Risk Management for Small and Medium Enterprises- myassignmenthelp

Question: Discuss about theRisk Management for Small and Medium Enterprises. Answer: Effective Information Security and Management Strategy for Small and medium Enterprises. Information Security Management is an important aspect of every organization by taking into consideration the recent scenario of business globalization. The huge amount of information is available in the database that should be protected by the hackers and it is in the form of spams, malware. So the organization keeps the database safe by considering the latest security measures that ensure the privacy of the data. It is seen that with the help of internet technology the dream of mankind is turned into a reality. The organization has opted the internet based strategy that assists to reach a large mass of audience easily. It is very important for every organization to secure the information or the database that is available so that it cannot give negative impact on the working operations of the business (Cagno, Micheli, Jacinto and Masi, 2014). In the recent scenario, the information is considered as an important asset, by which the organization can enhance and safeguard the image of the company. Small and medium-sized enterprises cover a major part of the global economic activity. It is evaluated that the internet is used by every organization so that the operations of the business can be conducted in an effective manner. The small and medium-sized enterprises invested a huge cost that creates the presence globally (McCormac, Zwaans, Parsons, Calic, Butavicius and Pattinson, 2017). The information is stored or converted into the digital format and is transferred by various interconnected networks. By enhancement in the usage of internet has brought a drastic change in the communication pattern and also in the operations of the business. Information security and management is a common aspect among the stakeholders. It is set off policies and procedures that manage the data of the organization in a systematic manner. Informa tion security management minimizes the risk and focuses on the continuity of the organization (Lebek, Uffen, Neumann, Hohler and Breitner, 2014). For expanding the business it is essential that the enterprises should adopt effective strategies of maintaining the database. The effective information security and management has given opportunities to the small and medium enterprises that improved the productivity level and helped them to compete with the large firms. The investments of resources are made by the enterprises that maintain the information security policies and strategies. If the information security is not proper then it can lead to lack of proper information by the enterprises (Tsohou, Karyda, Kokolakis and Kiountouzis, 2015).The organization makes continuous planning by giving focus on the security and risk management procedures that are set within the organization. To secure the information it has become a complex activity, so it is essential to take into consideration security strategies that need to extend to mobile platforms, cloud systems, and social ecosystems. The significance of developing information secu rity strategy is often overlooked. A strategy that is related to the security of information acts like a roadmap that creates the security practices that should be taken into consideration to survive the challenges that occur in future. The strategy will help the organization to attain the long-term safety objectives by considering the practices that will assist the company in accomplishing the future security state (Gordas, 2014). It is analyzed that the enterprises should implement effective information safety strategies so that the risk can be minimized in a proper way. If the small and medium enterprise takes into consideration effective information safety strategies, then the information can be secured on the long-term basis. To enhance the security of the organization on a long-term basis, the company should consider and understand the security status and the goals that are related to the long-term strategic security road mapping (Siponen, Mahmood and Pahnila, 2014). Information security and management gives emphasis on maintaining confidentiality, integrity and also the availability of the information data. The responsibility of the management is to take care of the effective implementation of the information security system in the enterprises by establishing information security committee. The committee consists of the representatives from the different departments (Kines, Andersen, Andersen, Nielsen and Pedersen, 2013). The representatives are from the background of information security, internal audit, and risk management. Effective information security and safety is important so that the information that is obtained can be maintained as it is valuable for the organization. It is essential to think of the safety in financial terms. In order to understand the significance of information in the organization, the employees must have a proper concept of the security of information in the organization. The enterprises should give emphasis on the f ake posts that are given on the social media sites that affect the goodwill of the organization (Alshboul and Streff, 2015). It is very important