IT Risk Assessment is the Critical First Step to Fortifying SecuritY
Every successful information security program starts with a need to assess existing systems and new IT risk management processes being implemented. It’s healthy to question the security posture of any new software application and to review it for possible vulnerabilities before full implementation happens. It’s also a worthwhile exercise to re-assess and validate IT systems and assets when new compliance standards or regulatory actions surface. All are part of an effective IT risk management program.
Digital Maelstrom conducts IT risk assessment by examining both system components and identifying the most likely external threats to your system. We employ the “CIA”, Confidentiality, Integrity, Availability, triad as a core pillar in our IT risk management service. Using the CIA model as guidance, we work with your team through a “threat modeling” exercise that quantifies risk and helps leadership prioritize security efforts and budget.
We’ll deliver the final analysis in an informative, digestible format you can share with project stakeholders and executive leadership.
RISK ASSESSMENT Principles
- Risk analysis must take into account the needs of all stakeholders that could be impacted by this risk.
- Risks must be minimized to a degree that will be deemed acceptable by regulators and potentially involved parties.
- Safeguards must not be more burdensome than the threats from which they defend themselves.
RISK ASSESSMENT Practices
- Risk analysis considers the possibility that such risks will generate magnitudes of impact.
- The same criteria are used to assess risks and safeguards so that they are comparable.
- Impact and feasibility ratings have a qualitative aspect that specifies interested parties, regulators, and the reviewing agency in a concise manner.
- Impact and feasibility ratings are derived from a numerical calculation that compares all risks assessed, precautions, and requirements for risk acceptance.
- Definitions of impact guarantee that the degree of harm to one group is equated with the extent of harm to others.
- Definitions of impact should provide explicit limits on those dimensions appropriate to all parties and those that would not be.
- Definitions of impact address; the task or utility of the organization to clarify whether the risk is involved by the organization and others, the self-interested concerns of the organization, and the obligations of the organization to shield others from injury.
- To analyze existing controls and recommended safeguards, risk analysis depends on the quality of care.
- Risk is assessed by specialists on the subject who use data to determine threats and precautions.
- Risk evaluations cannot measure all possible risks. To define and resolve further threats over time, risk evaluations will need to re-occur.
Is Digital Maelstrom’s Risk analysis worthwhile?
Plainly put, yes.
Controls in information security are also much considered a hindrance to industry. Users also report that safety measures interfere with competitiveness, performance, teamwork and contact simplicity, and other business-impacting problems. These grievances should be taken seriously by organizations. Fortunately, authorities have provided a way for companies to assess these issues. The courts would also consider the burden of safeguards in lawsuits and appreciate the rationale presented by a risk analysis.
Organizations ensure that risk mitigation meets all parties’ needs within and outside their company and offers confirmation of their rational determinations to regulators and judges by managing risks and their proposed precautions using the same parameters.