Threat and Risk Assessment for An Organization

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Introduction

The key element of the threat and risk assessment is to properly define areas in which impact of loss due to risk is maximum. For example, the amount of time it affects the routine of an organization is an important part which calculates the impact of loss. If the object being assessed is from the remote server without any restriction it can exploit serious consequences for the organization or may shut down the organization server for some time (Renfroe & Smith, 2019).

Risk assessment

The risk can be defined as a hazard which can cause potential damage to the organization. The risk assessment process is conducted in three phases such as:

  • Initially, the possible risk and hazards which can affect organization growth are identified.
  • Secondly, the organization will analyze and evaluate areas in which risk or hazard can possibly effect.
  • Finally, the identified risks or hazards are prioritized as well as control and mitigate measures are suggested to the organization.

For evaluating the risk various features can be used to calculate threats and risks: 

The following are matrices in which threats and risks can be compared:

  • Very high: It is assigned to high-profile objective risk, which makes high impact on the organizational assets. Moreover, level of deterrence or defense provided by existing remedies is insufficient for the organization.
  • High: It is assigned to those high-class regional or moderate profile threats which attract to the target of different levels of deterrence or defense which is provided by existing remedies of organization are insufficient.
  • Moderate: It is assigned to moderate profile threats or risks that aimed to hinder potential goal or level of deterrence to the organizational assets with existing remedies are marginally adequate.
  • Low: It is assigned to those threats or risks which do not require a high-profile installation and provides the appropriate purpose or level of deterrence to the provided or existing reaction measures are adequate.

Matrix of different level of threats or risk

Threats and Risk prioritization

 

Vulnerability

Impact of loss

Minor

Noticeable

Severe

Devastating

Low

 

 

 

 

Medium

 

 

 

 

High

 

 

 

 

Very High

 

 

 

 

 

Possible information technology threats and risks to organizations

  • Cyber-threats: With advancement in information technology, various risks and threats to information security have also increased. The cyber threats such as malware, social media, phishing attacks etc. are targeted in order to stake the confidentiality, integrity, and availability of information assets of organization. The organization should provide effective training to its employee in order to mitigate the issues of the cyber threats in organization.
  • Poor Identity management: The improper identity management will lead organization to face various security issues and challenges. The employees can misuse their access rights for their personal interest. However, organization needs to have authoritative control on the identity-based access in order to specify the individual access to information.
  • Mobile technology threat: The mobile technology threats are mainly dependent due to malware website and applications which enter organization network through employee personal devices. Therefore, organization needs to implement effective BYOD policy i.e. Bring Your Own Device. The inadequate personal device security management should be considered a major area of security improvement for organization.
  • Cloud computing: With advancement in information and technology devices, many organizations are opting cloud computing-based technologies and applications. Therefore, cloud computing security vulnerabilities are major risks and threats to the organization information resources. Therefore, security, confidentiality, and disposition of intellectual property need to be preserved.

The organization can handle risks with following options such as:

  • Assume/accept: Confirm the presence of a specific threat and decide on a conscious option in order to confirm this risk without participating in unusual attempts to control it. The program leaders need to provide approval to the risk.
  • Avoid: Customize software requirements in order to get rid of or reduce the threat impact on organizational assets. This change may help by adjusting the grant, calendar or special prerequisites.
  • Control: Implement actions to limit the effect or probability of a threat.
  • Exchange: Assign authoritative responsibilities, accountability to the top=-level managers of the organization, who can identify the root cause the risk or impact.
  • View / Monitor: Monitor the environmental changes which might affect the nature or potential impact of a threat to the organizational assets.

Risk control

  • Enable threat verification as part of the audit program and continuously monitoring the endpoint of the organization. Threat observation should be done by the standard audit program. Furthermore, threats must be monitored continuously, not just before the program's questionnaire are prepared, but periodically, a review should be done by the information technology headed in order to control projects management.
  • Surveys and activities related to the prevention of risks should be progressed. Moreover, it is decided when each activity will be completed effectively.
  • Improve and re-analyze the techniques and activities according to organizational needs.
  • Control and review risk assessment test, in order to ensure the effectiveness of the risks and threats.

References

Renfroe, N., & Smith, J. (2019). Threat / Vulnerability Assessments and Risk Analysis | WBDG - Whole Building Design Guide. Retrieved from https://www.wbdg.org/resources/threat-vulnerability-assessments-and-risk-analysis

Saleh, Z., Refai, H., & Mashhour, A. (2011). Proposed Framework for Security Risk Assessment. Journal Of Information Security, 02(02), 85-90. doi: 10.4236/jis.2011.22008eferences

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