...Risk assessment is a structured and methodical process, which is reliant on the correct identification of hazards and a suitable assessment of risks ascending from them, with a sight to making inter-risk comparisons for purposes of their control and prevention. Information technology, as a technology with the fastest rate of development and application in all branches of business, requires adequate protection to provide high security. The focus of the safety analysis applied on an information system is to recognize and evaluate threats, vulnerabilities and safety characteristics. IT assets are uncovered to risk of harm or losses. IT security includes protecting information stored electronically. That protection implies data integrity, availability and confidentiality. According to“Risk Assessment of Information Technology Systems” (2009) risk assessment is the most critical part of Information Security Management (ISM). Risk Management and Risk Assessment involves analysis, planning, implementation, control and monitoring of implemented measurements, and Risk Assessment, as part of Risk Management. It involves several processes: · Risk identification, · Relevant risk analysis, · Risk evaluation The main purpose of Risk Assessment is to make a choice whether a system is acceptable, and which measures would provide its acceptability. For every organization using IT in its business process it is important to conduct the risk assessment. Numerous threats and vulnerabilities...
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...Risk Management Framework Computer Security Division Information Technology Laboratory NATIONAL INSTITUTE OF STANDARDS AND TECHNOLOGY 1 Managing Enterprise Risk Key activities in managing enterprise-level risk—risk resulting from the operation of an information system: Categorize the information system Select set of minimum (baseline) security controls Refine the security control set based on risk assessment Document security controls in system security plan Implement the security controls in the information system Assess the security controls Determine agency-level risk and risk acceptability Authorize information system operation Monitor security controls on a continuous basis NATIONAL INSTITUTE OF STANDARDS AND TECHNOLOGY 2 Risk Management Framework Starting Point CATEGORIZE Information System Define criticality/sensitivity of information system according to potential worst-case, adverse impact to mission/business. MONITOR Security State Continuously track changes to the information system that may affect security controls and reassess control effectiveness. SELECT Security Controls Select baseline security controls; apply tailoring guidance and supplement controls as needed based on risk assessment. Security Life Cycle AUTHORIZE Information System Determine risk to organizational operations and assets, individuals, other organizations, and the Nation; if acceptable, authorize operation. IMPLEMENT Security Controls Implement...
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...and financial situation would suffer. The Oracle database and email systems are among the most intensively used application servers in the company. Global Finance Inc. cannot afford system outages because its cash flow and financial systems heavily depend on the network stability. This company has experienced denial of service attacks (DOS) twice this year and its Oracle database and email servers has been down at one point for over a week. Concern at hand is the recovery process required Global Finance Inc. to use $25,000 to restore its operations back to normal. Global Finance Inc. estimated the loss from these network attacks at more than $100,000 including lost customer confidence. Hezman Technologies has been tasked to conduct a risk assessment of Global Finance Inc. for the purpose...
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... Business Impact Analysis and Risk Assessment for Information Resources General Information & Process Description Introduction The IT Security and Policies area within Information Technology Services is responsible for establishing policies to ensure that Iowa State University has a secure information technology environment. This document defines a process for departments to perform a business impact analysis and risk assessment for their information resources. Once an assessment has been done, the resulting documents should be maintained and regularly reviewed by the department. By using the business impact analysis and risk assessment tool defined in this document, departments have the capability to identify and respond to risks for their systems and information resources. Departments are encouraged to contact the Information Technology Security and Policies area at 4-2588 if they have specific questions or if they would like to arrange a meeting to discuss the process on an individual basis. Business Impact Analysis and Risk Assessment Guaranteed absolute security in today’s information technology environments is not realistic. However, it is important to have a process of identifying resources and associated risks, determining their magnitude, and identifying what safeguards are needed. That process is what we are referring to as business impact analysis and risk assessment. It is the department’s responsibility...
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...Dustin Cooper 9/30/13 Regent University Introduction Information systems have permeated every aspect of today’s society. Information systems allow organizations and people to carry out everyday activities in a much more efficient way. However, due to the increased dependence on information systems, it has become imperative that methodologies and practices are developed to safeguard the data that is stored and used by information systems, as well as the protection of the hardware that runs the information system. Therefore, a proper understanding of risk management and all that it entails is of the utmost importance for every IT professional, regardless of specialization. The purpose of this paper is to identify what risk management is and give an overview of the three phases or undertakings that make up the risk management process and then conclude with a discussion and explanation of the six-step Risk Management Framework (RMF) developed by the Department of Defense and the National Institute of Standards and Technology (NIST) (National Institute of Standards and Technology, 2010). “Risk management is the process of Identifying risks, as represented by vulnerabilities, to an organization’s information assets and infrastructure, and taking steps to reduce this risk to an acceptable level” (Michael E. Whitman, Herbert J. Mattord, 2012, p. 119.). Thus, risk management is merely the ability of a person or organization to implement due diligence and identify any potential...
