Risk Management Using The Right Approach

It was just last year that the Ponemon Institute and IBM announced startling global data breach statistics. According to the organisations, in the Cost of Data Breach Study: Global Analysis study, the average cost of a data breach grew 23 per cent from the same report in 2013.

The COBIT 5 framework has long been seen as a leading framework for the effective governance and management of IT.

This study analysed 350 companies across 11 countries, also finding that the average cost incurred for every record lost or stolen grew from 2013, rising from US$145 to US$154.

Interestingly, Gartner explained that 75 per cent of enterprise information security budgets will be allocated solely for the purposes of rapid detection and response in 2020, a step up from the 10 per cent in 2012.

What’s more, the organisation also noted that worldwide spending on IT security is increasing as government initiatives, increased legislation and data breaches continue to mount. Interestingly, digital business is another leading factor in security spending growth.

“Interest in security technologies is increasingly driven by elements of digital business, particularly cloud, mobile computing and now also the Internet of Things, as well as by the sophisticated and high-impact nature of advanced targeted attacks,” Elizabeth Kim, research analyst at Gartner noted.

It’s clear that organisations and professionals alike need to start thinking seriously about risk management, especially with data breaches showing no signs of abating, and organisations increasingly funnelling funds into security technologies and processes.

Of course, there’s always a need to balance a focus on security with the actual running of the business. This is where COBIT 5 comes into play.

COBIT 5 for Risk Management

The COBIT 5 framework has long been seen as a leading framework for the effective governance and management of IT, especially at the enterprise level. The real value of COBIT 5 lies in just how how broad the applications are. The associated tools, guidance and resources can help with things like regulatory compliance, risk management and of course information security.

COBIT 5 goes beyond risk management solely with regards to IT security.

COBIT 5 also goes beyond risk management solely with regards to IT security. There’s a misconception in the IT industry that all risks are security-related, even though there’s actually a significant number of scenarios and possible IT issues that need to be considered.

This is where COBIT 5 for Risk can prove a useful consideration for IT professionals and organisations alike. It’s designed to offer introductory as well as practical coverage of all aspects related to the management and governance of risk within the wider organisation.

Get in touch with ALC Training

Training with the experts is always the best way to ensure either you or your employees have the knowledge needed to utilise a framework. This means getting in touch with ALC Training.

ALC offer a number of different courses focused on some of the most capable and proven frameworks available. SABSA, ITIL and PRINCE2 are just a few of the others available that can certainly help individuals to up-skill. This isn’t to mention the COBIT 5 offerings.

Reach out to ALC Training today if you’d like to get started with a framework that can really help with risk management. In turn, organisational security will seem a far less daunting prospect.

Security risks aren’t likely to decrease at any point in the near future, and organisations need to be prepared by equipping professionals with the right skill sets.