...Risk Management Week 3: Assignment Question 1 of 1: Risk Mitigation Plans 1. Why is it important to prioritize your IT infrastructure risks, threats, and vulnerabilities? It is important to prioritize because you must be aware of what the risks, threats, and vulnerabilities are to your infrastructure so that you know where the most attention is needed to make 2. A quality IT Risk Mitigation Plan will include details on costs, risk prioritization, and accompanying schedule. For risk prioritization, what influence would the industry your organization operates in have on prioritizing your identified risks, threats, and vulnerabilities? Different companies have different priorities what might be important to one organization might be minimal to other organizations. For example a medical facility would have different prioritizations than a lawyer’s office. 3. What questions would you bring to executive management prior to finalizing your IT risk mitigation plan? 4. What is the difference between short-term and tong-term risk mitigation tasks and on-going duties? Short-term re risks that can be fixed rapidly and will(more that likely) not have long term effects on the company. Long term risks are risks that can end in fines if they involve compliance issues. On-going duties are the daily duties that must be done in order for the company to perform with minimal risks. 5. Which of the seven domains of a typical IT infrastructure is easy to implement risk mitigation...
Words: 456 - Pages: 2
...Project Part One Risk Management Draft Jarvis Thomas ITT Technical Institute IS 3110 Risk Management in Information Technology Security 16 October 2014 Table of Contents Document Purpose 3 Definition 3 Risk Management Approach 3 Risk Tolerance 4 Risk Management Tasks 4 Document Purpose The Risk Management Plan describes how risk management will be structured and performed on the project to ensure risk are being managed and controlled at acceptable levels. Risk in a project environment cannot be totally eliminated. The objective of a risk management process is to minimize the impact of unplanned incidents on the project by identifying and addressing potential risks before significant negative consequences occur. The Risk Management Plan also becomes a subset of the Project Management Plan. Definition Definition of Risk Management: the formal process by which risks factors are systematically identified, assessed, and responded to. Risk management concentrates on identifying and controlling areas or events that have a potential of causing unwanted change. (Note that opportunities, also known as positive risk, should also be managed/exploited. This document is focused on mitigating negative risk, rather than maximizing positive risk.) Definitions, Acronyms, and Abbreviations |Risk |A potential...
Words: 1025 - Pages: 5
...Paper IT Security Risk Management By Mark Gerschefske Risk Analysis How do you predict the total cost of a threat? Is it only the cost to restore the comprised system and lost productivity? Or does it include lost revenue, customer confidence, and trust of investors? This paper provides an overview of the risk management process and its benefits. Risk management is a much talked about, but little understood area of the IT Security industry. While risk management has been practiced by other industries for hundreds of years, little historical data exists to support qualitative analysis in the IT environment.1 The industry approach has been to buy technology without really understanding the potential underlying risks. To further complicate matters, new government regulations create additional pressure to ensure sensitive data is protected from compromise and disclosure. Processes need to be developed that not only identify the sensitive data, but also identify the level of risk posed due to noncompliance of corporate security policies. Verizon has developed security procedures based on industry standards that evaluate and mitigate areas deemed not compliant to internal security policies and standards. Through the use of quantitative analysis, Verizon is able to determine areas that present the greatest risk, which allows for identification and prioritization of security investments. Risk Mitigation Process The Risk Mitigation Process (RMP) is a part of risk management that...
Words: 2021 - Pages: 9
...will perform the job of managing risks for an organic fruit parfait. It defines roles and responsibilities for participants in the risk processes, the risk management activities that will be carried out, the schedule and budget for risk management activities, and any tools and techniques that will be used. Roles and Responsibilities Project Manager The Project Manager will assign a Risk Officer to the project. The Project Manager and other members of the Project Management team will meet Monthly to review the status of all risk mitigation efforts, review the exposure assessments for any new risk items, and redefine the project's Risk List. Risk Officer The Risk Officer has the following responsibilities and authority: The Risk officer will be responsible for documenting any risk that are brought forth in the Project Team Meetings and assigning them priority. Assigning team members to develop mitigation strategies and presenting the best options to the Project Manager. Risk Documentation Risk List The risk factors identified and managed for this project will be accumulated in a risk list, which will be maintain and managed by the Risk Officer. Risk Data Items The following information will be stored for each project risk: What is the risk? How will it affect the project? Is it correctable? Who has been assigned to it? When was the Risk discovered? When (if applicable) was the Risk closed? Closing Risks A risk item can be considered closed...
