Cloud Computing Outlook

Managing Cloud Security and Digital Risk with IRM

By Cloud Computing Outlook | Wednesday, June 19, 2019

Summary: With increasing migration to cloud storage, security is a growing concern for the enterprises. A new approach to tackle this risk is called IRM. The article explains how IRM can be utilized to prevent security jeopardy.

FREMONT, CA: Cloud computing has become a must in 2019, and most companies have shifted core IT operations into the cloud to obtain more efficiency in business operations and to boost enterprise agility. Not only is the migration risky but the storing data on the cloud is riskier. Hence it is gravely necessary to keep in check the risks and measures to control, in case of attacks. 

Here are a few pointers to assess cloud risks:

• Planning: Planning needs to be carried out after understanding the business requirements and evaluation should be conducted once the context of the business is understood. Individual assessment of every task and operation in the business needs to be conducted as well. The more detailed the assessment, the better idea about the suitable vendor can be found.

• Due Diligence: The major priority in due diligence is mapping capabilities to the needs recognized during planning by assessment of controls, costs, and value for third-party risk accounting. Conclusively, identify the vendor based on the understanding gained and cross-check the adherence to company policy.

• Implement Integrated Risk management (IRM) Program: Implementation of  Integrated Risk management (IRM) will assist in streamlining risks and compliance systematically obliging to regulations of companies in IT and enterprise risk sector. The IRM supported aspects like compliance frameworks, risk assessments, and control systems are powered by governance, risk management and compliance (GRC) solutions bringing laws to critical risk activities.  This approach mitigates risks, prevents the unrecognized growth of shadow IT, preserve and protect customer trust, digital assets, and infrastructure. 

• Understanding risks: Prioritization of effort and attention towards IRM and GRC solutions that optimize digital transformations and strengthen the entire ecosystem, well beyond cloud and data security needs to be carried out. Compliance programs enhance vendor and supply chain relationships, simplify auditing, and transform the organization to readily adapt to emerging solutions.

As cloud computing and various third-party reliance constantly reshape the enterprise, organizations are ambitious as they transform their management practices from a siloed approach to IRM. The technology is as important as the management of risks; hence to successfully manage these threats, it is imperative to upgrade the complex processes, business models, and service offerings. The IRM with the right technology will enable all aspects of risk management and identification. It optimizes and encourages collaboration simultaneously creating a strong and resilient organization, ready to rise to the challenges by embracing change.