The fusion risk management field is thriving right now. With more than 20% of companies admitting that they have a cybersecurity breach in the near future, risk management has never been at such a high demand. With this booming demand has come an equally booming supply of new risk-tracking software and services aimed at helping organizations implement a standardized risk management system within their organization.

However, this surge in new technology has created an acute dearth of knowledge about what constitutes good risk management practices. As a result, it’s become increasingly difficult for organizations to identify and evaluate different risk-mitigation techniques. Fortunately, by analyzing the three core components of fusion risk management, you’ll be able to spot potential solutions from the outset so you no longer waste time or money on ineffective or fraudulent services:

What is Fusion Risk Management?

Fusion Risk Management is the art and science of managing the risk of cyberattack. By implementing a holistic approach to managing the risk of cyberattack, businesses can reduce the risk of breach and better protect their data and systems. In order to be successful with fusion risk management, you must first understand the core concepts behind it.

Fusion risk management is the integration of traditional and emerging risk management disciplines to help organizations better protect their data, employees, and customers from cyberthreats. Traditional risk management focuses on risk assessment, analysis, and control. Cybersecurity, on the other hand, is an increasingly broad discipline that includes both traditional and emerging risk management disciplines, such as data management, security policy and procedure, threat modeling, and risk assessment.

Why Are Organizations Implementing Fusion Risk Management?

Cyberattacks have cost organizations billions of dollars and thousands of hours due to ineffective and inefficient risk mitigation strategies. Companies that have implemented fusion risk management have seen significant improvements in time and cost efficiency as well as in the accuracy of risk assessment and analysis. There are a variety of reasons why organizations are implementing fusion risk management. Some of the more common ones include:

– To Improve Data Security – Some organizations have seen increased data security as the top benefit of fusion risk management. By integrating a variety of disciplines, fusion risk management helps organizations improve data security by combining security policy and procedure with data management and governance. In addition, by conducting threat modeling, organizations can determine how attacks may be executed, as well as which data may be most vulnerable.

– To Improve Compliance – For organizations that maintain an active compliance program, fusion risk management can help overcome the challenges associated with doing so in a distributed and decentralized organization. By implementing a comprehensive risk management solution, organizations can centralize and automate the processes involved in managing risk, allowing them to spend less time managing risk and more time doing business.

– To Improve Risk Assessment – While traditional risk management focuses primarily on the analysis of risk, fusion risk management takes a more holistic approach by incorporating the analysis of likelihood and impact. This helps organizations more accurately determine risk and improve the time and cost of management.

What are the 3 Core Components of Fusion Risk Management?

The first core component of fusion risk management is data management. Cyberthreats are primarily a result of bad or outdated data, making it critical for organizations to properly store, manage, and audit that data. With a robust data management solution, organizations can gain full visibility across their data and ensure 100% compliance.

Another core component of fusion risk management is security policy and procedure. While security policy and procedure can be implemented in any organization, its focus on standardized practices can help to reduce the risk of a breach by raising red flags if something is off. A comprehensive solution has the ability to automate and centralize these policies and procedures to optimize efficiency and effectiveness.

The third core component of fusion risk management is threat modeling. Threat modeling is a systematic process that uses both data and experience to develop a comprehensive model of the security threats that an organization will likely encounter. By doing so, organizations can create a comprehensive model of their own security threats and develop a robust security policy that protects their assets.

How Does Fusion Risk Management Work?

As an organization grows, so too do the threats it faces. As more data is generated and stored in various systems, these systems become more vulnerable to attack. To address these challenges, many organizations are implementing a hybrid IT approach that includes both on-premises and cloud-based infrastructure. However, this growth in hybrid IT brings with it a rise in the risk of cybersecurity incidents. With hybrid IT, the challenge is that data and systems are hosted in two different locations, increasing the risk of data breaches.

To address this challenge, a hybrid risk management solution offers benefits such as artificial intelligence and machine learning that can help to mitigate risk and detect threats. This hybrid approach to infrastructure allows organizations to scale as needed without worrying about the security of the data in a separate location. A hybrid solution also provides simplified management, so IT can focus on managing the overall IT infrastructure, rather than managing two separate environments. Taking up a course or leveraging some online resources can give you a comprehensive knowledge of how to get started.

Conclusion

By implementing a hybrid risk management strategy, organizations can reduce the risk of cybersecurity incidents and maximize the benefits of a more efficient and cost-effective hybrid IT infrastructure. By leveraging the power of artificial intelligence and machine learning, a hybrid risk management solution can help to mitigate risk, detect threats, and detect anomalies across the data lake, data warehouse, and cloud environment.

This article provided an introduction to fusion risk management and the three core components of fusion risk management: data management, security policy and procedure, and threat modeling. This article also provided an overview of how fusion risk management works, including the benefits and how these three core components work together to make fusion risk management possible.