ISO 27001 Certification in Bangalore in this situation is similar to managing investments in security, where the juggler is the organization, the rotating objects are the risks, and the action of rotating them refers to the resources invested. By understanding the rotating dishes situation, the equivalent of analyzing the risks, the juggler can decide on the order in which he needs to work on them, and the necessary speed to apply to each one of them, so none of them fall (i.e., the risks do not occur).
Benefits of security investment prioritization
ISO 27001 Certification services in Bangalore The juggler does not need to keep all the objects rotating at the same speed at the same time to keep them from falling. If he did that, he would soon become tired from the effort and would no longer be able to act, and the objects would start to fall.
This first analogy leads us to some of the benefits of security investment prioritization:
- More efficient allocation of people, processes, and budget: prioritization helps organizations to invest only the needed resources required to handle risks – no more, no less.
- Increased focus around the risks that matter most: prioritization gives employees guidance on what the organization sees as important.
- Increased success rate: with risks treated according to their criticality, the chance of their occurrence is lessened, as well as their chance of negatively impacting the organization’s objectives and expected outcomes.
WHY QUANTIFY RISK IS IMPORTANT:
ISO 27001 Registration in Bangalore in the qualitative form, risks are valued based on the perceptions of those analyzing them, and perceptions can be biased, which makes it difficult to use them outside the context in which they were analyzed. On the other hand, when we talk about risk quantification, we mean defining the value of risk based on verifiable data and calculations, and this is important because it allows verification. Returning to our analogy, balancing objects on sticks is basically the application of physics (the gyroscopic effect), which involves rotation speed and direction, regardless of the object used. By analyzing both speed and direction of objects.
HOW TO QUANTIFY THE RISK:
The ISO definition for risk according to the ISO Guide 73, which defines the vocabulary for risk management, is: “the effect of uncertainty on objectives.”
Considering that, the variables most used to quantify risks are likelihood and impact. Normally, quantified risk is expressed in monetary values, as it facilitates understanding of a specific risk by the whole organization, and because it makes the evaluation of the required security investment quicker.
OPTIMISE RESOURCE ALLOCATION BY RISK QUANTIFICATION
ISO 27001 Implementation in Bangalore Risk treatment is organizations can’t postpone because customers and society are becoming less and less accepting of those who do not treat risk properly. On the other hand, the number of risks by far outweigh the available the resources of any organization, so they need to search for way to wisely invest their resource.
the security investment is to be evaluated in the short term, maybe there is no point in making big investments on higher risks with a low probability of occurring, and it is better to ensure that higher-probability risks are treated. If the security investment is to be evaluated in the long term, the sum of losses due to the occurrence of lower risks, even with implemented controls, may be acceptable, because preventing the higher risks will increase market confidence in the business, thereby increasing revenue @certvalue.com.
