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Risk management can be relatively simple if you follow some basic principles. To manage the IT risks to your business effectively, make sure that you do the following:

• Think about IT security from the start when you plan or update an IT system. Discuss your needs and potential problems with the system users.
• Actively look for IT risks that could affect your business. Identify their likelihood, costs and impact. Carry out a comprehensive IT risk assessment.
• Think about the opportunity, capability and motivation behind potential attacks. Understand the reasons for cyber attack.
• Assess the seriousness of each IT risk and focus on those that are most significant.
• Understand the relevant laws, legislations and industry guidelines, especially if you have to comply with the data protection legislation.
• Configure your PCs, servers, firewalls and other technical elements of the system. Keep software and hardware equipment up-to-date. Put in place other common cyber security measures and secure your wireless network.
• Don't rely on just one technical control (eg a password). Use two-factor authentication to guarantee user identity - eg something you have (such as an ID card) and something you know (a PIN or password).
• Develop data recovery and backup processes and consider daily backups to offsite locations.
• Support technical controls with appropriate policies, procedures and training. Understand the most common insider threats in cyber security.
• Make sure that you have a business continuity plan. This should cover any serious IT risk that you cannot fully control. Regularly review and update your plan. Read about IT risk and business continuity.
• Establish effective IT incident response and recovery measures, as well as a recording and management system. Simulate incidents to test and improve your incident planning, response and recovery.
• Develop and follow specific IT policies and procedures, such as on email and internet use, and make sure your staff know what falls under acceptable use.
• Consider certification to the IT security management standards for your business and your trading partners.

The National Cyber Security Centre offers detailed guidance to help organisations .

If you want to look at risks beyond IT, see how to manage business risks.