The ICT risk register combines the elements of IT threats, risks and IT Risks Assessment so as to document the mitigation strategies and organizes information about IT risks with the steps to mitigate them while stating the responsible persons. Just like, IT risk matrix that simplifies the language to an easily understandable one, the IT risk register expounds further to ease the workload of maintaining IT risks. We shall use the IT Risk Matrix described in the article IT Risk Matrix to visualize assessments (impacts and likelihood).
In this context, the following should be noted;
Existing controls
These refer to the measures, practices and mechanisms that are already in place to manage and mitigate a specific risk and representing the current security posture. These are the measures that are actively being used to prevent or reduce the likelihood or impact of a risk and are typically implemented based on past experiences, industry best practices or regulatory requirements.
Its features
Implemented and operational – These are controls that have already been deployed and are part of the current risk management framework.
Reactive or preventive – They may be either proactive (designed to prevent incidents before they happen) or reactive (designed to respond to incidents once they occur).
Ongoing – Existing controls are typically ongoing and continually operational unless revised or updated.
Actual examples
Access control – Implementation of role-based access control, least privilege access and multi-factor authentication.
Employee monitoring – Use of user and entity behavior analytics tools or security information and event management systems (SIEM) to track and log user behavior.
Data loss prevention – An activated software that is currently deployed to monitor and block unauthorized data transfers.
Training and awareness – Regular security awareness programs that employees have already undergone.
Encryption – Sensitive data that is already encrypted in transit and at rest.
Mitigation strategies
These are future-oriented actions or plans designed to reduce or eliminate the risk or address gaps in the existing controls and are used to improve the effectiveness of existing controls or to introduce new measures to further mitigate the identified risks. Simply put, they are planned improvements or enhancements to reduce the likelihood or impact of a risk and could involve the introduction of new security tools, policies, or processes that have not yet been implemented.
Its features
Future-oriented – Planned actions that will be taken to improve or complement existing controls.
Addressing gaps – Mitigation strategies typically focus on closing gaps or improving areas where existing controls are insufficient or where new risks have emerged.
Dynamic and adaptive – These strategies are often dynamic and can evolve as new threats, vulnerabilities or technological solutions arise.
Actual examples
Strengthen access controls – Implement stricter policies for user access management or roll out a company-wide policy for enforcing stronger password practices and ensuring periodic reviews of access rights.
Improve monitoring systems – Implement additional logging and real-time alerting capabilities for suspicious activities or even deploy advanced threat detection tools that are not currently in use.
Regular employee training – Schedule more frequent and targeted training on emerging threats such as Artificial intelligence-driven attacks and advanced phishing techniques that weren’t covered in any initial and previous training.
Third-party risk management – Introduce a more robust vendor management process to assess and mitigate third-party risks such as security audits and background checks for vendors.
Incident response plan enhancement – Update or refine the existing incident response plan to include new scenarios, emerging threats or advanced recovery tactics for example, in the event of a ransomware attack.
Now, simply put, existing controls are the tools and measures you already have in place, while mitigation strategies are the planned steps you will take to improve or address gaps in your risk management approach.
Benefits of a risk register
Improved risk awareness – A risk register helps organizations systematically identify and document potential risks ensuring that all stakeholders and key persons are aware of them, therefore enabling better understanding of the risks faced by an ICT infrastructure or project, allowing for proactive planning and response.
Prioritization of risks – By documenting risks and assigning them a likelihood and impact score, the risk register allows organizations to prioritize which risks need to be addressed first. In the process, resources and attention are allocated to the most critical risks, ensuring that the most damaging or likely risks are managed appropriately.
Effective risk mitigation – The risk register outlines strategies and actions to mitigate each identified risk making it easier to develop appropriate risk mitigation plans. This way, it helps ICT teams stay proactive rather than reactive, allowing them to implement measures to prevent incidents or minimize their impact.
Enhanced decision-making – With a comprehensive risk register, decision-makers can make informed choices about ICT investments, project timelines and system changes based on the understanding of potential risks. It provides a clearer picture of potential barriers or setbacks that may need to be factored into strategic decisions.
Regulatory compliance – Many industries are subject to strict regulatory requirements, particularly in terms of data protection and cybercrimes such as the Data Protection Act (KE), The Computer Misuse and Cybercrimes Act (KE), HIPAA and the GDPR. A risk register ensures that organizations can identify risks that could lead to compliance failures and take steps to address them.
Continuous monitoring and updates – The risk register is not a one-time tool but is updated regularly as new risks emerge and existing risks evolve. This ongoing monitoring helps ensure that the organization stays prepared for potential threats, especially in the fast-moving ICT sector enabling lessons learned from past incidents to be incorporated into future planning improving risk management over time.
Clear accountability and ownership – As we shall see later, the risk register assigns specific owners to each identified risk ensuring accountability. This means there is a designated person or team responsible for managing and mitigating each risk, which leads to better management and faster response times with clear roles that help avoid confusion and delays in addressing risks, particularly during critical incidents.