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...Workman Information Security Management RISK ASSESMENT Information systems have long been at some risk from malicious actions or inadvertent user errors and from natural and man-made disasters. In recent years, systems have become more susceptible to these threats because computers have become more interconnected and, thus, more interdependent and accessible to a larger number of individuals. In addition, the number of individuals with computer skills is increasing, and intrusion, or “hacking,” techniques are becoming more widely known via the Internet and other media. Arisk assessment is not about creating huge amounts of paperwork , but rather about identifying sensible measures to control the risks in your workplace. You are probably already taking steps to protect your employees, but your risk assessment will help you decide whether you have covered all you need to. Think about how accidents and ill health could happen and concentrate on real risks – those that are most likely and which will cause the most harm. For some risks, other regulations require particular control measures. Your assessment can help you identify where you need to look at certain risks and these particular control measures in more detail. These control measures do not have to be assessed separately but can be considered as part of, or an extension of, your overall risk assessment. Although all elements of the risk management cycle are important, risk assessments provide the...
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...Overview of Sarbanes-Oxley Spurzem (2009) states that the Sarbanes-Oxley Act of 2002 (often shortened to SOX) is legislation enacted in response to the high-profile Enron and WorldCom financial scandals to protect shareholders and the general public from accounting errors and fraudulent practices in the enterprise. The act is administered by the Securities and Exchange Commission (SEC), which sets deadlines for compliance and publishes rules on requirements. Sarbanes-Oxley is not a set of business practices and does not specify how a business should store records; rather, it defines which records are to be stored and for how long. The legislation not only affects the financial side of corporations, it also affects the IT departments whose job it is to store a corporation's electronic records. The Sarbanes-Oxley Act states that all business records, including electronic records and electronic messages, must be saved for "not less than five years." The consequences for non-compliance are fines, imprisonment, or both. IT departments are increasingly faced with the challenge of creating and maintaining a corporate records archive in a cost-effective fashion that satisfies the requirements put forth by the legislation. Section 404 of Sarbanes-Oxley In consequence, Search Financial Security (2009) shows the Section 404 of SOX mandates that all publicly traded companies must establish internal controls and procedures for financial reporting and must document, test and maintain...
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...Project Part 1 Task 2 Risk Management Plan Alen Kovacevic C. Wyrick IS3110 January 29, 2013 Purpose The Senior Management of the Defense Logistics Information Services (DLIS) has decided to update the previous risk management plan with a developing, new risk management plan. This new risk management plan will not only minimize the amount of risk for future endeavors, but will also be in compliance with regulations such as the Federal Information Security Management Act (FISMA), Department of Defense (DOD), Department of Homeland Security (DHS), National Institute of Standards and Technology (NIST), Control Objects for Information and Technology (COBIT), and Information Assurance Certification and Accreditation Process (DAICAP). Scope The risk management plan is for the organization use only and its network, including remote access company owned building in United States. Outside sources from this scope and risk management plan may cause the network infrastructure to fail or will make it a high risk structure due to the fact that the outside source may not protected to interact with other outside sources allowing hackers to infiltrate your system and steal important files. Compliances Federal Information Security Management Act (FISMA) compliance is required for federal agencies to protect their important information. Department of Homeland Security (DHS) compliance is to be required for protection to the United States against terrorists. There are other organizations...
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...Risk-Based IT Audit Risk-Based Audit Methodology Apply to Organization’s IT Risk Management Kun Tao (Quincy) Cal Poly Pomona Author Note This paper was prepared for GBA 577 Advanced IS Auditing, taught by Professor Manson. March 2014 Page 1 of 26 Risk-Based IT Audit Table of Contents Abstract .......................................................................................................................................... 3 Introduction .................................................................................................................................... 4 Methodology................................................................................................................................... 6 Risk-based auditing methodology: Risk assessment...................................................................... 6 IT Risk Management................................................................................................................... 7 IT Risk Control Framework........................................................................................................ 8 Identifying assets...................................................................................................................... 13 Determining criticality and confidentiality levels......................................................................14 Threat and vulnerability identification................................................................
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...Appropriate handling always includes post event analysis which provides the company with an excellent "lessons learned" opportunity. During this process stakeholders need to be asking the tough questions and gathering information to identify the factors that allowed the event to occur. Featured Resource Presented by Citrix Systems 10 essential elements for a secure enterprise mobility strategy Best practices for protecting sensitive business information while making people productive from Learn More The process should not be viewed as a fault finding mission but a determination of whether there was a company, policy, procedure or guideline in place to address this situation, whether the guidelines were followed as designed or adequate to address (or prevent) the specific situation that occurred. If the fraud event occurred because an employee(s) simply failed to follow the internal control policies, then there are corrective measures that business units may take to ensure policies are followed in the future. These include communication to employees regarding increased awareness, correct handling processes and policy adherence. It may simply be that employees performed as expected under the circumstances but there were insufficient internal control policies in place to guide their behavior. Lessons learned here will strengthen internal controls through the creation of new ones. Also learn about the basics of internal...
