With modern IT infrastructure becoming increasingly complex, intertwined systems managed through service providers and managing experts, the inevitable security problem rears its head. How can one organization, using several service providers, ensure their data security as it travels through those systems?

Over the past decade, enterprise and government specialists have refined the practice of risk management and security-focused on digital supply chain management. To support such efforts, the National Institute of Standards and Technology (NIST) released the newest revision, NIST 800-161, in May 2022. 

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Over the past few weeks, we’ve talked quite a bit about risk:

• What it is.
• How it applies to compliance.
• How you can start to think about it as an aspect of your overall business strategy. 

In many of the cases we’ve discussed, we’ve referred to risk in terms of mitigation–how to close the gap between your security capabilities and potential threats in the wild. 

But what’s critical to understand about risk is that it is just as much about how much risk you want to take on as you want to remove. And, when discussing potential risks concerning business goals, you must consider your risk appetite statement. 

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We started our series on risk management a few weeks ago by introducing the concept of risk. One of the general stereotypes about risk is that it lacks some discreteness of security compliance–it doesn’t lend itself to checklists or paint-by-numbers approaches. This is, overall, a good thing, but can prove challenging for enterprises not ready for it. 

Here, we wanted to discuss something that many don’t associate with risk management–visualization and analytics. While risk is a human-driven process overall, decision-makers would do well with a set of easily digestible information to help foreground risk as a measurable process.

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