3Managing Risk

As the village came to depend more on digital and intellectual assets in its creative projects, Fawzooz realised the importance of managing risk in an organised way to protect those assets and keep innovation and competitiveness alive.

Identifying risks

“You cannot protect what you don’t know is at risk.”

Identifying assets. Fawzooz drew up a list of all the assets vital to the creative work, including digital files, client databases and proprietary software.

Assessing threats. The team identified potential threats to these assets, such as cyberattacks, physical theft or accidental loss.

Assessing weaknesses. They studied weaknesses in the system that attackers might exploit, such as weak passwords or outdated software.

Analysing risks

Likelihood and impact. Fawzooz and his team assessed the likelihood of each risk and its potential impact on the business, which helped them prioritise the risks needing the most attention.

Risk scenarios. They developed scenarios to understand how the identified risks might affect operations, which is especially useful in creative environments, where new projects or technologies can bring unique risks.

Mitigating risks

Applying controls. Fawzooz and his team applied suitable ISO 27001 controls to mitigate the identified risks, such as encryption, access-control systems and regular security audits.

A risk treatment plan. They created a plan setting out how they would handle each risk: reduce it, transfer it, avoid it or accept it.

Regular reviews. Because risk management is dynamic, especially in creative fields where the technology landscape can change quickly, Fawzooz ensured regular reviews so that new risks were identified and managed properly.

By applying these principles and practices, Fawzooz not only protected his creative assets, but also strengthened decision-making within his organisation and responded more nimbly to changes in the market.