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Information Security Risk: Full Definition

information security risk

What is an information security risk? Also, how can you prevent it?

Read on to learn more.

What Is an Information Security Risk?

An information security risk is the damage of an IT system attack. So, it means something bad for security.

It also has two terms of information security risk. These are the following:

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  1. Monetary terms – loss of financial of a company
  2. Non-monetary terms – damage of reputation of a company

But, how is it different from a threat?

Often, a risk is interchangeably used with a threat. But, they have differences. How so?

Risk is something that may or may not happen. Like a possible bad event.

But, a threat is an actual danger.

Still, is there any way to make this easier for us to understand? Let’s take an example.

When crossing the street, there are a lot of risks. One of them is getting hit by a car. 

But, we can still prevent this risk. How? By looking both ways before crossing.

Meanwhile, when a car is already going in our way, that is dangerous. So, it is a threat. And it’s already out of our control.

But as we mentioned, we can prevent getting hit by a car. So, we can also prevent an information security risk. How so?

Continue to read on.

What Is an Information Security Risk Management?

There are so many risks wherever we go. And that is also true in the information security field.

But, we can do something about it. How?

One action is to have information security risk management. But, how does it work?

It helps companies and individuals control risks. Plus, it lessens the impact if it happens.

But, why do companies need this?

Unprotected information results in great damage. As mentioned in the introduction, it will result in loss. Whether it’s money or their reputation.

Also, we don’t want to leak our private information, right? Things like bank accounts, card data, addresses. These are sensitive data that we don’t want other people to know.

Having good information security also helps them improve. Plus, it allows them to continue their business.

It also clears up the doubts of their customers. So, they will be relieved that their information is safe with the company.

So, we should do something on our part. But, what does the ISRM include?

What Are the Parts of Information Security Risk Management?

ISRM evaluates the risks in infosec. And it has five parts that we need to identify. These are the following:

  • threat actor: what causes threats
  • vulnerability: what the threats are
  • outcome: results of vulnerabilities
  • impact: bad effect of vulnerabilities to the company
  • assets: results of the impact of incidents

How Can You Build an ISRM Plan?

Building an ISRM plan has six steps.

  1. Identify – know what’s important to you. So, you’ll know what you should protect.
  2. Protect – protect your important information
  3. Apply – apply controls, like passwords
  4. Control – test security and evaluate them
  5. Assign – assign controls to the right people
  6. Monitor – update security regularly

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