Risk assessment and risk management procedures for information security
What is Information Security Risk Management?Information security risk management, or ISRM, is the process of managing risks associated with the use of information technology. It involves identifying, assessing, and treating risks to the confidentiality, integrity, and availability of an organization’s assets. The end goal of this process is to treat risks in accordance with an organization’s overall risk tolerance. Businesses shouldn’t expect to eliminate all risks; rather, they should seek to identify and achieve an acceptable risk level for their organization. Show Stages of ISRM:Identification
Assessment Risk = (threat x vulnerability (exploit likelihood x exploit impact) x asset value ) - security controls Note: this is a very simplified formula analogy. Calculating probabilistic risks is not nearly this straightforward, much to everyone’s dismay. Treatment
Communication Rinse and Repeat Ownership:There are many stakeholders in the ISRM process, and each of them have different responsibilities. Defining the various roles in this process, and the responsibilities tied to each role, is a critical step to ensuring this process goes smoothly. Process Owners: At a high level, an organization might have a finance team or audit team that owns their Enterprise Risk Management (ERM) program, while an Information Security or Information Assurance team will own ISRM program, which feeds into ERM. Members of this ISRM team need to be in the field, continually driving the process forward. Risk Owners: Individual risks should be owned by the members of an organization who end up using their budget to pay for fixing the problem. In other words, risk owners are accountable for ensuring risks are treated accordingly. If you approve the budget, you own the risk. In addition to risk owners, there will also be other types of stakeholders who are either impacted by, or involved in implementing, the selected treatment plan, such as system administrators/engineers, system users, etc. Here’s an example: Your information security team (process owner) is driving the ISRM process forward. A risk to the availability of your company’s customer relationship management (CRM) system is identified, and together with your head of IT (the CRM system owner) and the individual in IT who manages this system on a day-to-day basis (CRM system admin), your process owners gather the information necessary to assess the risk. Assuming your CRM software is in place to enable the sales department at your company, and the data in your CRM software becoming unavailable would ultimately impact sales, then your sales department head (i.e. chief sales officer) is likely going to be the risk owner. The risk owner is responsible for deciding on implementing the different treatment plans offered by the information security team, system administrators, system owners, etc. and accepting any remaining risk; however, your system owner and system admin will likely be involved once again when it comes time to implement the treatment plan. System users—the salespeople who use the CRM software on a daily basis—are also stakeholders in this process, as they may be impacted by any given treatment plan. Managing risk is an ongoing task, and its success will come down to how well risks are assessed, plans are communicated, and roles are upheld. Identifying the critical people, processes, and technology to help address the steps above will create a solid foundation for a risk management strategy and program in your organization, which can be developed further over time. What is risk assessment procedures in security?A security risk assessment identifies, assesses, and implements key security controls in applications. It also focuses on preventing application security defects and vulnerabilities. Carrying out a risk assessment allows an organization to view the application portfolio holistically—from an attacker's perspective.
How do you write a information security risk assessment?Risk assessments should be carried out on an ongoing basis; here are five steps you can use to perform a cyber security risk assessment.. Determine the scope of the risk assessment. ... . Identify your assets and the threats to them. ... . Determine and prioritize risks. ... . Analyze controls and implement new controls.. How do you perform a cybersecurity risk assessment in 5 steps?Download this entire guide for FREE now!. Step 1: Determine the scope of the risk assessment. ... . Step 2: How to identify cybersecurity risks. ... . Step 3: Analyze risks and determine potential impact. ... . Step 4: Determine and prioritize risks. ... . Step 5: Document all risks.. What are the cybersecurity risk management processes?Let's explore each step of the cybersecurity risk management process in more detail to develop a plan.. Identify Cybersecurity Risks. ... . Assess Cybersecurity Risks. ... . Identify Possible Cybersecurity Risk Mitigation Measures. ... . Collaboration and Communication Tools. ... . Risk Management Frameworks. ... . Analytics. ... . Issues Management Tools.. |