An organization’s assets must be protected to preserve the integrity of its operations. The basis for a thorough and systematic risk assessment is provided by risk management principles (Fraser et al., 2021). Corporate security professionals may predict, detect, and evaluate possible risks and create methods to mitigate them by knowing the different risk management concepts and using them while analyzing an organization’s vulnerabilities. Risk management concepts might be employed to identify the organization’s most important assets and the degree of protection required for each of them.
Crime-Related and Non-Criminal Threats
Apart from understanding and applying risk management principles when assessing an organization’s vulnerabilities, corporate security officials must also be able to determine the various crime-related and non-criminal threats to assets. Likewise, the severity or significance of the danger or hazard and the chance of its occurrence (Fraser et al., 2021). For example, a corporate security officer may notice a danger of a data breach owing to a lack of cyber security procedures. However, to assess the risk of this threat, the security officer must also consider the potential impact of the data breach, such as financial losses, reputational harm, and costs of restoring systems. Furthermore, how likely it is that the breach will occur because of weak cyber security at the company.
Sources Available to Corporate Security Officials
The Department of Homeland Security (DHS) and the Federal Bureau of Investigation may give vital information on potential dangers to an enterprise. Apple, for example, collaborates with the DHS to detect and prevent dangerous cyber-attacks. Cybersecurity professionals, for example, may give valuable insights into possible dangers and best practices for handling them. Apple works with top cybersecurity professionals to better identify and mitigate the dangers to its products and services (Rehman & Anwar, 2019). For example, employee reports, system logs, and audit reports might give valuable insights into possible dangers.
Security Threats and Management Challenges
Unauthorized access to business networks: Due to the increased possibility of private and sensitive information being accessed by unauthorized persons, corporate security directors are likely to react to this issue. Data loss/theft: As companies become more dependent on data as a crucial asset, any loss or theft of such data may have severe financial and reputational consequences (Khalifa, 2019). Cyber security vulnerabilities: Malicious actors might exploit cyber security flaws to obtain access to company networks and data. Social engineering assaults are a kind of deceit that may be used to acquire access to sensitive information such as passwords and usernames.
Possible Reasons for Corporate Security Director Responses
Due to the differing nature of their firms, security operatives in various sectors may concentrate different emphases on certain dangers. Given the sensitive financial information they manage and the potential for cyber security flaws to cause considerable financial and reputational harm. A firm in the banking sector may place a greater focus on data theft and cybersecurity vulnerabilities (Khalifa, 2019). A retail organization, on the other hand, may prioritize physical security breaches more because it is necessary to secure its physical assets and premises from harmful actors.
Reasons Security Operatives Emphasis on Certain Threats
Policy and procedure compliance: Security directors are most likely reacting to this problem since they need to guarantee that the company’s policies and processes are followed to keep the environment secure. Risk management: Security executives are most likely reacting to this problem since the organization has to ensure that it is appropriately prepared for future security risks. Security directors are most likely reacting to this problem to guarantee that the organization is appropriately equipped to respond to security occurrences (Tabrizchi & Kuchaki Rafsanjani, 2020). Security education and awareness: Security directors are likely reacting to this problem owing to the requirement to ensure that employees are aware of the security rules and procedures in place and can identify possible security risks.
References
Fraser, J., Quail, R., & Simkins, B. (2021). The history of enterprise risk management at hydro one Inc.. Journal of Risk and Financial Management, 14(8), 373. Web.
Khalifa, E. (2019). Smart cities: Opportunities, challenges, and security threats. Journal of Strategic Innovation and Sustainability, 14(3). Web.
Rehman, A. U., & Anwar, M. (2019). Mediating role of enterprise risk management practices between business strategy and SME Performance. Small Enterprise Research, 26(2), 207–227. Web.
Tabrizchi, H., & Kuchaki Rafsanjani, M. (2020). A survey on security challenges in cloud computing: Issues, threats, and solutions. The Journal of Supercomputing, 76(12), 9493–9532. Web.