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There is an old axiom – time is money. Nowhere is that truer than in the corporate world, where hours can exponentially add up to dollars spent. However, an often-overlooked component of the “time equals money” equation is risk, and risk comes in all forms, ranging from business decisions to information access. Take, for example, the impact of risk on the typical corporate IT department. Managing this risk takes time and money, two resources IT departments are in short supply of. Many IT departments feel they cannot be proactive in their information security risk management because it is simply a luxury they cannot afford. However, nothing could be further from the truth. IT departments fail to calculate the cost of not mitigating risk, as opposed to calculating the up-front costs of managing risk. Simply put, a security breach or data loss can cost significantly more in both time and money than properly handling the risk to begin with, and that is exactly where proactive risk management comes into the IT picture. It all comes down to the “cost of not doing business” as opposed to the “cost of doing business.” Some larger organizations are handling risk management proactively and have even gone as far as dedicating personnel to IS (Information Security), all in a quest to protect data, intellectual property and enhance productivity. However, those organizations number in the few, especially when compared to the plethora of organizations that simply do not have the resources to dedicate personnel to risk management. Perhaps the key to leveraging proactive risk management comes in the form of understanding what risk management is all about, and only then can IT departments make the argument to invest in the proper tools, services and partners to make proactive risk management a reality. Risk management requires a methodological approach and process to inventory risk using a comprehensive toolset that automates discovery, ongoing management and reporting. Nowhere is that more important than in the IT realm, where complexity, as well as intricate relationships prove to be abundant. While some off-the-shelf tools accomplish automating IT inventory, very few, can associate risk with software and hardware components discovered during automated scans and most don’t associate risk with non-hardware and software issues, such as processes. Typically, that will take additional hours of manual work as well as time to interpret the results. TraceSecurity offers TraceCSO, a single, comprehensive software solution that delivers a proactive and strategic approach to risk management. TraceCSO enables organizations of any size to implement a process to identify and classify risks based on their potential impact, apply security controls and automate verification. Management gains the visibility and knowledge to approve security controls that meet their organization’s unique risk profile, and IT staff will be empowered to build a business case for implementing, or not implementing controls, based on the potential business impact. For more information on TraceSecurity, visit our website. You can also connect with us on Facebook, Twitter, and LinkedIn.
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