Information technology risk management

Abstract

This chapter examines the importance of information technology risk management and summarizes the prominent risk management frameworks used to mitigate risks in information technology systems. It explores the risk management life cycle, starting from the threat identification to the quantitative and qualitative risk analysis and moving toward the risk mitigation strategies. With the soaring security incidents and financial damage associated with them, it has become a prerequisite to identify unforeseen threats along with known vulnerabilities to create preventive and corrective risk response controls. Moreover, assessing the risks to the most accurate value is essential to prioritize high-severity risks over low-severity risks. This chapter also outlines the emerging trends in information technology risk management that seek the attention of the risk management team to incorporate cognitive technology and behavioral sciences in the risk management process.