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...SCOREl Operational risk An operational risk scorecard approach Operational risk scorecards have been in the spotlight since the Basel Committee on Banking Supervision’s 2001 paper on op risk treatment under Basel II. In the first of two articles, Ulrich Anders and Michael Sandstedt of Dresdner Bank examine what, specifically, these systems seek to accomplish – and what implementing them entails he analysis of operational risk is a relatively new area, though it is increasingly essential. From market and credit risk it can easily be understood what risk is and how it can be assessed – market risk results from the market portfolio of the company, credit risk results from the credit portfolio of the company. But what do we want to assess in operational risk? Operational risk is the risk of a loss resulting from inadequacies or failures in processes due to technology, personnel, organisation or external factors.1 What is being assessed, therefore, is the business processes of the company that are operational therein. Compared with the market or credit portfolios of the company, the business processes of the company could also be called the operational portfolio. Once we have assessed the business processes of the company, we need to report on the results. The appropriate way to do this is via an operational risk scorecard. Many reports are called scorecards. They all use scores to reflect a particular situation. For example, the famous Balanced Scorecard2 is, in simple terms...
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...Information Technology Risk Management Risk management is the continuing method to recognize, examine, appraise, and treat loss exposures and monitor risk control and financial resources to diminish the adverse effects of loss (Marquette). Every company has a goal. In this internet age, as companies use computerized information technology systems to manage their data for better support of their goals, risk management plays a crucial role in defending a company’s information technology‘s resources and its goals from information technology’s risk. A successful risk management method is an important component of an effective information technology security program. The primary goal of a companies risk management method should be to protect the company and its ability to accomplish their task, not just its information technology’s assets. Therefore, the risk management method should not be treated primarily as a technical function carried out by the information technology professionals who control and administer the information technology system, but as a necessary management function of the company (Stonebrner). Risk management is the method that allows information technology supervisors to assess the operational and economic expenses of protective measures and achieve gains in operational capability by keeping the information technology systems and records that support their company’s goals. This method is not unique to the information technology environment; indeed it...
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...IT General Controls Risk Assessment Report Foods Fantastic Company Siqi Li Oct 29TH 2013 Foods Fantastic Company is a public company which mainly operating regional grocery store in Maryland. This Company relies on application programs, such as bar-code scanner, to entre sales to the system. The FFC majority depends on the computer system to run their business. Based on this situation, the Information General Controls review is necessary for this company as the reason that ITGC is the foundation of every categories of the internal control. To review the ITGC will help the audit committee to determine the risk assessment of the internal controls in the company’s information system. The ITGC mainly classified by five areas, such as IT Management, Data Security, Change Management, System Development and Business Continuity Planning. The auditor need to review all the internal controls for this five area to define the risk assessment level in order to main and improve the company’s information system. This will help the company keep operating their business by using their information system correctly and continuously. As I am one of the external auditor team for Foods Fantastic Company, we work to auditor the company’s internal controls for the information technology general control respective. Our team first review the company’s internal controls through five areas that I have talked above; and set up the key aspects for review, which we specialized to suit the FFC....
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...Risk Management – Kentucky Farm Bureau Insurance Christopher Peer CMGT/582 – Security and Ethics John Harvey Overview Kentucky Farm Bureau Insurance is challenged to align security with business requirements. Business operational and financial integrity alongside compliance mandate that adequate and appropriate policy, operational and technical controls are in place to protect the organization and its information assets. To validate that its security and risk management program is effectively managed to business requirements, KFB relies on an effective risk assessment program to evaluate information security, set priorities, identify weaknesses and shortcomings in current processes, and define changes to improve the overall effectiveness of the security program. KFB frequently compares their information security program to others in the same industry sector to provide appropriate guidance on strengths and deficiencies in the program so they can maintain an appropriate level of information security for their business. The Assessment Approach The Kentucky Farm Bureau risk assessment program is based on industry best practices in the areas of information security and risk management. These practices are first introduced to key management and security personnel to develop proper methods for improving the information security program. The assessment starts with the data gathering phase to collect data that will be used to adapt the assessment data model to the KFB environment...
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...provide more timely and ongoing assurance that controls are working effectively and risk is being mitigated. Today, IAs use continuous auditing as a method to perform control and risk assessments automatically on a more frequent basis. According to Canadian Institute of Chartered Accountants (CICA) and the American Institute of Certified Public Accountants (AICPA), Continuous Auditing is defined as a methodology that enables independent auditors (both internal & external) to provide written assurance on a subject matter using a series of auditors’ reports issued simultaneously with, or a short period of time after, the occurrence of events underlying the subject matter (Searcy and Woodroof, 2003). The Institute of Internal Auditors' (IIA) Global Technology Audit Guide (GTAG 3) defined continuous auditing as any method used by auditors to perform audit-related activities (including control and risk assessments) on a more continuous (occurring without interruption) or continual (occurring at repeated intervals.) basis. Continuous auditing requires specialized skills of audit personnel to monitor information electronically and incorporate the use of intelligent agents, computer modeling, and other software tools. Continuous auditing also gives end users of information more timely assurance that the information is correct and may eventually lead to continuous reporting where financial information is updated and published as events occur. From the above definitions, we can...
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