CHAPTER 5 Defining Risk Assessment Approaches
by Darril Gibson,
Andy Igonor
Managing Risk in Information Systems, 3rd Edition
- Cover
- Title Page
- Copyright Page
- Brief Contents
- Contents
- Dedication
- Preface
- Acknowledgments
- About the Authors
- CHAPTER 1 Risk Management Fundamentals
- CHAPTER 2 Managing Risk: Threats, Vulnerabilities, and Exploits
- CHAPTER 3 Understanding and Maintaining Compliance
- U.S. Compliance Laws
- Regulations Related to Compliance
- Organizational Policies for Compliance
- Standards and Guidelines for Compliance
- Payment Card Industry Data Security Standard
- National Institute of Standards and Technology
- Generally Accepted Information Security Principles
- Control Objectives for Information and Related Technology
- International Organization for Standardization
- International Electrotechnical Commission
- Information Technology Infrastructure Library
- Capability Maturity Model Integration
- General Data Protection Regulation
- Department of Defense Information Assurance Certification and Accreditation Process
- CHAPTER SUMMARY
- KEY CONCEPTS AND TERMS
- CHAPTER 3 ASSESSMENT
- CHAPTER 4 Developing a Risk Management Plan
- Objectives of a Risk Management Plan
- Scope of a Risk Management Plan
- Assigning Responsibilities
- Describing Procedures and Schedules for Accomplishment
- Reporting Requirements
- Plan of Action and Milestones
- Charting the Progress of a Risk Management Plan
- Steps of the NIST Risk Management Framework
- CHAPTER SUMMARY
- KEY CONCEPTS AND TERMS
- CHAPTER 4 ASSESSMENT
- CHAPTER 5 Defining Risk Assessment Approaches
- CHAPTER 6 Performing a Risk Assessment
- Selecting a Risk Assessment Methodology
- Identifying the Management Structure
- Identifying Assets and Activities Within Risk Assessment Boundaries
- Identifying and Evaluating Relevant Threats
- Identifying and Evaluating Relevant Vulnerabilities
- Identifying and Evaluating Controls
- Selecting a Methodology Based on Assessment Needs
- Developing Mitigating Recommendations
- Presenting Risk Assessment Results
- Best Practices for Performing Risk Assessments
- CHAPTER SUMMARY
- KEY CONCEPTS AND TERMS
- CHAPTER 6 ASSESSMENT
- CHAPTER 7 Identifying Assets and Activities to Be Protected
- System Access and Availability
- System Functions: Manual and Automated
- Hardware Assets
- Software Assets
- Personnel Assets
- Data and Information Assets
- Asset and Inventory Management Within the Seven Domains of a Typical IT Infrastructure
- Identifying Facilities and Supplies Needed to Maintain Business Operations
- CHAPTER SUMMARY
- KEY CONCEPTS AND TERMS
- CHAPTER 7 ASSESSMENT
- CHAPTER 8 Identifying and Analyzing Threats, Vulnerabilities, and Exploits
- Threat Assessments
- Vulnerability Assessments
- Review of Documentation
- Review of System Logs, Audit Trails, and Intrusion Detection and Prevention System Outputs
- Vulnerability Scans and Other Assessment Tools
- Audits and Personnel Interviews
- Process Analysis and Output Analysis
- System Testing
- Best Practices for Performing Vulnerability Assessments Within the Seven Domains of a Typical IT Infrastructure
- Exploit Assessments
- CHAPTER SUMMARY
- KEY CONCEPTS AND TERMS
- CHAPTER 8 ASSESSMENT
- CHAPTER 9 Identifying and Analyzing Risk Mitigation Security Controls
- CHAPTER 10 Planning Risk Mitigation Throughout an Organization
- Where Should an Organization Start with Risk Mitigation?
- What Is the Scope of Risk Management for an Organization?
