Today, performing information security risk analysis is an accepted part of managing any business, and it’s something most CEOs and board members take very seriously. They don’t just want to “check a box” for information risk management—they understand that their ability to manage risk adequately is a fundamental part of their long-term success. What’s more, they want to meet the standards of care that similarly-situated, like-minded organizations are meeting.
Whether you’re the CISO, security manager, or anyone else in management, it’s critical that you can clearly communicate how you approach information security throughout your organization. The best way to do this is by creating an IT risk assessment methodology. You can create this methodology through these best practices:
Threats, vulnerabilities, consequences, and likelihood make up the essential pieces you need to review as part of your IT security risk methodology.
If you’re a practitioner in a company and need to create this methodology, then you need to know what the inputs are and where you get your data from. There are two primary methods of doing risk assessments: quantitative and qualitative.
Examining threats, vulnerabilities, consequences, and likelihood—the essential pieces of your IT security risk methodology—and looking at both qualitative and quantitative approaches to risk assessments are critical to your overall cybersecurity strategy.
Doing so will not only help you better articulate to your organization what you’re currently doing, but it will also help you realize what you aren’t (and should be) doing to reduce information security risk.
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