This value is assessed in terms of the assets’ importance to the organization or their potential value in different business opportunities. A model for information security risk specifies the dependence of a security parameter on one or more risk factors. The definition of data security is broad. Sokratis K. Katsikas, in Computer and Information Security Handbook (Third Edition), 2013, Information security risk “is measured in terms of a combination of the likelihood of an event and its consequence.” Because we are interested in events related to information security, we define an information security event as “an identified occurrence of a system, service or network state indicating a possible breach of information security policy or failure of safeguards, or a previously unknown situation that may be security relevant.”8 In addition, an information security incident is “indicated by a single or a series of unwanted information security events that have a significant probability of compromising business operations and threatening information security.” These definitions actually invert the investment assessment model, in which an investment is considered worth making when its cost is less than the product of the expected profit times the likelihood of the profit occurring. On the other hand, the likelihood of accidental threats can be estimated using statistics and experience. Before you go, grab the latest edition of our free Cyber Chief Magazine — it explains the key factors to consider about data security when transitioning to the cloud and shares strategies that can help you ensure data integrity. Because security is often one of several competing alternatives for capital investment, the existence of a cost–benefit analysis that would offer proof that security will produce benefits that equal or exceed its cost is of great interest to the management of the organization. The NCSC’s (National Cyber Security Centre) 10 steps to cyber security - a set of ten practical steps that organisations can take to improve the security of their networks and the information carried on them. It is also influenced by factors attributed to other categories of risk, including strategic, budgetary, program management, investment, political, legal, reputation, supply chain, and compliance risk. Illustration of an Information Security Risk Statement (Unauthorized Access). There are many factors that affect the success of the data collection phase; however, the single most important factor is planning. Infosec programs are built around the core objectives of the CIA triad: maintaining the confidentiality, integrity and availability of IT systems and business data. For example, if a three-value scale is used, the value low can be interpreted to mean that it is not likely that the threat will occur, there are no incidents, statistics, or motives that indicate that this is likely to happen. We use cookies to help provide and enhance our service and tailor content and ads. In the world of risk management, risk is commonly defined as threat times vulnerability times consequence. Thus, risk analysis assesses the likelihood that a security incident will happen by analyzing and assessing the factors that are related to its occurrence, namely the threats and the vulnerabilities. Threat is an event, either an action or an inaction that leads to a negative or unwanted situation. The value medium can be interpreted to mean that the vulnerability might be exploited, but some protection is in place. Risk assessors use these factors, in combination with past experience, anecdotal evidence, and expert judgment when available, to assign likelihood scores that allow comparison among multiple threats and adverse impacts and—if organizations implement consistent scoring methods—support meaningful comparisons across different information systems, business processes, and mission functions. ISO/IEC 27005:2011 provides guidelines for information security risk management. Security of data involves a wide and complex set of protective measures against both accidental and intentional unauthorized access, use and modification that can lead to data corruption or loss. A direct impact may result because of the financial replacement value of a lost (part of) asset or the cost of acquisition, configuration, and installation of the new asset or backup, or the cost of suspended operations resulting from the incident until the service provided by the asset(s) is restored. Let’s talk about Jane’s first day on the job. Impact is related to the degree of success of the incident. If a three-value scale is used, the value low can be interpreted to mean that the vulnerability is hard to exploit and the protection in place is good. Data encryption — Encoding critical information to make it unreadable and useless for malicious actors is an important computer security technique. Jane is actually a little hesitant since the organization is significantly larger than her prior company; however, she is up to the challenge. Data security also protects data from corruption. Figure 13.1. While positive or negative impacts are theoretically possible, even from a single event, risk management tends to focus only on adverse impacts, driven in part by federal standards on categorizing information systems according to risk levels defined in terms of adverse impact. 5.5.1 Overview. A threat is anything that might exploit a vulnerability to breach your … Vulnerabilities can be related to the physical environment of the system, to the personnel, management, and administration procedures and security measures within the organization, to the business operations and service delivery, or to the hardware, software, or communications equipment and facilities. The responsibility for identifying a suitable asset valuation scale lies with the organization. The nature and extent as well as the likelihood of a threat successfully exploiting the latter class, often termed technical vulnerabilities, can be estimated using automated vulnerability-scanning tools, security testing and evaluation, penetration testing, or code review. We have talked about all of this before. Stephen D. Gantz, Daniel R. Philpott, in FISMA and the Risk Management Framework, 2013. Models are useful in making generalizations regarding the behavior of security/threat parameters as a function of risk factors, which can enable estimates of vulnerability. What I would really like to do now is go around the table and ask each of you to tell me what risks are of primary concern to your department.”