Video: Risk Associated with IT Overview and Objectives

In this lesson, Nick Palazzolo, CPA, delves into the various risks associated with information technology, emphasizing that data is a vital asset for any company. He reveals the importance of safeguarding customer, client, and corporate data against cyber threats and introduces the concept of risk mitigation strategies. Identifying IT-related risks and describing measures to address them are key takeaways, with special attention given to assessing risk severity, probability, and cost in a manner similar to materiality in financial accounting. Furthermore, he underscores the necessity of ensuring the completeness, accuracy, and integrity of data processing, and the critical role of system access controls and segregation of duties in preventing internal threats. The lesson wraps up with strategies for threat identification to protect the confidentiality and availability of information. Join Nick as he unpacks the complexities of IT risks and the best practices to manage them efficiently.