What Fintech organizations, CISOs, CTOs and CISMs should know on Infosec Strategies and Developing effective Infosec and Risk Management Strategies.

An information security and risk management(ISRM) strategy provides and organization with a road map for data assets and information infrastructure protection with goals and objectives that ensure capabilities provided are aligned to the goals and risk profile of the associated organization.

Initially, it was considered as an IT function as we know and that made it to be included in the organization’s IT plans for some organizations. It recently evolved into a more critical element of any activities especially businesses that are going on in an organization. Understanding these strategies and how an effective ones are developed is vital and crucial for an organization.

To start with, what do I mean effective ISRM strategy actually?. Well, the answer to that question may vary for different people due to the fact that we don’t think the same way, but actually its easier than you think. I believe that some of the features below describe what I meant by effective ISRM strategy;

1. A strategy that understands and considers the current business conditions and advocate for its positivity in value.

2. One that also considers the risk appetite and risk profile of the organization.

3. One that is supported by all members of the organization. It won’t be effective when some percentage of the people especially from the board is criticizing it or rather they don’t like that.

4. One that defines and establishes risk ownership, accountability and also states different roles and responsibilities for different people.

5. One that also enforces compliance and other pre-existing policies. A strategy that contradicts these may not be effective as expected.

Such strategy has a lot of features but that is what I was able to think of. Hope you understand the kind of strategy am referring to and its other features that you might think of .

The other thing that should be remembered which is also crucial is that, when developing such strategy we consider the key components of Infosec management that are associated with the organization. These are; risk assessment, security policies and procedures, security controls, asset management, and incident response and recovery. An organization should focus on building robust and effective security strategies on this.

How is such strategy developed?. It looks complex but trust me, it is easy if you understand one thing. I read sometimes back, an ISACA Journal dated March, 2010.It had an interesting paragraph which I believe it is true. It was saying that a multiphased approach to developing an ISRM strategy is often most effective and provides recognizable results and value to an organization. I think this is because, an organization will consider the aforementioned key components of infosec management and the general features of an effective ISRM strategy at a point.

I will discuss these phases and the step by step guide on how to develop an effective infosec strategies and risk management strategies in my next article.

Thanks for you time and follow for more.