Risk Management - Liew Yen Thung
Risk management is the ongoing process of analyzing, evaluating, identifying, and treating loss exposures and monitoring risk control and financial resources to mitigate the adverse effects of loss (What is risk management?, n.d.). It can largely decrease the financial loss such as the cost of claims and liability judgements. There are several tools that can be used by organizations. For example, ProjectManager, Monday.com, Resolver, and many more. Not only tools, but some techniques have been widely known by the public, such as SWOT Analysis, Root Cause Analysis, and Risk Register.
As an entrepreneur, knowing how to manage the risks is important. Data breaches are one of the security risks that usually happen in the industry. First of all, data backup and recovery is the most vital way to prevent data breaches. It can easily recover the data from the backup if facing situations such as a system down (PaySimple, 2023). Next, hiring an expert is also a wise decision for protecting data from being breached (PaySimple, 2023). This is because they will help the entrepreneur handle all the data with good protection, enabling the entrepreneur to focus on customers' cases and projects.
Besides, it is a must to educate and train own employees. The entrepreneur should provide his employees regular training courses to educate them on how to spot a possible threat (What is a data breach and how to prevent it?, n.d.). Therefore, the possibility of data breaches will significantly decrease. Lastly, the entrepreneur should implement and use multi-factor authentication (MFA) for his organization. This can be a large extent of minimizing unauthorized access from external. For example, biometric authentication like facial recognition can be used in the organization. Therefore, this can make sure that the users are authorized.
References
What is risk management?. Marquette University. (n.d.). https://www.marquette.edu/riskunit/riskmanagement/whatis.shtml#:~:text=Risk%20management%20is%20the%20continuing,of%20claims%20and%20liability%20judgments
PaySimple. (2023, June 6). How to prevent data breaches: 12 best practices. https://paysimple.com/blog/how-to-prevent-data-breach/
What is a data breach and how to prevent it?. Fortinet. (n.d.). https://www.fortinet.com/resources/cyberglossary/data-breach
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