How can you identify emerging IT risks before they become major threats?

IT Risks can be identified via the following means: 1. Aligning the IT policies and procedures with applicable local laws, international standards and best practices to identify the gaps. Bridge those process gaps by implementing preventive controls in the IT portfolio. 2. Continuous Risk Assessment of Critical IT Assets, identification of loopholes in Application Systems processing. 3. Regular Security Scans to ensure the vulnerabilities are timely fixed. 4. Most important educating all the employees about Information Security, awareness and attitude plays pivotal role in dealing with IT and IS Risks. And the list goes on and on....

One of the primary tasks towards identifying emerging IT risks is to evaluate the users' level of knowledge in this regard. While IT solutions can generate excitement and provide users with the ability to solve problems, there are inherent risks associated with any IT solution. This excitement can prevent users from recognizing these risks, making it crucial to expose them to all conceivable risks associated with the solution, as a first step.

To proactively manage emerging IT risks, adopt these strategies: 1. Continuous Threat Monitoring: Stay informed about cybersecurity trends and threats. 2. Regular Security Checks: Perform security assessments and audits, including penetration tests. 3. Employee Cybersecurity Training: Educate staff about cyber threats and best practices. 4. Incident Response Plan: Develop and regularly update a robust incident response strategy. 5. Up-to-Date Technology: Ensure all software and hardware are regularly updated. 6.Advanced Security Tools: Use AI and machine learning for threat detection and response. 7.Risk Assessment Frameworks: Implement frameworks like NIST.

1. Continuous Monitoring - This can involve automated tools that scan for anomalies or unusual patterns. 2. Regular Risk Assessments - Assess vulnerabilities, review security measures, and identify potential weak points that could lead to future risks. 3. Engage in Threat Intelligence- Utilize threat intelligence services or platforms that provide insights into emerging threats and vulnerabilities relevant to your industry or specific IT infrastructure. 4. Employee Training and Awareness - Educate staff about potential risks, phishing scams, and cybersecurity best practices. 5. Collaboration and Information Sharing - Engage with industry forums, cybersecurity communities, and share insights with peers.

To identify emerging IT risks, you need to carry out periodic Threat hunting analysis for Vulnerabilities assessment, this can be done in house or by external team. Technological and products reviews to ascertain latest developments in science and technology.

Use Key Risk Indicators (KRIs) to identify emerging risks before they become major threats. KRIs are metrics that are used to measure the likelihood and impact of a risk. They can be used to monitor trends and identify potential risks before they become major threats.

Proactively monitoring system logs, conducting regular vulnerability assessments, staying informed about industry trends, and fostering a culture of cybersecurity awareness can help identify emerging IT risks before they escalate into major threats.

Assessing the impact and likelihood of emerging IT risks involves a dynamic approach. Begin by analyzing the potential severity of each risk, considering factors like data loss, financial cost, reputational damage, and operational disruption. Then, evaluate the probability of occurrence, factoring in your organization’s specific vulnerabilities, security posture, and historical data on similar risks. This assessment should be continuous, integrating the latest threat intelligence and technological advancements. Prioritize risks based on their combined impact and likelihood, ensuring that resources are allocated effectively to address the most significant threats.

After spotting potential IT risks, evaluating their potential severity and probability is key. This involves using analytical frameworks like risk matrices or simulation models to gauge both the tangible and intangible consequences of these risks, encompassing financial, operational, and reputational factors. For example, employing a risk scoring system can help quantify the likely impact of a data breach, guiding decision-making towards more effective risk mitigation strategies.

To evaluate the effectiveness of risk controls and identify gaps involve a systematic assessment of existing controls by referring to the updated process flow chart for each product and services. The proposed structure approach includes: a) Identify emerging IT risks b) Review existing risk controls c) Perform Risk control evaluation d) Perform Gap analysis e) Assess control effectiveness f) Evaluate compliance and regulatory standards g) Prioritise gaps and remediation strategy h) Implement remediation measures i) Testing and validate new controls j) To continue monitoring and improvement of risk controls

Analyzing current safeguards and identifying deficiencies is crucial in managing IT risks. This involves scrutinizing existing security measures and processes to detect any vulnerabilities that could be exploited by emerging risks. Techniques like audits and compliance reviews are instrumental here. For instance, a cybersecurity audit might reveal gaps in data encryption practices, prompting updates to align with latest standards. This step not only highlights weaknesses but also guides the enhancement of controls for better risk mitigation, balancing the cost and benefits of such improvements.

Effectively conveying identified IT risks to stakeholders is essential. This involves crafting clear, succinct reports or presentations that outline key risks, their potential impacts, and proposed actions. Utilizing tools like risk dashboards or email alerts can facilitate this communication. For example, presenting a visual risk dashboard to the management team can highlight critical risks and foster informed decision-making. Tailoring the communication style to the audience ensures that the message is both understood and actionable, enabling a coordinated response to these risks.

Environment where business operates is dynamic and is ever evolving. Technological advancements are on the rise and is fast paced. Organisation need to keep an eye on changing landscape to ensure that potential emerging risks are identified and acted upon before it translates into a major risk. 1. Set up a periodic review of emerging risks and trends in the industry and technological landscape 2. Dedicated resources and time to focus on emerging risks and trends 3. Have a standing agenda in the risk management meeting for dedicated attention for emerging risks and trends 4. A leadership position with ownership, accountability and reward to keep track of emerging technologies, risks and trends

Triggers, triggers, triggers! For HSE risks, an increasing number of hazard identification is a trigger to a disaster occuring. For IT, you need to identify and place in triggers that will raise alarm. Also, warning signs, no matter how little, should not be ignored!

Identifying emerging IT risks before they escalate into major threats requires a proactive and vigilant approach, combining strategic monitoring, threat intelligence, and predictive analysis. Staying ahead of risks in the IT landscape involves keeping abreast with the latest technology trends and cyber threats through industry reports, security bulletins, and collaboration with external cybersecurity networks. For example, an IT department can subscribe to threat intelligence services that provide real-time alerts on new vulnerabilities and exploits relevant to their systems.

The organisation needs a baseline of understanding the vulnerabilities related to IT Risks (or more broadly Cyber). There are various methodologies and vendors which can aid organizations in this regard. Once you have the gaps documented, then a formal structured programme with investments and objectives can be designed.

1. Identify the current gaps 2.Conduct scenerio analysis - evaluate risk events occurred with other organisations and put appropriate controls 3. Analyse market trends on IT risks and design controls including looking at AI to facilitate better controls.