Information security risk assessment is the process of identifying, quantifying, and managing the risks to information resources. The goal of an information security risk assessment is to identify the risks that could adversely affect an organization’s ability to protect its information and its employees, customers, or other stakeholders.
The goal of an information security risk assessment is to identify the risks that could adversely affect an organization’s ability to protect its information and its employees, customers, or other stakeholders. The process identifies the threats to which a system might be exposed and estimates their impact on each resource being protected. It also assesses controls in place or planned to reduce these threats and determines if they are sufficient given the estimated impacts. Finally, it recommends additional protective measures that should be considered when there is insufficient protection due to lack of adequate controls or threat mitigation capabilities.
There are a number of different risk assessment methodologies, including the National Institute of Standards and Technology (NIST) Special Publication 800-30, the ISO/IEC 27005 standard, and the COBIT 5 framework. Each has its own strengths and weaknesses, and no one methodology is perfect for every organization. It is important to select a methodology that meets the specific needs of your organization and that you are comfortable using.
The three phases of information security risk management are
In the assessment phase, the risks to information resources are identified and quantified. The response phase involves developing and implementing plans to reduce or mitigate the risks. The monitoring phase involves ongoing evaluation of the risk management strategy to ensure that it is effective in reducing the risks to information resources.
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