. Interest in DDM is especially high in big data projects. She wasn’t expecting much. are all considered confidential information. The value medium can be interpreted to mean that the vulnerability might be exploited but some protection is in place. This approach has the advantage of making the risk directly comparable to the cost of acquiring and installing security measures. Effective execution of risk management processes across organization, mission and business, and information systems tiers. Mark Talabis, Jason Martin, in Information Security Risk Assessment Toolkit, 2013. Not much really. The likelihood of these threats might also be related to the organization's proximity to sources of danger, such as major roads or rail routes, and factories dealing with dangerous material such as chemical materials or oil. Figure 1.5 shows how to apply them to our risk components illustration. The consequences of the occurrence of a security incident are a function of the likely impact that the incident will have to the organization as a result of the harm that the organization assets will sustain. NIST provided explicit examples, taxonomies, constructs, and scales in its latest guidance on conducting risk assessments [12] that may encourage more consistent application of core risk management concepts, but ultimately each organization is responsible for establishing and clearly communicating any organization-wide definitions or usage expectations. The range of potential adverse impacts to organizations from information security risk include those affecting operations, organizational assets, individuals, other organizations, and the nation. NIST envisions agency risk management programs characterized by [10]: Figure 13.2. We emphasize the word appropriateness in your communications since providing too much or too little information may impair your ability to effectively interact with the individuals or groups that you will rely on for data collection. By going around the room and letting other people talk, with some gentle guiding, she was able to quickly learn quite a bit about the perception of risk within her new organization. Risk and Information Security Concepts. Bayesian statistics is based on the view that the likelihood of an event happening in the future is measurable. Since security is often one of several competing alternatives for capital investment, the existence of a cost/benefit analysis that would offer proof that security will produce benefits that equal or exceed its cost is of great interest to the management of the organization. The objective of risk management is to mitigate vulnerabilities to threats and the potential consequences, thereby reducing risk to an acceptable level. Many organizations do this with the help of an information security management system (ISMS). Definitely not the first day Jane was expecting. As an author, Ryan focuses on IT security trends, surveys, and industry insights. Impact is considered to have either an immediate (operational) effect or a future (business) effect that includes financial and market consequences. Harm, in turn, is a function of the value of the assets to the organization. Figure 1.6. Without data to support an assessment there is very little value to the risk assessment and the assessment you perform can be construed as mere guesswork. Compliance requirements also drive data security. Cyber and information security risk (CISR) is the risk of loss (financial/non-financial) arising from digital events caused by external or internal actors or third parties, including: Theft of information/technology assets Damage to information/technology assets Compromised integrity of … Thus, impact valuation is not performed separately, but is embedded within the asset valuation process. A better, more encompassing definition is the potential loss or harm related to technical infrastructure, use of technology or reputation of an organization. Information such as social security number, tax identification number, date of birth, driver’s license number, passport details, medical history, etc. Finally, the value high can be interpreted to mean that the threat is expected to occur, there are incidents, statistics, or other information that indicate that the threat is likely to occur, or there might be strong reasons or motives for an attacker to carry out such action.16, Vulnerabilities can be related to the physical environment of the system, to the personnel, management, and administration procedures and security measures within the organization, to the business operations and service delivery or to the hardware, software, or communications equipment and facilities. In many cases the readers of the report, or information derived from the report, could be anyone from executives of the company to system administrators within IT. She also knew that with this diverse group of people, they would probably come to the meeting with their own preset ideas on the definition of risk in the context of their specific department or field. Thus, impact valuation is not performed separately but is rather embedded within the asset valuation process. This chapter is presented differently from the other chapters up to this point. Subsequently, it combines this likelihood with the impact resulting from the incident occurring to calculate the system risk. After some aggressive recruiting the CIO convinced Jane to join the hospital system as their information security officer. Threats can be classified as deliberate or accidental. Not one to give up, she decided to just start with the person immediately on her left and then work her way around the room, helping each of the participants to convey their risk in a structured way by utilizing her knowledge of the definitions and components of risk. Quantitative risk analysis sometimes uses formal statistical methods, patterns of historical observations, or predictive models to measure the probability of occurrence for a given event and determine its likelihood. Usually, a three-value scale (low, medium, and high) or a five-value scale (negligible, low, medium, high, and very high) is used.14, Threats can be classified as deliberate or accidental. Organizations are becoming more vulnerable to cyber threats due to the increasing reliance on computers, networks, … Such incidents can threaten health, violate privacy, disrupt business, damage assets and facilitate other crimes such as fraud. Some would even argue that it is the most important part of the risk assessment process. In this example, the full risk statement is: Unauthorized access by hackers through exploitation of weak access controls within the application could lead to the disclosure of sensitive data. The focus on protection of sensitive or critical data, such as intellectual property and personal data, is a result of growing cyber risks and increasingly stringent data security regulations. She also demonstrated her knowledge of the concept of risk and used that knowledge to create a structured information gathering approach for questioning the meeting participants. Although she had limited exposure to the Healthcare Insurance Portability and Accountability Act (HIPAA) she is comfortable with working in a regulated environment as her previous organization was subject to Gram-Leach-Bliley Act (GLBA) requirements. An immediate (operational) impact is either direct or indirect. The likelihood of these threats might also be related to the organization’s proximity to sources of danger, such as major roads or rail routes, and factories dealing with dangerous material such as chemical materials or oil. ScienceDirect ® is a registered trademark of Elsevier B.V. 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