IT Risk AnalysisFaculty of Science and EngineeringLO1 ? You will be able to apply appropriate theory, tools and techniques to the assessment and development of secure computer-based systems.Specifically, you will be able to identify assets in an organisation and evaluate potential threats and the losses that may be incurred as a result of those threats. You will use risk analysis methods to assist in that process and will be aware of available tools to enable that process.LO2 ? You will be able to identify and specify IT Security requirements to meet business needs.From analysis of the business needs of an organisation you will be able to identify the basic IT security policies and procedures required to operate in a secure way.LO3 ? You will be able to analyse and evaluate risks to an organisation and its IT assets and recommend appropriate countermeasures to IT system.Having determined the risks that an organisation may face in respect of IT Security, you will be able to evaluate these in terms of probability of occurrence and impact on the organisation, and will be able to recommend appropriate steps to be taken based on your evaluation.Modern day business environment is rapidly and continuously changing ? it is volatile, unpredictable, and appears to become more intricate by the day. Today?s business environment is naturally fraught with risk. In history, companies saw risk as an evil that should be averted or mitigated through all means possible. In the recent past, however, heightened regulatory needs have made businesses use substantial resources to address issues of risk, and stakeholders in turn want to know more if a business is in control. At times, the demand for risk analysis is not met at the required time, and where poor risk analysis can lead to a financial crisis in a company. TrendMaster Limited needs to pinpoint, manage, and exploit risk across its organization to ensure it gains success and longevity. Below, we assess the risksPossible RisksTrendMaster is coupled with the issue of project backlog. Moving from a converted barn to an empty shell in a major town is a huge step, but the company still faces the risk of project backlog due to the increasing need of IT services by large corporations. A small number of staff with little experience exacerbates the risk even further. Possible outcomes of this scenario are project failures or delays, completed projects that are a challenge to controls and security, inability to achieve objectives, and inadequate or poor vendor management.Business expansion brings pressures to an organization?s system that may not have the experience or time to become accustomed to increased services or production. New timings of receivables or payables may lead to financial strain. Clients may feel underserved. Workers may be unsettled with the myriad changes taking place in the organization. The management and owners may not have the correct skills (Luo, 1999, p. 73). This is a good time for TrendMaster to conduct an examination of its situation to pinpoint the weaknesses and strengths.TrendMaster also faces competitive risks as it is entering unknown markets, unfamiliar terrain, and will meet aggressive competitors. Growing will be the next big challenge for the company and its management. Pushing the company?s products and services into an existing market may be unfamiliar, and the management may get unanticipated results. Also, as the company competes against big companies, they might fight back. The organization?s staff may not have the right expertise and the company may need the right resources.The new location may present security threats to the business and its operations. Security threats that may affect the company may be major or minor. The possibility of missing minor security threats is high unless the staff of the company may be watching closely. However, these small events may lead to huge catastrophes if they go unchecked.Natural damage also poses as a huge threat to the expanding business. The various types of threats, primary, secondary, and tertiary effects, could all affect the relocating company. Primary effects, which include damages emanating from the collapse of buildings, floods, and other effects of natural disasters could occur. Secondary effects that could affect the processes of the business include fires and disruption of power caused by hurricanes, earthquakes, landslides, among other catastrophes. Tertiary effects are long term in nature, and their possibility of affecting the new business stand high. Further, the new offices may lack the required room specifications of an IT company. IT offices need to be in a location with satisfactory fire suppression system. The new offices may also be subjecting the business to further risk as they do not have proper fire ratings in the cooling and cabling systems.Unfavorable temperature and climate conditions such as high humidity, heat, and frost could cause a wide range of damage, such as malfunctions in storage media or damage of technical components. Frequent variations of temperature and climatic conditions could aggravate these impacts. Unfavorable conditions can also cause the workers to be unable to work properly or to be injured or affected (Tautscher, 1991, p. 409).Every technical appliance and human being has a certain temperature range in which they can work optimally. Within these temperatures, functioning is normal, and sustainability is guaranteed. However, when the appropriate temperature ranges exceed the upper or lower limits, device failures may occur while workers may not work efficiently (Tautscher, 1991, p. 410). Moving offices into a new building may present a business with the above challenge, especially if the building conforms to old building standards.The new building could also pose several challenges for lack of proper server room. A server room should have doors, walls, and ceiling that are sound-isolated from other rooms in the place of work. The windows should not be present in the server room because of sound and security reasons. The ceiling of the room should be nine foot high while the floor should have the appropriate anti-static finishing. Finally, the doors ought to be 42 to 48 inches in width, and at least eight feet in height (Speed, 2015). However, the new building was not meant for the purposes that TrendMaster intends to use it for.SWOT AnalysisStrengthsBigger SpaceMany workers spend most of their lives in offices and other indoor environments, which affects and influences their mental actions, status, performances, and abilities much. When a company moves to better workplace milieu, the productivity and outcome of the workers is set to increase. Improved physical environment appears to have a direct correlation to the productivity of the employees. Various studies pertain to the literature of office buildings, and multiple offices indicate that things such as cluttered workplaces, dissatisfaction, and physical environment are major contributors when it comes to loss of productivity. TrendMaster does need increased productivity given the fact that its customer base is increasing. Their relocation to new and spacious offices in the two storey building will enable the workers to report better performance.Information and Communication companies require space to carry out their functions. Reception of clients requires spacious areas so as to enable the employees and other workers of the company to serve them efficiently while mitigating the possibility of any security issues. Visitor?s movement from the reception area to general office areas ought to be given sufficient space for security reasons (Piotrowski and IIDA, 2015, p. 89). Further, spacious workstations present employees with the advantage of comfort, which are all ergonomics requirements (Dennis, 2007, p. 22). Further, data management centers ought to be spacious enough to house IT infrastructure such as batteries, UPS, and server machines. Spacious rooms also enable maintenance personnel to navigate with ease (Dube and Gulati, 2005, p. 470).Proximity to clientsProximity to clients may mean the difference between profit making companies and an unsuccessful one. Proximity to clients, which will come about as a result of moving from converted barn to a two-storey building, will improve interaction and drive sales (Hirschheim et al., 2009, p. 302). Moreover, clients will be able to visit the company?s offices more easily given the fact that they will now be in an urban region. Information and Communication Technology companies have better productivity in urban regions since these areas offer them an opportunity to access high speed internet and other amenities, which they require for their day to day operations (Development, 2004, p. 11).WeaknessesThe rooms that TrendMaster has picked to act as its new offices may be spacious and more presentable than their previous location. However, the offices do not put them at a better position to keep their servers, as they are not modeled for server machines. Server rooms ought to have the right networking, cooling, monitoring, and storage equipment, which might be deficient in the new offices. TrendMaster may require substantial amounts of capital to ensure that the new offices meet the minimum requirements.Installing a server room in the middle of offices is not the best thing that a company can do. However, TrendMaster has its server room in the middle of its new building, which it uses for its various offices. By doing so, the company risks exceeding the threshold of noise levels and thermal loads to the offices that are around. Moreover, the location of the server room allows free movement of workers. This implies that the company cannot manage noise and temperature below the threshold levels. Additionally, situating the server room close to other offices means that the security breaches may be many compared to situations where dedicated and delineated server rooms exist.OpportunitiesRelocation to bigger offices located in busier urban region will prove to be economic valuable to the company in the near future. Urban regions are placed near mobbed high-rent locations, big business centers, and communications and transportation nodes. As a result, businesses benefit from nearness to logistical infrastructure, nearness to business districts, and concentration of businesses. Companies in the Information and Technology domain stand to benefit largely because they gain