- Understanding and Assessing the Impact of Legal and Compliance Issues on an Organization
- Translating Legal and Compliance Implications for an Organization
- Assessing the Impact of Legal and Compliance Implications on the Seven Domains of a Typical IT Infrastructure
- Assessing How Security Countermeasures, Controls, and Safeguards Can Assist With Risk Mitigation
- Understanding the Operational Implications of Legal and Compliance Requirements
- Identifying Risk Mitigation and Risk Reduction Elements for the Entire Organization
- Performing a Cost-Benefit Analysis
- Best Practices for Planning Risk Mitigation Throughout an Organization
- CHAPTER SUMMARY
- KEY CONCEPTS AND TERMS
- CHAPTER 10 ASSESSMENT
- CHAPTER 11 Turning a Risk Assessment into a Risk Mitigation Plan
- Reviewing the Risk Assessment for the IT Infrastructure
- Translating a Risk Assessment into a Risk Mitigation Plan
- Prioritizing Risk Elements That Require Risk Mitigation
- Verifying Risk Elements and How They Can Be Mitigated
- Performing a Cost-Benefit Analysis on the Identified Risk Elements
- Implementing a Risk Mitigation Plan
- Following Up on the Risk Mitigation Plan
- Best Practices for Enabling a Risk Mitigation Plan from the Risk Assessment
- CHAPTER SUMMARY
- KEY CONCEPTS AND TERMS
- CHAPTER 11 ASSESSMENT
- CHAPTER 12 Mitigating Risk with a Business Impact Analysis
- What Is a Business Impact Analysis?
- Defining the Scope of the Business Impact Analysis
- Objectives of a Business Impact Analysis
- Steps of a Business Impact Analysis Process
- Identifying Mission-Critical Business Functions and Processes
- Mapping Business Functions and Processes to IT Systems
- Best Practices for Performing a BIA for an Organization
- CHAPTER SUMMARY
- KEY CONCEPTS AND TERMS
- CHAPTER 12 ASSESSMENT
- CHAPTER 13 Mitigating Risk with a Business Continuity Plan
- CHAPTER 14 Mitigating Risk with a Disaster Recovery Plan
- CHAPTER 15 Mitigating Risk with a Computer Incident Response Team Plan
- APPENDIX A Answer Key
- APPENDIX B Standard Acronyms
- Glossary of Key Terms
- References
- Index
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Defining Risk Assessment Approaches |
CHAPTER |
A RISK ASSESSMENT IS PERFORMED to identify the most serious risks. Risk management techniques include avoiding, sharing or transferring, mitigating, or accepting risks. The risk assessment allows for the prioritization of the risks. The high-priority risks are managed, and the low-priority risks are accepted. The risk assessment also helps to identify the best methods to control the risks, which helps to ensure that the controls that are purchased provide the best benefits.
There are two primary methods used to create a risk assessment, quantitative and qualitative. The quantitative method can be used with predefined formulas. For example, the annual loss expectancy (ALE) can be calculated by multiplying the annual rate of occurrence (ARO) by the single loss expectancy (SLE), which is expressed as ALE = ARO × SLE. The qualitative method can also be used. In the qualitative method, values or words are assigned to the probability of a risk occurring and the impact of a risk if it occurs. Both methods are important to understand so they can be applied in different scenarios.
Chapter 5 Topics
This chapter covers the following topics and concepts:
- What risk assessment is
- What the critical components of a risk assessment are
- What types of risk assessments are available
- Which risk assessment challenges should be addressed
- What best practices for risk assessments are
Chapter 5 Goals
When you complete this chapter, you will be able to:
- Define risk assessment
- Describe the importance of a risk assessment
- Explain when a risk assessment should be performed
- Explain the purpose of a risk assessment and a risk assessment scope
- Explain what is meant by identifying critical areas for a risk assessment
- Identify the main types of risk assessments
- Describe the elements of a quantitative and a qualitative risk assessment
- Identify the differences between quantitative and qualitative risk assessments
- Identify the benefits and limitations of quantitative and qualitative risk assessments
- List the challenges with risk assessments
- Describe the importance of data consistency and the use of uncertainty level
- Identify how to provide useful results for a risk assessment
- List best practices associated with risk assessments
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