardware and the software (MacLeod, 2016). The hackers use the malware to control your system remotely, steal critical data and destroy the necessary information. The spam and junk emails over the web corrupt the entire device without any delay. Due to unencrypted data, there are huge chances of losing the data (Rodríguez, Ortega & Concepción, 2017). 

The new technology has no service for the camera systems that help the hackers to steal the data and the recoveries in such cases are quite difficult. The third-party services without any legal license, helps the cyber attackers to acquire the system and break into the device. The main reason behind the cyber attacks is the lack of knowledge of the employees about the cyber attacks. The employees are not aware of the new tools and technology that help the hacker to delete the data and change the host of the user (Samadi, Nazari-Shirkouhi & Keramati, 2014).  

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The IT risks are processed in the following steps:

  1. Assessment

The risks are analyzed and assessed for severity.

  1. Mitigation

Various countermeasures were applied to measure the risks and put them in a place to reduce the impact of the particular risks.

  1. Assessment and evaluation

It is the end part of risk management where the effectiveness of the countermeasures is evaluated. So, based on the derived results, various steps are taken to reduce the risks and improve the entire system to keep up the plans updated. 

Transferring the IT risks 

As per Samadi, Nazari-Shirkouhi & Keramati, the transfers of risks are vital for the IT sectors. The purpose of this action is to take the specific risks that are detailed in the insurance contract and pass it from one party who is willing to take the risks on behalf of the company, the insured one, and pay a fee for the particular. The risks are transferred from the individuals to the insurance company or from the insurer to the reinsurers (Samadi, Nazari-Shirkouhi & Keramati, 2014). The risk pooling on the risk transfer method is one of the effective methods that collect millions of dollars in premium payments basis annually.  

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Every company faces several risks on daily basis. They need to decide which risks to accept, so the risk appetite varies from group to group. The company needs to use the insurance in cases where there are chances of earning a reward for the risks. The manager tries to protect both the risks that offer a reward and those that do not offer a reward. So the risks are managed by traditional insurance like in the case of employee liabilities (Schneider, et al., 2014). The companies use the insurance to transfer the risks that they do not want to assume. The company pays a premium amount to the company and in return gets the payments for the events. The risks that are associated with the general public liabilities are transferred to the insurance to reduce the risks. 

Importance of firewalls, vulnerabilities scanner, and intrusion systems

A single security system cannot make the network safe from attacks. The firewalls perform network access to control the network border. Reducing the instances of data loss that is of any size is the main security concern by establishing security standards and performing upgrading methods to improve the security systems of the networks. 

The managed services of the firewall provide improved TCO and reduce costs. It helps to simplify management by reducing time and provides better internal security management. A firewall manages and monitors the entire security devices used in the networks. The intrusion detection methods are the burglar alarms for network security (Schneider, et al., 2014). 

Final Verdict

The IDS sets off the malicious traffic and sends the warning to the systems or the IT staff. It helps to examine the network traffic to prevent attacks and vulnerability exploits. The vulnerability scanners are convenient and set to run automatically on any schedule. The scanners are quite accurate to run on the “authenticated mode” where the credentials provider accesses the patch levels. They save a lot of time and provide direct communication and feedback on the various risks. 



Barrett, S. (2016). Effects of Information Technology Risk Management and Institution Size on Financial Performance (Doctoral dissertation, Walden University).

Goguen, A., Stoneburner, G., & Feringa, A. (2017). Risk Management Guide for Information Technology Systems and Underlying Technical Models for Information Technology Security.

MacLeod, M. A. (2016). The role of risk management in business continuity: A generic qualitative inquiry of information technology managers (Doctoral dissertation, Capella University).

Rodríguez, A., Ortega, F., & Concepción, R. (2017). An intuitionistic method for the selection of a risk management approach to information technology projects. Information Sciences375, 202-218.

Samadi, H., Nazari-Shirkouhi, S., & Keramati, A. (2014). Identifying and analyzing risks and responses for risk management in information technology outsourcing projects under a fuzzy environment. International Journal of Information Technology & Decision Making13(06), 1283-1323.

Schneider, E. C., Ridgely, M. S., Meeker, D., Hunter, L. E., Khodyakov, D., & Rudin, R. S. (2014). Promoting patient safety through effective Health Information Technology risk management. Rand Health Quarterly4(3).

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