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Information Security Risk Assessment

Information security risk assessment is a process that organizations need to undertake to assess their vulnerabilities, the risk of information leaks, compliance issues, and the adequacy of cyber security measures. To effectively carry out this process, consultants typically use a detailed plan to identify risks within an organization’s IT systems including hardware and software. In addition, it’s essential to conduct a detailed risk assessment and design a control system to address the vulnerabilities. The information security risk assessment process is designed to help organizations protect their assets from malicious attacks such as distributed denial-of-service (DDoS) attacks, computer network exploitation, and other types of security breaches that may compromise sensitive information such as personal data and intellectual property.

According to the National Institute of Standards and Technology, the information security risk assessment process helps organizations protect their assets from malicious attacks such as distributed denial-of-service (DDoS) attacks by identifying weaknesses in the organization’s information security (IS) controls and planning security improvements. The first stage of information security risk assessment involves identifying threats that may affect an individual or organization (Shang et al., 2019). This can be done by conducting a risk analysis, which is a means to analyze possible vulnerabilities in an organization’s IT assets. It is observed that the majority of organizations fail to address their identified vulnerabilities causing them to become highly vulnerable to external attacks (Chen et al., 2021). To take effective steps to mitigate the identified threats, it is vital to access the organization’s IT assets and conduct detailed vulnerability assessments. A vulnerability assessment is designed to identify and assess information security weaknesses that could lead to security breaches or unwanted exposure of confidential data (Shang et al., 2019). It is observed that the majority of organizations fail to address their identified vulnerabilities causing them to become highly vulnerable to external attacks (Chen et al., 2021). However, the emphasis is on identifying vulnerabilities rather than discussing the results with personnel.

Moreover, the information security risk assessment process protects organizations from security breaches that may compromise sensitive information such as personal data and intellectual property by conducting detailed risk assessments and creating a plan designed to ensure that the organization complies with established security policies. This involves conducting internal and external information security risk assessments within an organization (Zhang et al., 2020). Internal information security risk assessment involves reviewing internal processes, business activities, and compliance with information security policies. External information security risk assessment involves analyzing threats from external sources as well as threats to individuals outside the organization’s IT perimeter, such as vendors and partners who are authorized access to the organization’s networks (Chen et al., 2021. The emphasis is on identifying vulnerabilities rather than discussing the results with personnel.

Furthermore, the information security risk assessment process helps organizations take the appropriate steps to reduce the risk posed by hackers and malicious software by identifying hardware, software, and human vulnerabilities that can lead to security breaches. An information security risk assessment makes use of structured interviewing techniques to identify weaknesses in security controls (Bernsmed et al., 2022). This can be done through conducting detailed interviews with key corporate personnel such as employees who may have access to confidential data such as credit card numbers, bank account details, or customer records. The results of the information security risk assessment are used to generate a detailed report that helps organizations take effective steps to minimize vulnerabilities (Shang et al., 2019). These include instituting a control system to ensure that policies are followed at all times, conducting regular training sessions for staff members, and imposing strong penalties on those who violate information security policies.

Also, a major area of concern is whether organizations are aware of the data they possess, how sensitive it is, and how it’s being used. To effectively carry out this process, information security risk assessment typically uses a two-step process (Sen & Madria, 2020). The first step involves conducting a risk analysis to determine the level of an organization’s vulnerability to cyber-attacks (Bernsmed et al., 2022). Risk analysis should be carried out by determining an organization’s business processes, IT systems, and assets. In addition, it should assess the potential impact on the organization of both internal and external threats which may lead to a breach in its information security policy (Chen et al., 2021). A risk assessment can be carried out to determine the level of an organization’s vulnerability to cyber-attacks. It is observed that the majority of organizations fail to identify their identified vulnerabilities causing them to become highly vulnerable.

The distributed denial-of-service (DDoS) attacks, computer network exploitation, and other types of security breaches that may compromise sensitive information such as personal data and intellectual property are just a few of the malicious attacks that the information security risk assessment process is intended to help organizations protect their assets from. It should be conducted by reviewing an organization’s business processes, IT systems, and assets. It should assess the potential impact on the organization of both internal and external threats which may lead to a breach in its information security policy. The results of the information security risk assessment are used to generate a detailed report that helps organizations take effective steps to minimize vulnerabilities.

References

Shang, W., Gong, T., Chen, C., Hou, J., & Zeng, P. (2019). Information security risk assessment method for ship control system based on fuzzy sets and attack trees. Security and Communication Networks2019. https://www.hindawi.com/journals/scn/2019/3574675/

Chen, Y., Zheng, W., Li, W., & Huang, Y. (2021). Large group activity security risk assessment and risk early warning based on random forest algorithm. Pattern Recognition Letters144, 1-5. https://www.sciencedirect.com/science/article/pii/S0167865521000192

Zhang, T., Zhao, K., Yang, M., Gao, T., & Xie, W. (2020). Research on privacy security risk assessment method of mobile commerce based on information entropy and Markov. Wireless Communications and Mobile Computing2020, 1-11. https://www.hindawi.com/journals/wcmc/2020/8888296/

Bernsmed, K., Bour, G., Lundgren, M., & Bergström, E. (2022). An evaluation of practitioners’ perceptions of a security risk assessment methodology in air traffic management projects. Journal of Air Transport Management102, 102223. https://www.sciencedirect.com/science/article/pii/S0969699722000448

Sen, A., & Madria, S. (2020). Application design phase risk assessment framework using cloud security domains. Journal of Information Security and Applications55, 102617. https://www.sciencedirect.com/science/article/pii/S2214212620307821

Last Updated on April 4, 2023

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