IT Risks have been a widely discussed topic these days. IT has become pervasive and has crossed the boundaries between various industries. The sudden onslaught of IT risks has become a problem for not only IT people in the companies but also senior management who fear the security risks, reduced productivity due to outages, increased costs on fixing IT issues as they occur and important data theft or loss.

What is an IT risk?

Anything that can potentially harm the information system within a company leading to loss of confidentiality and/or efficiency. These threats can be external or internal.

Let us take a few examples:

  • A security incident results in theft of customer data resulting in legal liability, reputational damage and compliance issues
  • Servers fail based on lack of proper maintenance and no effective Disaster Recovery
  • Outages occur because there is no redundancy in the infrastructure or its and aged device
  • Extended outages can occur because the documentation is not current and has not been for some time
  • There are never enough IT resources to responsibly manage all the work that has become unscalable
  • A technology project goes over budget and fails to meet goals set out in its business case

If you investigate the repercussions of these risks, IT Risk Management seems to be a managerial function more than a technical one. This risk needs to be minimized to the best a company can by allocating least resources possible.

Handling these risks as they come is an expensive and strenuous affair. Handing over the entire problem onto the hands of experienced MSPs is not only cost-effective but also leads to increased productivity and efficiency. The responsibility of protection from IT Risks is shared between the MSP and the company itself. MSPs sole function is to mitigate these risks and are therefore better equipped to deal with them.

A management team may focus on internal handling of these risks or delegate the work to the experts according to the resources available with them, but they cannot ignore the repercussions attached to these risks. A proper risk management system will not only help the business reduce their losses but also ensure maximum effectiveness and greater profits.