proximity to possible clients. TrendMaster can take advantage of the new location and improve its relations and networks in the urban market.Data companies rely on internet connectivity to carry out tasks and deliver services to clients. Slow internet creates bottlenecks, and TrendMaster has either not been delivering successfully to clients or has not been having many clients. However, with an increase in demand for data management services, the company had to move to an urban region and better offices. Here, the organization will be able to exploit faster internet options such as broadband over fiber, fixed wireless, and faster DSL internet access options (Morley, 2015, p. 103).ThreatsThere are myriad data management companies that are currently up scaling their services through investments. Competition in the ICT industry is rife and small companies stand threatened. Big companies have the capital required to invest in IT infrastructure while they are still competing for relatively the same clients as small companies such as TrendMaster. Competition is getting even stiffer by the fact that data management and ICT companies are entering into mergers. Merged companies stand a better chance of attracting consumers and overpowering small and medium sized companies such as TrendMaster (United Nations Conference on Trade and Development, 2004, p. 180).Statistics shows that natural disasters disrupt many small and medium sized businesses. Disasters such as fire and floods may cause small businesses to close down completely. Lack of a clearly laid down disaster management plan also poses as an additional threat, as many businesses fail to recover after being hit by a sizeable catastrophe. In many instances, disasters make businesses relocate on a temporary basis while they seek to repair and re-establish their business venture. Business interruption could lead to huge losses in the ICT sector due to the sensitive nature of activities involved. TrendMaster stands to lose even more in the event of a disaster because it does not have backup servers situated remotely.PRIMO analysisPeople ? The people in terms of their leadership, experiences, and controls can affect the organization.Resources ? The Company needs many resources given that it is expanding and requires to invest majorly in assets.Innovation & Ideas ? Innovations are highly needed in the ICT industryMarketing ? Marketing strategies will determine the impact of TrendMaster in current as well as new markets. The ability of the company?s marketing department to reach new clients and maintain existing ones will assist the organization to stay competitive and profitable.Operations ? some of the operation factors that may affect Trend Master include availability of relevant information and controls, its ability to put information into use, the degree of responsibilities and professionalism, degree of delegation, and method of assessing performance used.Finance ? The operations of the organization are also subject to the financial capabilities.PESTLE AnalysisPoliticalTrendMaster is a computer/IT company and most of its products are subjected to FCC regulations. Although the FCC works in the United States, the regulations also touch on products that are exported to other countries (FCC, 2010). Further, the company ought to comply with the Sarbanes-Oxley Act of 2002. The most prominent aspect of the act, from an ICT viewpoint, is Section 404, which demands that companies produce audit reports after every year (Rasch, 2005). The company also has to conform to various governing laws and regulations for smooth running of its businesses.EconomicCompanies have had to restructure their marketing and sales strategies due to the recent economic downturn. Additionally, companies had to undergo downsizing and re-strategizing on how to penetrate the market. Economic have very high influences on any business, regardless the business they are involved in. The same case applies for TrendMaster, which is faced with the tough decision of finding appropriate strategy to enter into the market.SocialSocial factors influence TrendMaster greatly, as it is a technology-related company. The company has to ensure that it maintains ethics and respects the privacy of the clients it serves. Privacy issues have become a major challenge in the wake of advancements in IT and the spread of IT.TechnologicalWith the rise of technological advancements, companies have highly integrated themselves with myriad changes. For instance, TrendMaster will have to conform to the recent trend that has seen widespread adoption of Social Media. The explosion of Social Media has augmented the interaction between businessmen and partners (DeCew, 1997, p. 46). Every company, thus, has to stay abreast with the latest technological advancement to stay relevant in the market.LegalThere are many legal implications that surround IT companies such as Trend Master. Trend Master has to ensure that it abides by all these regulations. For instance, regulations regarding electronic waste dumping ensure that companies do not cause unnecessary dumping of electronic products. On the other hand, the use of technology is leading to increased privacy issues, and companies have to