Words: 706 - Pages: 3
...Paper Entitled RISK MANAGEMENT M.Tech-2nd Sem Computer Science and Engineering Guru Nanak Dev University, Amritsar Submitted by: Parul Garg Table of Contents |Topic Name |Page No. | |Abstract |3 | |Introduction |3 | |Need of Risk Management |3 | |Risk Management Process |4-6 | |Popular Risk Management Models |7-8 | |Riskit Method |8-12 | |Conclusion |12 | |References |13 | Abstract: The risk management in software project is a crucial activity because if any risk becomes true, it can hamper the growth of project as well as its organization. This paper presents the basic concept of risk, need for risk management and its...
Words: 2209 - Pages: 9
...It is the policy of Fay Servicing, LLC (“Fay”) to define the risk management requirements to protect the confidentiality, integrity and availability of its Information Resources. To accomplish this task, a formal Information Security Risk Management Program has been established as a component of the Organization's overall risk management policy and is an integral part of Fay’s Information Security Program to ensure that Fay is operating with an acceptable level of risk. The Information Security Risk Management Program is described in this Policy. 2. Overview Risk Management is the continuous process which allows Fay’s business owners to balance the operational and economic costs of protective measures while achieving gains in mission capability,...
Words: 1501 - Pages: 7
...PROJECT PRIORITIZATION A STRUCTURED APPROACH TO WORKING ON WHAT MATTERS MOST OFFICE OF QUALITY IMPROVEMENT PROJECT PRIORITIZATION This guide describes a proven approach to setting priorities when the amount of work that needs to be done surpasses the resources available to accomplish the work. You will find step-by-step instructions for creating and using a simple prioritization matrix to make tough decisions. Written by Carol Gosenheimer, Division of Enrollment Management Contributors Brian Rust, Division of Information Technology Nancy Thayer-Hart, Office of Quality Improvement TABLE OF CONTENTS What Is a Prioritization Matrix? ........................................................................................... 3 Benefits of a Prioritization Matrix ........................................................................................ 3 Creating and Using a Prioritization Matrix .......................................................................... 4 Sample Completed Prioritization Matrix ............................................................................. 7 Instructions for Completing a Prioritization Matrix .............................................................. 8 Version 1.1 Created 03.2012 Copyright 㦠2012 University of Wisconsin System Board of Regents For additional information contact: Office of Quality Improvement Room 199 Bascom Hall, 500 Lincoln Drive Madison, WI 53706-1380 608-262-6843 FAX: 608-262-9330 quality@oqi...
Words: 1814 - Pages: 8
...Risk Management process- Comparison with Individuals and Corporate Entities:Literally speaking, risk management is the process of minimizing or mitigating the risk. It starts with the identification and evaluation of risk followed by optimal use of resources to monitor and minimize the same.Risk generally results from uncertainty. In organizations this risk can come from uncertainty in the market place (demand, supply and Stock market), failure of projects, accidents, natural disasters etc. There are different tools to deal with the same depending upon the kind of risk.Ideally in risk management, a risk prioritization process is followed in which those risks that pose the threat of great loss and have great probability of occurrence are dealt with first. Refer to table below: | | IMPACT | ACTIONS | SIGNIFICANT | Considerable Management Required | Must Manage and Monitor Risks | Extensive Management essential | MODERATE | Risk are bearable to certain extent | Management effort worthwhile | Management effort required | MINOR | Accept Risks | Accept but monitor Risks | Manage and Monitor Risks | | LOW | MEDIUM | HIGH | | LIKELIHOOD | The above chart can be used to strategize in various situations. The two factors that govern the action required are the probability of occurrence and the impact of the risk. For example a condition where the impact is minor and the probability of occurrence is low, it is better to accept the risk without any interventions. A condition...
