Management of Security Risk:Nature,Strategies,Concepts and Definitions (Term Paper Sample)

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Management of Security Risk
In today’s global and economic environment, security risk and assessment have been made possible through the emergence of technology and how it has been made available worldwide. Nonetheless, technology has made it possible for various advantageous developments that have been witnessed in the business and management sector. In other words, technology has created an interdependency between various departments in the office setup and the workplace. This has broadened and created a wider gap to be covered when it comes to security management in our companies (Bjerga and Aven 512). For instance, our various departments' most common security management measure is saving data and information through cloud computing. In this case, if the equipment or electronic devices in the office do crash, the data can be easily retrieved; moreover, it also provides safe storage even In case of damages that may be due to fire or attack by a virus. Nonetheless, the technological and communication advancement has also helped improve the security management departments and elevate security in various sectors of the economy. However, as agreed, everything that comes with benefits have shortcomings. Therefore, in as much as organizations and individuals benefit from advanced security measures through technology, the same has contributed to a shift in how societies operate and how people go through their way of life (Wangen 52). In other words, the management of Risk highly depends on the development and advancement of technology in the global environment today. In this paper, we will elaborate on security risk and how the Risk can be managed to mitigate threats when it comes to the organization. Moreover, the paper will also give a detailed assessment of the roles of a Risk manager, the benefits of risk management, how best Risk can be managed, the assessment of Risk, and the strategies that may be used to manage Risk.
Defining the nature of the Risk
To conduct security risk management, it is within the best understanding that the organization or rather the Risk management gets an idea of what they are dealing with. In this case, the organization will have to conduct a risk assessment to develop an accurate and well-structured examination of the risks that may have significant impacts on the organization and the outcomes that may come out of that Risk. Moreover, through the assessment, the risk manager can be able to curate strategies for coping with the security risks that have been identified. As per evaluation and assessment of the Risk, the management should come up with a way to gather the information that helps summarize the risks of the organization, come up with a clear view of what can happen, the consequences of the Risk, assess the Risk level and the likelihood for the Risk to occur in the organization (Bjerga and Aven 512). Nonetheless, this will also help determine if the management should consider the Risk a priority and come up with measures to mitigate it or avoid the Risk in accordance with resources available and at the disposal of the organization. Nonetheless, the security risks are centered and aligned with the objectives set by the management, but the objectives, in this case, are set to promote security objectives. Thus, in this case, we can conclude that to define the nature of security, we should acknowledge that risk management is classified into five categories, maintainability, integrity, accountability, confidentiality, and availability.
Maintainability implies that the risk management team should be able to access the threats within the organization and come up with ways to acquire resources for keeping and maintaining the security system. On the other hand, integrity and confidentiality aim at maintaining and upgrading the contents in the IT systems so that it is accessed by authorized personnel only. Furthermore, availability sets the record straight, pointing out the availability of time, resources, and personnel ready to tackle various risks and access impact of the performance of the business. On the other hand, risk accountability refers to the authentication of each user of the security service; for instance, in departments, specific data is given to a specific user based on his or her level of security clearance. In this case, this helps in the accountability of data access, and in case of leakage, it is easily traceable. Rectification or containment of the Risk can be easily handled.
Concepts and definitions
First, the paper will address and define the key concepts of Risk and threats and how they can be applied to manage security risk. Moreover, the paper will expound more on the types of Risk and threats that are most likely to impact the organization's security systems.
Threats
This is the intention or the urge to cause material or physical damage or harm to both the public and private interest. In addition, this is a violation of the entity's rights, and it is linked to the legal category of "harm." Moreover, regarding the management of security risk, any form of threat is assumed to be a security implication towards the possibility of damages caused or the loss of the organization's property (Bojanc and Jerman-Blažič 25). In this case, a threat has to be taken seriously with the security risk manager. This may provide the basis for determining and avoiding expenses used to purchase or recover the lost or damaged items.
Risk
On the other hand, Risk implies a damaging factor that needs to be addressed as it can cause harm to the organization (Bjerga and Aven 512). Nonetheless, it should be understood that Risk has various definitions, and for Security Risk Management, the definition of Risk has proper context. As explained earlier, the Management of Security Risk in various organizations is about the information and data collected. Thus, in this case, Risk can be defined as the probable magnitude of future loss and Risk towards the company's confidentiality, integrity, and accountability. In this case, the management security risk team should evaluate the types of Risk associated with the organization. Thus an assessment process is to be done by the security risk manager of the company.
The Role of the Security Risk Manager
The position of a security risk manager is one of the most crucial and essential within the organization's management. In addition, they always comprise part of the executive heads of the organization with the mandate of providing oversight of the security operations in the organization. Nonetheless, various duties differ depending on the actual responsibilities of the managers and also with regards to the type of business being conducted within the organization. Moreover, the roles also differ regarding the nature of operations, be it private or government-based operations, and this is because different levels have a certain degree of security. Nevertheless, the primary and key function of the security risk managers is an assessment of Risk and the vulnerability the organization faces with regards to the Risk. Moreover, it is also their mandate to develop a plan to help mitigate the possibility of the Risk and come up with aftermath solutions in case the Risk occurs.
On the other hand, the security risk managers are also charged with teaching a culture of safety and security within the organization. This is done to ensure that the company is not exposed to liabilities even in the slightest way possible. In this case, based on the plans they come up with, they formulate policies, procedures, and guidelines that help monitor and scrutinize the activities of the employees. However, in as much as their responsibilities differ from company to company, security risk managers are responsible for the daily operations and workflow of the company (Talbot and Jakeman, 2009). For instance, government operations are funded by taxes, and they're for the manager's activities in this situation to ensure the general safety of the presidents and the leadership of the country and the safety and well-being of the citizens. When it comes to private institutions, security operations are governed and funded by the profits and hard work of the stakeholders. Thus, in this case, the security risk manager is to ensure that the information of the company is not leaked, assets are safe, employees stay safe, and the environment of the company is safe and conducive.
Based on this, a clear distinction has been made in understanding the difference in the roles of various security risk managers. In other words, public risk management focuses on public affairs. In contrast, private risk management focuses on the accountability of the private company, the set objectives, and the stand they have when it comes to their competitive advantage. In addition, Security Risk Managers play the role of an administrator; they work closely with other departmental heads to develop the mission, vision, and goals of the company as they are in close relation to safety and security protocol. Moreover, as an administrator, they decide the overall structure and organization of the security team, being the head of the security program according to the risk management plan put in place. In other words, establishing a well-defined security organizational structure is vital to the employees and the management of any company. It helps stipulate the duties, control, and responsibility of each employee and manager regarding matters of security. Furthermore, it helps to ascertain and determine the security level of every employee. For instance, the departmental head of human resources can access the data and information of every employee but can not access ...