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What is Risk Management and Why is it Important?

Risk management, the process of developing a strategy for addressing risk throughout its lifecycle, normally involves four phases: risk identification, assessment, response, and monitoring and reporting.

Risk management plays a critical role in helping organizations with their security posture enhancement. Taking insider incidents as an example, they are not only costly to organizations but also time-consuming to be contained. Given the limited resources available, many organizations often prioritize investment in security controls, which can address the more critical risks. As such, the return on investment (ROI) is maximized in effectively protecting the organizations’ assets as well as ensuring their business operations. Risk management is an ongoing activity. Are the long-established risk management programs in the organizations staying on top of the evolving digital and threat landscapes?

With trends like digital transformation, cloud migration, and hybrid work, traditional trust boundaries are getting blurred. Perimeter-driven defense is no longer adequate in protecting against the rising attack vectors. More attention has been drawn to the Zero Trust security model that assumes attackers are in the enterprise environment and encourages organizations to always verify explicitly and enforce least-privilege access.

If you’re interested in learning more, read about Xantrion’s zero trust cybersecurity program and contact us for help with implementation. If you’re already a Xantrion customer, ask your vCIO for more information!