Words: 1191 - Pages: 5
...Information Systems Security Strayer University CIS 333 June 18, 2014 David Bevin Information Systems Security The scope of our assignment as an information officer at Whale Pharmaceuticals is to safeguardour daily operations which require a combination of both physical and logical access controls to protect medication and funds maintained on the premises and personally identifiable information and protected health information of our customers. The immediate supervisor has tasked us with identifying inherent risks associated with this pharmacy and establishing physical and logical access control methods that will mitigate all risks identified. There are few basic things to be cognizant of as we carry out this task. Security is easiest to define by breaking it into pieces. An information system consists of the hardware, operating system, and application software that work together to collect, process, and store data for individuals and organizations. Information systems security is the collection of activities that protect the information system and the data stored in (Kim & Solomon 2012). We should also be aware of what we are up against. Cyberspace brings new threats to people and organizations. People need to protect their privacy. Businesses and organizations are responsible for protecting both their intellectual property and any personal or private data they handle. Various laws require organizations to use security controls to protect private and confidential...
Words: 3283 - Pages: 14
...THREAT MODELING AND ITS USAGE IN MITIGATING SECURITY THREATS IN AN APPLICATION Thesis Submitted in partial fulfillment of the requirements for the degree of MASTER OF TECHNOLOGY in COMPUTER SCIENCE & ENGINEERING - INFORMATION SECURITY by EBENEZER JANGAM (07IS02F) DEPARTMENT OF COMPUTER ENGINEERING NATIONAL INSTITUTE OF TECHNOLOGY KARNATAKA SURATHKAL, MANGALORE-575025 JULY, 2009 Dedicated To My Family, Brothers & Suraksha Group Members DECLARATION I hereby declare that the Report of the P.G Project Work entitled "THREAT MODELING AND ITS USAGE IN MITIGATING SECURITY THREATS IN AN APPLICATION" which is being submitted to the National Institute of Technology Karnataka, Surathkal, in partial fulfillment of the requirements for the award of the Degree of Master of Technology in Computer Science & Engineering - Information Security in the Department of Computer Engineering, is a bonafide report of the work carried out by me. The material contained in this report has not been submitted to any University or Institution for the award of any degree. ……………………………………………………………………………….. (Register Number, Name & Signature of the Student) Department of Computer Engineering Place: NITK, SURATHKAL Date: ............................ CERTIFICATE This is to certify that the P.G Project Work Report entitled " THREAT MODELING AND ITS USAGE IN MITIGATING SECURITY THREATS IN AN APPLICATION" submitted by Ebenezer Jangam (Register Number:07IS02F)...
Words: 18945 - Pages: 76
...Risk and Financial Impact As with all new ventures, potential risks may have a financial impact* on Boston Beer Company (BBC). In short, the latent risks of BBC’s new hard soda product line may cause revenue loss. Events (e.g. regulatory changes, supply shortages or natural disasters) may have a substantial economic impact to business, based on how business activities are effected (InvestorWords, n.d.). The following three sections address the major potential risks and financial impact, and the mitigation plan which addresses risk. Potential Risks Table 1: Potential Risks Suppler/Vendor Concerns Federal, State and/or Local Regulations Raw Material Prices Access to Capital Ability to Innovate to Meet Customer Needs Distribution Disruption Economic Conditions Competition Less Demand for Products Source: (Toomey, 2014)...