abide by privacy issues to ensure that they do not breach the liberties of the clients they serve.EnvironmentalEnvironmental facts can be of impact to TrendMaster, but not immensely to the extent of altering its profitability. The company also has to consider its carbon footprint is low. To ensure this, it has to adopt energy efficient infrastructure.CountermeasuresThe first countermeasure that Trend Master should ensure to avoid exposing their business venture to increased risk is to plan growth and expansion. The modern perspective of business planning is that all workers in an organization have the potential to give their contribution to the business plan and assist in the realization of the corporate objective (Wilson and Bates, 2005, p. 220). This is essential as it enables the employees to adapt even as a business is changing its structure and size. Humans, by nature, are resistant to change, and thus, it is essential to involve all the employees in the expansion plans.A perfect countermeasure to ensure that IT infrastructure last and perform optimally is developing standard server rooms and computer locations. Server rooms stand as essential sections of businesses and ensuring they are in good condition will prevent system failure and malfunction. Servers are meant to be kept in enclosed areas because of noise and dust prevention. Yet, enclosed spaces lead to the accumulation of heat, which can lead to obliteration of the expensive infrastructure. The performance and life of servers? machines and regular machines may be compromised, and other catastrophic outcomes can follow, such as random reboots, system crashes, and overall poor performance (Calder and Watkins, 2015, p. 157). In order to ensure that the computers and server rooms are well maintained, businesses need to install cooling and ventilation systems. This will ensure maximum productivity while promising security.While expansion aligns a business well to its competitors, the act is not an easy one, and it requires sufficient finances and a great strategy. Many businesses fail to expand because they lack strategy or the owners do not know the exact thing they are looking for. As a result, they simply drift along on their consumers? backs and the passive sustenance of their bankers. Businesses that do not make enough out of sales are also in trouble and may find it hard to expand (Barrow, 2004, p. 5). Businesses ought to assess and identify sources of finance, both long term and short term, to facilitate easy expansion or growth (Butler, 2007, p. 140). Ensuring that these factors are present may prevent various inadequacies and loss of productivity during the transition.Recommendations? A company in the IT industry deals with operations that are fraught with risks requiring that the management institutes sufficient countermeasures. Further, the risks assessment reveals the company is involved in a myriad of risks that need urgent attention to reducing the risk level or potential for loss. To minimize the risks, threats, and security incidents, Trend Master should:? Establish it procedure and policies clearly. Many incidents and risks become real issues when personnel do not follow laid down procedures and policies.? Routinely examine vulnerabilities in the business environment. Examinations should be conducted by a trained specialist with relevant training.? Trend Master can check its systems regularly to ensure that things such as temperature and dust do not cause operation bottlenecks (Microsoft, 2015).? Fireproofing the new offices can ensure that threats of fire do not cause much damage.? Acquisition and maintenance of an external server that backs up all the data for the company will assist in ensuring that the organization does not lose essential information during major catastrophes or disasters.? Trend Master can mitigate risks of losses by implementing a risk assessment and mitigation committee to oversee the task of assessing and reporting the risk level of the company.? Trend Master ought to employ or seek the advice of qualified and reputable lawyers to assist with the legal issues.? Approaching financing bodies and requesting for loans can help Trend Master compete closely with rivals who can be termed as ?technology giants? in the market.ConclusionTrend Master is involved and coupled with risks from all fronts. These risks could mean a lot when it comes to the profitability of the company. The risks could mean that the company does not make any profit at all. Due to the impending demand, the company decided to move from its rural and crude location to a more urban and presentable building. With this move, however, the company is still fraught with several challenges and risks. Proper assessment of the risks, employment of a qualified assessor, implementation of risk aversion systems and sourcing extra finance could see the business excelling better than it has over the past. The business environment is cruel and calls for hyper-vigilance and innovative strategies to assure success.Order for a custom written PAPER now and one of our online writers will write your assignment from scratch within your deadline! Category: Essay Writing
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