Life isn’t fair, but risk management can be FAIR. In the world of risk management, FAIR stands for “Factor Analysis Information Risk.” FAIR focuses on financial results rather than the more traditional method of output and charts. According to an article by Dana Gardner, big data relies on risk management practices such as FAIR in order to be successful. Gardner references a panel of industry experts to share new trends and opinions on big data risk management.
Jim Hietala, Vice President, Security for The Open Group, references another expert, Jack Jones, Principal of CXOWARE when sharing his views on risk management. Hietala notes that growth in areas such as mobility and big data should shape how we thing about risk management:
You also have big changes to the IT platform landscape, all of which bring new risks that organizations need to really think about. The mobility trend, the cloud trend, the big-data trend that we are talking about today, all of those things bring new risk to the organization. As Jack Jones mentioned, business executives don’t want to hear about, “I’ve got 15 vulnerabilities in the mobility part of my organization.” They want to understand what’s the risk of bad things happening because of mobility, what we’re doing about it, and what’s happening to risk over time.
Gardner goes on to mention that, although big data can be a source of risk, the “business intelligence tools that we’re employing with big data can be used to alert you to risks or provide a strong tool for better understanding your true risk setting.” Big data and mobility seem to be here to say, so better understanding and managing the risks that come with technology is a step in the right direction.