A consciousness of vulnerabilities and threats
A consciousness of vulnerabilities that an enterprise can face and of threats that endanger its activity is crucial in today's dynamic free-market economical climate. Risks and weaknesses can include technology assaults, employee poaching by large corporations, vulnerabilities to lawsuits and corporate spying. Risk assessment and vulnerability evaluation ensures that any company is evaluated for possible risks, particularly those that could affect its ability to function (Vasudevan et al., 2015).
Risk identification and aversion
Risk and vulnerability assessment also enables companies to categorize potential terrorizations to itself, not only concerning severity but also regarding the likelihood of occurrence. Risk identification results in its consequent aversion and can be accrued to the benefit of foresight that it affords the security manager.
Conceptualizing programs for vulnerability alleviation
By identifying areas of vulnerability in advance, security managers can efficiently conceptualize programs geared toward the alleviation of vulnerabilities and threats to an organization. To this end, risk identification involves to a large extent, the gathering of all information concerning the vulnerability or risk and the consequent apprisal of all concerned stakeholders. Information and preparedness are the critical counterattack measures that risk identification affords security managers.
Importance of risk management for business continuity
Once risk identification has been undertaken, it is then essential to business continuity that risk management is conducted, failure to which corporate operations could be compromised (Calder, & Watkins 2007). Risk management involves putting in place measures that wholly or partially assuage the possibility of a risk from happening or a vulnerability being exploited. Subsequently, risk managers employ oversight measures that monitor the risk's likelihood to occur as well as the projected damage it could inflict on the business, and responds accordingly to any changes in these variables, to ensure perpetual security for the entity.
References
Calder, A., & Watkins, S. (2007). Overview of The Risk Assessment Process. In Risk Assessment for Asset Owners (pp. 15-19). IT Governance Publishing.
Vasudevan, V., Mangla, A., Ummer, F., Shetty, S., Pakala, S., & Anbalahan, S. (2015). RiskAssessment. In Application security in the ISO27001:2013 Environment (pp. 34-44). Cambridgeshire, United Kingdom: IT Governance Publishing.