to give concentration on the information security, as it is considered as a main element of the organization. If the organization lost its information then it can be a great loss and there are various drawbacks that can be faced. The first drawback is related to the confidentiality of the organization. The confidential information of the organization can be leaked and it can give negative impact on the financial position of the company (Peltier, 2016). It gives an unfair advantage to the competitors and damages the goodwill and even bankrupts the organization. The digital information of the enterprise that consists of confidential information should also be protected from misuse. As, it is a challenge to protect the information that is sent and exchanged electronically with the use of the internet, but there are certain precautions that should be taken into consideration by the organization. The precautions are: The enterprises should create a passcode entry on the files in which the sensitive information is included. The rules should be designed for the transfer or copying the information from the internet. The security system should be uploaded in the computer like firewall so that the threats can be easily detected. There are many security incidents that are concerned about malicious code like worms, viruses, and Trojans that have given negative impact on the operations of the organization. The virus gives direct impact on the files and also on the software of the computer. It can delete or erase the file; and also various challenges are faced by the organization. So the company should emphasis on enhancing the information security so that the information cannot be leaked. To create an effective information security in the enterprises it is important to give training to the employees so that the valuable information can be secured (Smit Watkins, 2012). The customers are also an important aspect of every organization. With the loss of customer database, it can also give impact on the sales of the business. The information that is leaked is used by other business and by this the competition level is enhanced and faced by the company. Also to give focus on enhancing the information security, it is important to find an expert who can manage the information. If the organization maintain the information in a secure manner, then it is very easy to attain success and objectives of the organization. It is important that everyone should need to secure the information of the company. Every employee of the organization should make effort to implement and carry out effective information security and management strategies in an organization (Alton, 2016). So, the enterprises should make effective information security system. There are various organizations that are spending a lot of money to safeguard the information of the organization. The small and medium enterprises should plan in an effective manner, strategies that should be taken into consideration. If the enterprise makes efforts then it can be possible to maintain and handle the data by using effective software and hardware to secure the data of the organization (Legg, Olsen, Laird and Hasle, 2015). References Alshboul, Y and Streff, K 2015, Analysing Information Security Model for Small Medium Sized Businesses, Americas Conference on Information Systems, vol.58 no.1, pp.1-9. Alton, L, 2016, How to Protect Your Small Business as Cybersecurity Threats Rise, Small Business Trends, viewed 14 May 2017, retrieved from: https://smallbiztrends.com/2016/06/cyber-security-strategies.html. Cagno, E., Micheli, G.J.L., Jacinto, C. and Masi, D., 2014. An interpretive model of occupational safety performance for Small-and Medium-sized Enterprises.International Journal of Industrial Ergonomics,44(1), pp.60-74. Gordas, V, 2014, 'Implementing Information Security Management System in SMEs and ensuring Effectiveness in its Governance,' London, Kines, P., Andersen, D., Andersen, L.P., Nielsen, K. and Pedersen, L., 2013. Improving safety in small enterprises through an integrated safety management intervention.Journal of safety research,44, pp.87-95. Lebek, B., Uffen, J., Neumann, M., Hohler, B. and H. Breitner, M., 2014. Information security awareness and behavior: a theory-based literature review.Management Research Review,37(12), pp.1049-1092. Legg, S.J., Olsen, K.B., Laird, I.S. and Hasle, P., 2015. Managing safety in small and medium enterprises. McCormac, A., Zwaans, T., Parsons, K., Calic, D., Butavicius, M. and Pattinson, M., 2017. Individual differences and information security awareness.Computers in Human Behavior,69, pp.151-156. Peltier, T.R., 2016.Information Security Policies, Procedures, and Standards: guidelines for effective information security management. CRC Press. Siponen, M., Mahmood, M.A. and Pahnila, S., 2014. Employees adherence to information security policies: An exploratory field study.Information management,51(2), pp.217-224. Smit, Y Watkins, J 2012, 'A literature review of small and medium enterprises (SME) risk management practices in South Africa', African Journal of Business Management, vol. 6, no. 21, p. 6324. Tsohou, A., Karyda, M., Kokolakis, S. and Kiountouzis, E., 2015. Managing the introduction of information security awareness programmes in organisations.European Journal of Information Systems,24(1), pp.38-58.