Information Risk Management in Techno Savvy Environment Risks, defined as a potential harm may be the result of a process or technology either in its current state or as a future event. Present in every aspect of our lives, to an enterprise this may relate to their employees, process, technology, information or enterprise as a whole. In other words, it is the likelihood of a threat exercising a vulnerability leading to an adverse event which leaves a great impact on the business. With risk management not a new concept, there are a number of tools and techniques which has been developed over the period to manage risks. Nevertheless, as the business world moves on to being digitally communicative and technologically enabled, these risks extends towards the information available digitally and the IT infrastructure. From this perspective, information risk management refers to the process of understanding the vulnerabilities in the information technology process and the factors that may lead to any failures in the confidentiality, accessibility, availability of information. The e-commerce and mobile technologies while having paved the way for consumers to expect convenience, simplicity and transparency have also changed the demographics for the enterprises by creating new market segment. However providing access to the corporate information to a vast consumer base may bring in issues of identity and access management and restrictions may lead to risks of falling short of customer expectations. Further, with today's business environment so reliant on technology, IT has become an indispensable aspect in managing business data. Nevertheless, what then is required is that enterprises need to deploy competent information risk management system that will help them to protect their sensitive and confidential data from unauthorized access. Besides the risk management frameworks deployed should be one that will not only ensure security but will also ensure protection of critical information from outside threat as well as threats from within the enterprise. Information risk management frameworks should therefore be used as a proactive tool and implemented across all day-today operations within the enterprises. However, for effective implementation it is required that there is a clear definition of the tasks to be performed and risks to be monitored. The boundaries and scope of information risk management should therefore cover identification of information that needs to be protected and the business processes so as to ensure integrity and availability of information besides the identification of governance structures. The leading service providers through their innovation and excellence offer their clientele information risk management services which works as a holistic data protection solutions.
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