Risk Assessment Essay

3703 Words Feb 12th, 2015 15 Pages
Dr. Michael 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
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Basic Elements of the Risk Assessment Process

Risk assessments, whether they pertain to information security or other types of risk, are a means of providing decisionmakers with information needed to understand factors that can negatively influence operations and outcomes and make informed judgments concerning the extent of actions needed to reduce risk. For example, bank officials have conducted risk assessments to manage the risk of default associated with their loan portfolios, and nuclear power plant engineers have conducted such assessments to manage risks to public health and safety. As reliance on computer systems and electronic data has grown, information security risk has joined the array of risks that governments and businesses must manage.

Regardless of the types of risk being considered, all risk assessments generally include the following elements.

Identifying threats that could harm and, thus, adversely affect critical operations and assets. Threats include such things as intruders, criminals, disgruntled employees, terrorists, and natural disasters.
Estimating the likelihood that such threats will materialize based on historical information and judgment of knowledgeable individuals.
Identifying and ranking the value, sensitivity, and criticality of the operations and assets that could be affected should a threat materialize in order to determine which operations and assets are the

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