Words: 1625 - Pages: 7
...Risk Management Student Name Institution Risk Management for a Satellite Development Project When a project manager talks about a project risk management plan, what comes in the participant mind? The list and document that have a number of foreseeable risk, estimated level of impacts as well as the established responses to issues. This establish the risk assessment matrix which help to assess the level of impact as it occur. The risk is an event that has a positive or negative impact to a project and is inherent to any project. The plan contains analysis of risk as a high or low impact as well as the mitigating strategies that aid in meeting the schedule of the project. The mitigating strategies may involve one or more of the following strategies; risk avoidance by change of plan, risk control or mitigation which is taking chance of the impact as well as likelihood of occurrence, risk acceptance or risk transfer to a third party through sub-contracting. However, after development, the plan should be reviewed from time to time to avoid the change of risk without knowledge. Issue that may arise due to lack of a risk management plan Lack of a contingent plan to avert risk in a project can have adverse effect. The project team may be faced with the challenge of analysis by paralysis. Due to lack of prier knowhow of any risk inherent to the project, the team may be lost in the process of analysis of data when risk avails. This put them in a compromising situation...
Words: 1041 - Pages: 5
...Guidelines for Risk Management Process Review The purpose of risk management is to identify potential problems before they occur so that risk-handling activities may be planned and invoked as needed across the life of the product or project to mitigate adverse impacts on achieving objectives. Risk management is a continuous, forward-looking process that is an important part of business and technical management processes. Risk management should address issues that could endanger achievement of critical objectives. A continuous risk management approach is applied to effectively anticipate and mitigate the risks that have critical impact on the project. Effective risk management includes early and aggressive risk identification through the collaboration and involvement of relevant stakeholders. Strong leadership across all relevant stakeholders is needed to establish an environment for the free and open disclosure and discussion of risk. Although technical issues are a primary concern both early on and throughout all project phases, risk management must consider both internal and external sources for cost, schedule, and technical risk. Early and aggressive detection of risk is important because it is typically easier, less costly, and less disruptive to make changes and correct work efforts during the earlier, rather than the later, phases of the project. Risk management can be divided into three parts: defining a risk management strategy; identifying and analyzing risks; and handling...
Words: 1989 - Pages: 8
...1. What is the goal or objective of an IT risk assessment? The goal is to define how the risk to the system will be managed, controlled, and monitored. 2. Why is it difficult to conduct a qualitative risk assessment for an IT infrastructure? A qualitative assessment is based on opinion than actual fact, and IT risk assessments need to be based on a quantitative analysis. 3. What was your rationale in assigning “1” risk impact/risk factor value of “critical” for an identified risk, threat, or vulnerability? The critical needs to be mitigated immediately. 4. When you assemble all of the “1” and “2” and “3” risk impact/risk factor values to the identified risks, threats, and vulnerabilities, how did you prioritize the “1”, “2”, and “3” risk elements? What would you say to executive management in regards to your final recommended prioritization? By assessing how important the risk is to the infrastructure and how quickly the risk needs to be mitigated. The one’s and two’s need to be mitigated as soon as possible and the three’s can be mitigated or left alone at managements decision. 5. Identify a risk mitigation solution for each of the following risk factors: a. User downloads and clicks on an unknown e-mail attachment. Restrict user access and set it up that a user has to get authorization for downloads. b. Workstation OS has a known software vulnerability. Patch or update software. c. Need to prevent eavesdropping on WLAN due to customer privacy data access. Increase WLAN...
Words: 322 - Pages: 2
...The purpose of risk management is to identify potential problems before they occur so that risk-handling activities may be planned and invoked as needed across the life of the product or project to mitigate adverse impacts on achieving objectives. Risk management is a continuous, forward-looking process that is an important part of business and technical management processes. Risk management should address issues that could endanger achievement of critical objectives. A continuous risk management approach is applied to effectively anticipate and mitigate the risks that have critical impact on the project. Effective risk management includes early and aggressive risk identification through the collaboration and involvement of relevant stakeholders. Strong leadership across all relevant stakeholders is needed to establish an environment for the free and open disclosure and discussion of risk. Although technical issues are a primary concern both early on and throughout all project phases, risk management must consider both internal and external sources for cost, schedule, and technical risk. Early and aggressive detection of risk is important because it is typically easier, less costly, and less disruptive to make changes and correct work efforts during the earlier, rather than the later, phases of the project. Risk management can be divided into three parts: defining a risk management strategy; identifying and analyzing risks; and handling identified risks, including the...
Words: 1970 - Pages: 8
