Information Security: Do You Have a Risk Management Strategy in Place?

As a startup founder or a new business owner, you place a high value on protecting your data (both customer data and protected business information) from intrusions and vulnerabilities. You may even be pursuing SOC 2 compliance and your data infrastructure and management practices may align perfectly with the requirements of the GDPR, even if your business doesn’t have any European customers or partners.

But compliance and strong protections today don’t necessarily carry over into the future. As technology evolves and your company grows, you may want to develop a flexible risk management strategy that can lead you around unpredictable bends in the road ahead.

A risk management strategy is nothing more than a road map that keeps growth aligned with your business goals and your company’s risk profile.

You may find such a map invaluable when you’re faced with tough decisions two, three, and five years in the future that you can’t anticipate today.

To put a plan together, you’ll need to take three critical steps.

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Step One: Assess the information landscape

First thing you need to do is conduct a “business awareness” phase. What type of challenges are presented by your market? What type of information are you gathering? And what are the risks associated with gathering, collecting, analyzing, or maintaining that type of information? Do a formal analysis of these questions and come up with answers that make sense.

Step Two: Define Your Strategy

Now that you are aware of your business activities, the second thing you need to do is assess your long term plan with respect to information management. What type of information do you expect to be collecting in 1, 3 or 5 years? Will your business practices be different with respect to information analysis? Will your products and services be different, or will you be generating new types of data that you might sell as part of your services?

Step Three: Develop Your Strategy

In this final and most important stage, you’ll want to take your plan and come up with concrete timelines and deliverables, and then, put in place an operational plan where you can best staff the vision you’ve put together. Then, it’s time to execute.

At every stage of the process, you’ll need to make sure that your capabilities and budget can keep up with your vision. If they can’t, you’ll adjust your vision or build up your capabilities. T

This is a quick oversimplification of a three-stage process that may require six months or more to complete, but the sooner you obtain the guidance you need and start moving forward, the sooner you can put your road map in place.