In today’s business landscape, managing risk has become an increasingly critical concern. The “usual” risks (such as data breaches) paired with the completely unforeseen ones (like the collapse of SVB) have made companies more cautious with their next steps. With tighter budgets and limited resources, it can be quite challenging for CISOs and CTOs to effectively manage risk while ensuring business continuity. To succeed, businesses need to adopt practical strategies that allow them to minimize risk while making the most of their available resources.
So, how are CISOs and CTOs supposed to manage, minimize, and mitigate risk in a cost-effective way? We break it down below.
Stay Ahead of Risk
Companies should be in a position where they can play offense as well as their defense. One of the most effective ways to minimize risk is to stay ahead of potential issues. By utilizing predictive tools and monitoring key risk indicators, businesses can anticipate potential risks and take proactive measures to mitigate them. This approach can help prevent costly incidents that could otherwise threaten the stability of the business.
Find Efficiencies Where You Can
Limited resources often mean that businesses must find ways to do more with less. This requires a careful assessment of existing processes and an identification of tasks that can be streamlined or automated (e.g. task creation, alerts, and tracking in JIRA).
While not all tasks are suitable for automation, there are certainly a few that can be significantly improved and simplified. By automating routine tasks and leveraging technology to maximize efficiency, businesses can free up valuable resources.
Additionally, using automation can reduce the likelihood of human error by performing tasks with greater precision and consistency. By taking over routine or repetitive tasks, automation allows people to focus on other critical aspects of work, leading to increased productivity, accuracy, and overall job satisfaction. It pays to be efficient!
Align with Revenue
During periods of belt-tightening, anything that’s not directly related to existing or new dollars is at risk. To ensure that risk management efforts are aligned with business objectives, it’s important to take a quantitative approach to risk assessment, and understand how risks can impact key business drivers. By assessing the potential impact of risks on revenue, profitability, and other key metrics, businesses can better prioritize their risk management efforts and allocate InfoSec resources accordingly.
Take Risks in Life, Not in Business
Managing risk with limited resources is a significant challenge. However, by staying ahead of risk, finding efficiencies, and aligning risk management efforts with business objectives, businesses can effectively manage risk and ensure operational resilience.
It’s easier said than done, but with the right program, it’s possible. For example, TrustCloud’s TrustRegister empowers you to stay ahead of risks with its predictive alerts, uses AI to streamline operations, and provides revenue impact reports.
By adopting a practical and strategic approach to risk management, businesses can minimize risk while maximizing the use of their available resources.
With that in mind, how will you lead your organization to be one step ahead?