Information Security and Risk Management Strategy in Small Businesses

This report examines the crucial aspects of information security and risk management strategies tailored for Small and Medium Enterprises (SMEs). It begins by highlighting the importance of IT and network security for business operations, emphasizing the need to protect data against security breaches. The report reflects on the significance of addressing financial losses resulting from security incidents. It explores effective risk management strategies, including the identification, selection, and implementation of countermeasures to reduce identified risks, while also considering the challenges of limited resources and staff training. The analysis delves into the categorization of risks, including natural, malicious, and systematic failures, and their impact on business decisions. It also addresses the need for continuous monitoring of risk sources and the importance of adapting to the latest technologies for industrial growth. The report reflects on strategic thinking and decision-making processes within SMEs, the role of formal business planning, and the significance of training and development in enhancing security awareness. The conclusion emphasizes the importance of risk analysis to avoid security issues and discusses the challenges SMEs face in improving their security postures. References to relevant research are included.

Effective Information Security & Risk Management Strategy for Small & Medium Enterprises

Contents
Introduction......................................................................................................................................2
IS and Risk Management Strategies for SME.................................................................................2
Analysis.......................................................................................................................................3
Reflection.....................................................................................................................................4
Conclusion.......................................................................................................................................4
References........................................................................................................................................5

Introduction
The SMEs organisation focus on the information technology and the networks for proper
operation of the business activities. It includes the requirements that needs to make sure about
the security of the system and protection of the data against the security breaches. The paper
reflects on the adequate attention where the survey is related to the responsibility and working
over the incidents related to the financial losses in organisation (A Harris et al., 2014). Hence,
the risks management strategies are effective for the security and handle the risks as well.
IS and Risk Management Strategies for SME
The information security works over the threats and vulnerabilities which involves the proper
identification, selection and implementation of the countermeasures. They are designed to reduce
the identified risks levels with controlling, minimising and eliminating the risks.
It works over the assessment where the major disadvantage is about the disruption of the
management and employee activities (Soomro et al., 2016). It also includes the analysis of the

deficiencies that needs to be assessed with properly understanding the issues related to the
culture and the lack of the formal security policies. A small IT staff works with the no security
training, scarce investments in the security technology, handling the business continuity or the
disaster plans. The time, cost and resource constraints tend to restrict the security efforts and so it
is important to work over the legislation and the requirements.
Analysis
The analysis of the risks assessment for the small and medium enterprise focus on business
decisions and the entrepreneurial act. This applies to the categorisation of emergencies under the
natural, malicious and the systematic failures of the human system (love et al.,2004). The
category involves the crisis relates to the consequences which arise mainly from the competitive
system with the management focusing on the lower priority to examine the catastrophic failures
with the concentration on the safety and occupational health and hazards. It has been seen that
the risks have a major impact on the business entity and the potential that has a major impact on
the capital and the earnings. Here, the directions are set to identify the operational risks,
financial, organisational and the management risks (Wu et al., 2014). It has been seen that the
risks include the identification, quantification and risk evaluation where there is a continuous
monitoring of the risks sources as well. The SME works over the share of industrial production
and exports where the industrial economy of the country plays a major role to manage the
problems of lending to the prime customers. The problems in lending and marketing of products
works over the ad-hoc activities where there is a need to work on promoting the products and
services. The lack of the latest technology, with modernisation, technology and the quality
gradation has a major significance of the growth with industrial sickness.

Reflection
The SMEs works over the strategic thinking and decision-making process that includes the focus
on the administration function where the large firms tend to work over the time pressure and
access to the suitable guidance. I think the notification is about the belief and the attitudes which
can improve the force with high degree of uncertainty to make the decisions. Here, the risks are
also related to work over the attributes with less formal business planning and focusing over the
entrepreneurial risks taking process (Ernest Chang et al., 2006). The business planning needs the
improvement and work over the network capabilities that play major role towards the systematic
processes and improving the current planning with SME (Peltier, 2016). According to me, it
works towards the awareness through proper training and development where there is a need to
assist the organisations to improve the experience of the owner manager and access to the
information sources as well. It has been seen that the concern is about the few respondents and
the business culture which is averse of the entrepreneurial risks (Smit et al, 2012).
Conclusion
The investigation is mainly about the security issues which could be avoidable with the result of
not performing a risk analysis. The publications clearly define about the cost of cybercrime in the
small firms with a proper clean up and recovery from it (Wynarczyk et al., 2016). The
recognition of the constraints is mainly related to the expertise, awareness, and the budget where
it is difficult to see how the SME will be able to improve the situations with the different
approaches.

References
A. Harris, M. and P. Patten, K., 2014. Mobile device security considerations for small-and medium-sized
enterprise business mobility. Information Management & Computer Security, 22(1), pp.97-114.
Ernest Chang, S. and Ho, C.B., 2006. Organizational factors to the effectiveness of implementing
information security management. Industrial Management & Data Systems, 106(3), pp.345-361.
Love, P.E., Irani, Z. and Edwards, D.J., 2004. Industry-centric benchmarking of information technology
benefits, costs and risks for small-to-medium sized enterprises in construction. Automation in
construction, 13(4), pp.507-524.
Peltier, T.R., 2016. Information Security Policies, Procedures, and Standards: guidelines for effective
information security management. CRC Press.
Smit, Y. and Watkins, J.A., 2012. A literature review of small and medium enterprises (SME) risk
management practices in South Africa. African Journal of Business Management, 6(21), p.6324.
Soomro, Z.A., Shah, M.H. and Ahmed, J., 2016. Information security management needs more holistic
approach: A literature review. International Journal of Information Management, 36(2), pp.215-225.
Wu, D.D., Chen, S.H. and Olson, D.L., 2014. Business intelligence in risk management: Some recent
progresses. Information Sciences, 256, pp.1-7.
Wynarczyk, P., Watson, R., Storey, D.J., Short, H. and Keasey, K., 2016. Managerial labour markets in
small and medium-sized enterprises. Routledge.