If you supply services or products to HMG, you’ll be keenly aware of the Cyber Security Strategy and the clarion call from central government for the UK to raise its cyber game.
The Ministry of Defence is working towards a framework for measuring the IA maturity of commercial suppliers and the expectation is that all will be required to demonstrate that information risks are being managed. Begs the question: what is the best way to manage these risks?
IRM: a balanced approach
No doubt you take your duty to protect the sensitive government data you hold very seriously. But as a commercial firm, you also need to operate in an efficient, profitable manner. IRM helps you balance these two aims.
We know from our work with supplier organisations that many worry that their information security practices may not be up to scratch. As a result they can become risk averse when it comes to adopting new technologies.But over-the-top levels of protection can interrupt the flow of data around your company. This can impact on the efficiency of your business processes and cost you money unnecessarily.
The trick is to balance measures to manage the risks with your commercial aims, whilst always ensuring that the data you hold is adequately protected. An effective Information Risk Management approach will give you that balance, set against the unique context of your business.
Information Risk Management (IRM) is the process of identifying, understanding and managing the risks to your information within the context of your organisation’s unique business needs.A balanced IRM approach will help you to reduce the risks to the government information you holdanddeliver wider business benefits. Looking at both together will deliver cost efficiencies and strengthen your business.
The Benefits of IRM to HMG suppliers
- Effective, appropriate controls will reduce your exposure to information risk.
- Not over-protection or under-protection but the right level of protection.
- Enables informed decision-making for better business decisions.
- Efficiencies can save you money.
- Happier staff – less needless restrictions.
- Business continuity – IRM includes continuity planning, helping to keep the business going in unforeseen circumstances.
- Visibility of information â€” knowing where your information is will enable you to manage the risks to it more cost effectively. A balanced approach to risk that both protects and gives business benefit in equal measure.
- Competitive advantage â€” It shows customers and business partners that you can be trusted to protect their data.
- Supports business growth – IRM will help you to raise your game to take advantages of opportunities in an informed way.
Facing the cyber threat is not about putting your head in the sand. But it’s not about strangling your business with draconian controls and cumbersome processes either. It is about making the right business decisions based on a real understanding of the risks. IRM will show you the way.
Other posts you might like on this subject:
- What is IRM? Our new infographic brings some much needed clarity.
- How to balance information risk with commercial opportunity .