IT Risk Management Assignment (Doc)
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Added on 2020-07-23
IT Risk Management Assignment (Doc)
Added on 2020-07-23
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IT RISKMANAGEMENT
Table of ContentsEXECUTIVE SUMMARY.............................................................................................................1Its relation with Financial service sector.........................................................................................2Security posture of IT firm in managing risks............................................................................3Threats and Vulnerabilities of outsourcing key IT functionality...............................................1Consequences of the threats........................................................................................................3Data security ...............................................................................................................................3CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7.........................................................................................................................................................8
EXECUTIVE SUMMARYIn the Information and Technology field there are various advancements that are going onthroughout the world. These advancements are necessary for its growth. It is being said aroundthe world that technology gets doubled in what it is now in every 6 months. There are severalrisks that comes along with these advancements and process changes related to company's of ITsector. Company takes various measures so as to implement the changes as well as negotiatingwith risks involved with it. Managing risk is very important as far as t ensures that company willbe doing is business in a proper way (Abie & Balasingham, (2012, February)). Every companyhas its own models for dealing with the risks that comes along with the any kind of processimplementations or advancement in technology. There are several major issues of the IT firmstoday in Australia that needs risk management like the concept of Bring your own device(Laptops, tablets, mobile phones etc.) at the workplaces, Use of external cloud sourcing formanaging companies own data and applications, Outsourcing of key functionalities such asdesktop management, network or application development, Upgrading technology like the oneused n mobile phones or migrating to improved network technology, Creating a corporate wideemail compliances system that will help in solving query of the customers or upgradingapplications and desktop operating system (Jing, and et. al (2014)).In this report for understanding the risks in the IT firm and the ways to manage theserisks example of an IT firm operating in Australia is taken. Telstra is one such organisation. It isbasically a company that deals in the telecommunication industry. It also provides securitysolutions in information and technology field. There are multiple kind of IT security that it offersto its kinds. Telstra does this by understanding the need of their client and there business model.It was established in the year 1975. It is having its headquarters in Melbourne Australia. Thereare around 36,165 employee working in this company. It is generating a revenue of $ 27.1 billionwith a profit of around $5.8 Billion. It s other services includes pay TV, internet and dataservices, mobile technology and network services. Apart from this Telstra is providing servicesin media industry. It is one the largest IT security provider across Australia providing solutionsto many kinds of risks that its clients company faces in its day to day operations.In this project report the risk management related to outsourcing of basic information andtechnology functionalities have been discussed. This report highlights the ways in whichOutsourcing is increasing the threat that is associated with its business. Some of the basic1
functionalities that is being outsourced by the companies these days are designing and managingnetwork for the company, managing desktops inside the firm or some of the applicationdevelopment that is required from time to time. These functionalities are generally outsourced tothird partyOne of the primary risk that is associated with the outsourcing of the key functionalities isrelated to autonomous working of the company as these processes leads company to becomehighly dependent on the third party. This will lead to threats regarding the data that is generatedinside the firm from its day to day operations. It increases the risk of privacy related to theinformations regarding companies stakeholders which the third party could use for their marketexpansion. This makes company's trade secret vulnerable towards getting stolen by the thirdparty. Various other intellectual property is at risk. In the companies like Telstra which is in thebusiness of many IT solutions this could be a higher matter of concern.Its relation with Financial service sectorIn the modern business environment financial service sector is opting for many ITsecurity solutions as most of their operations are controlled by third party. There are manystakeholders that are attached with any firm (Ristov, Gusev & Kostoska, (2012)). All thesestakeholders interact with technologist within the firm using an interface. This interface is at highrisks as the the leak in the security generally happens through these interfaces only.Technologists within the firm needs to assure that up to which level of data is to be provided tothe several stakeholders. Business stakeholders of Telstra wants that the company's data must notgo into some other hands for this they take the use of Companies that are called third partycompany. This trend is increasing as these third parties are expert in their respective businesshence the stakeholders feels it can be more safe to outsource these instead of hiring, selectingand training candidates within the company itself. These outsourcing reduces the cost whichincreases the profit share of the stakeholder on the same time it increases the risk of data gettingstolen. While translating the risk there are many kind of difficulties that arises such asinterpreting the leak routes. These translations helps the company in managing the risk in a bestpossible way. There are various technical difficulties that is unable to understood by the normalstakeholders and hence needs to understood by the technologists so that they can take effectivemeasures so as to limit the risk threats (Prasad and et. al. (2011, March)). On the other handeffective decision making process does not limits in the hands of the companies like Telstra, it2
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