Security & Risk Management Strategy for Small & Medium Enterprise

Question: Discuss about the Effective Information Security Risk Management Strategy for Small Medium Enterprises. Answer: As stated by the Tipton Nozaki, (2012), in information technology era, SMEs main objective and purpose is to secure information and data because use of this they accomplish its set of objective in successful manner. Therefore, an information security and risks management strategy offers SMEs with a roadmap for information as well as information infrastrure security with objective and goals that make sure abilities provided is aligned to organization objective and risks profiles. Mainly, Information security and risk management has been treated as an information technology function and involved in businesss IT strategies planning. In spite of the challenges and to maintain organization performance SMEs must fulfill the stringent levels of data security and stay ahead of the issues by incorporating best policies and procedures. According to the Susanto, Almunawar Tuan (2011), Use of better risks management approached and information security procedures helps an organization to ensure high level of security protection. Implementation of the risks management procedures involves an understating of issues identification, knowledge of mainly threats and risks and measured assessment of established better controls and run the procedures to address determined issues in vital manner. A better risks management approach helps the organization to ensure that preservation of confidentiality, assurance of information availability and maintenance of data integrity in successful manner. Information or cyber risks within the organization involve financial loss, data loss; identify theft, reputational damage and so on. Therefore, in such manner SMEs needs to implement information security procedures that effectively emphasized on organizations problems and safe organization resources in better manner (Kizza,2005). According to (Li, 2011) overcoming data security challenges in SMEs is dependent upon embracing a hazard based approach and an open data security arrangement under a comprehensive structure. The hazard methodology must include defining security objectives, characterizing and executing activities, and standard checking with adequacy and effectiveness appraisals (Straub, Goodman, Baskerville, 2008). While data security targets will give headings to endeavors, characterizing activities and the consequent execution will guarantee that prompt risks are alleviated. An ongoing and better monitoring procedure helps SMEs against compliance and enables the associations to counter risks before it produces results. SMEs needs to implement ISO 27001 standards that helps them to accomplish organization objective in successful manner and aids them to controls suitability to their objective and aims. Implementation of the information security procedures is most vital for the organization for the risks management be effectively applied at all level of the organization (Brenner, 2007). Information security at the organization level helps them to determine the roles and responsibilities and guarantees better level of security at each level. The above findings indicates that Information and data is critically vital for organizations to achieve better market positions and run its business for long time with higher profits. The heart of a data or information risk management program is an ongoing procedure of hazard evaluation which includes an understanding of conceivable hazard tolerance, information of likely threats and risks, measured appraisals of set up controls, and executed strategies to address recognized vulnerabilities. References Brenner, J. (2007). ISO 27001: Risk management and compliance.Risk management,54(1), 24. Kizza, J. M. (2005).Computer network security. Springer Science Business Media. Li, Y., Shan, X., Wu, G. (2011). Comprehensive evaluation model for computer network security with linguistic information.Advances in Information Sciences and Service Sciences,3(9), 126-131. Straub, D. W., Goodman, S. E., Baskerville, R. (2008).Information security: policy, processes, and practices. ME Sharpe. Susanto, H., Almunawar, M. N., Tuan, Y. C. (2011). Information security management system standards: A comparative study of the big five.International Journal of Electrical Computer Sciences IJECSIJENS,11(5), 23-29. Tipton, H. F., Nozaki, M. K. (2012).Information Security Management Handbook, Volume 6. Auerbach Publications.