Alexander James Raymond is an entrepreneur who started a successful IT Project Manager business after many years of handling finance firms’ IT infrastructure. He has witnessed that in the span of a decade, companies are now putting more emphasis on managing their IT infrastructure risks than ever before.
But, there are still many small- to medium-sized businesses (SMBs) need to recognize the importance of IT security governance, which identifies, tracks, remediates, and monitors the company’s risk level across their IT infrastructure and operations, says Alex Raymond.
According to Forbes magazine:
“IT outages are increasingly costly. In 2020, a greater percentage of outages cost more than $1 million (now nearly one in six rather than one in ten, as in 2019), and a greater percentage cost between $100,000 and $1 million (40% vs. 28%).”
Why is IT security governance and management so important?
IT is the foundation for most project deliverables or customer service.
Alexander James Raymond says that digital technology is so pervasive in our modern world, especially in business operations, that how a company governs its IT infrastructure can drastically affect capital planning and performance.
A robust IT security plan can keep up with rising IT threats, inspire customer trust, and reduce costs to your business caused by a data breach, production downtime, and legal penalties or fines.
Avoid legal fines with good IT security governance and management.
As an expert in helping organizations adhere to IT security standards, Alex Raymond has advised companies who have paid the cost of an IT security breach. And sometimes, the business directors and governance boards are held accountable for a data breach.
A solid data privacy compliance strategy can mitigate the risks of a data breach and prevent serious incidents from occurring. Within an evolving data threat environment, a good IT project management team can help your company understand its risks and obligations and what security measures can be implemented to remedy any deficiencies.
Partner with a professional IT Security Management firm
Alexander James Raymond knows the complexities of managing a corporate-wide IT infrastructure. Overcoming these challenges means deciphering the gamut of US and international privacy laws that were put in place to protect both businesses and the consumer.
The goal is to keep proper compliance records and have an effective cyber intrusion plan before a process escalates. Alex Raymond also believes that many IT risks can be mitigated with proper employee training in handling sensitive data like passwords and electronic signatures.
Choose an IT governance and management firm that is familiar with your industry. How a financial firm handles its IT risks can differ from that of a manufacturer. If a company doesn’t evaluate and prioritize its information risk, then all other core processes and business concerns will also be at risk.
