Risk Management

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Risk Management Plan |

How to Resolve A Data Security Breach |

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JSmith |

10/5/2014 |

Principles Information System Security Professor: Gleghorn |

Introduction

While retailers and financial institutions gain significant media attention from data breaches, no industry is safe from targeted cyber-attacks, including professional services firms and educational institutions. Breaches will happen, but it is our job to develop a plan to monitor, recognize, and combat and potential security lapse. In this report I will explain key elements to create an effective Risk Management Plan which will guide you in the event of a major security breach.

Risk Management Plan

Developing an effective Risk Management Plan can help keep small issues from developing into emergencies. Different types of Risk Management Plans can deal with calculating the probability of an event, and how that event might impact you, what the risks are with certain ventures and how to mitigate the problems associated with those risks. Having a plan may help you deal with adverse situations when they arise and, hopefully, head them off before they arise.

The risk management process involves answering four simple questions:

* What assets do you have that are worth protecting?

* What are the known threats to those assets?

* What can you do to keep those threats from actually occurring?

* What type of damage control can you perform if one of the risks to your assets does occur?

Understand how Risk Management works

Risk is the effect (positive or negative) of an event or series of events that take place in one or several locations. It is computed from the probability of the event becoming an issue and the impact it would have (See Risk = Probability X Impact). Various factors should be identified in order to analyze risk, including:

* Event: What could happen?

* Probability: How likely is it to happen?

* Impact: How bad will it be if it happens?

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