security risk management

Security Risk Management Matters More Than You Think It Does!

Software security risk management in companies is seldom given the importance it deserves. Read on to know why it is so crucial.

One doesn’t talk about programming languages alone when it comes to software development. The discussion would probably be hovering over a dozen other aspects like time complexity, space complexity, project deadlines, quality assurance and whatnot. While laymen barely know any of these terms, they are more than likely to understand the importance of risk management especially in software security.

 All problems aside, risk management in the financial sector appears to be following an upward curve in success, especially in case of credit cards and insurance schemes. The IT sector, however, is yet to witness effective implementation of software security risk management. The problem is more prominent in the area of application development than in any other area. Regardless of the compelling statistics of financial losses, security breaches and downtime for application availability, the risk management strategies unfortunately still continue to lag behind.

 How Essential is Security Risk Management?

Within less than three decades, IT has grown from an academic concept to a major support for the whole world. Not only millions of businesses but also a lot of government departments have rested their fate in the hands of databases, websites, networks, browsers, protocols and mobile apps. Hackers everywhere are digging deep into software technologies, looking forward to come up with a strategy to break through the toughest software security barriers. While a permanent solution to stop them hasn’t shown up yet, web application penetration testing is doing a fairly good job in keeping them at bay. Risk management is a process that needs to go hand-in-hand with testing.

 IT security today is almost as crucial as IT itself, owing to the steadily rising demand for secure software solutions. Needless to say, no entrepreneur can afford to leave room for confusion or error in his/her transactions. In this scenario, if the control of these transactions falls into the wrong hands, these entrepreneurs will most likely end up facing their worst nightmares. A few of the initial outcomes would include huge money losses, leakage of trade secrets and misuse of confidential information. Security risk management can help them avoid all these consequences. It depends on three basic principles, namely:

  • Clear understanding of the roles of all software-related teams in the organization
  • Estimation of security risks through detailed analysis of all strategies and development processes

Creation of risk management models for the organization to follow.

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