Introduction In Managing Risks In An Organization Profession

Introductionin Managing Risks In An Organization Professionals In Th

Introduction: In managing risks in an organization, professionals in the information technology (IT) department conduct research to identify threats, vulnerabilities, and threat/vulnerability pairs. Then, the IT professionals determine the likelihood of each threat occurring. The IT professionals present this information to IT management, whose role in risk management is to determine and recommend approaches to manage these risks. IT management then presents these recommendations to the senior management, whose role is to allocate resources, specifically money and employees, to prepare for and respond to identified threats and vulnerabilities appropriately. This activity allows professionals to fulfill their roles in small business risk assessment by identifying threats, vulnerabilities, threat/vulnerability pairs; estimating the likelihood of threats; and presenting this information for decision-making.

Scenario: YieldMore is a small agricultural company producing and selling fertilizer products, with headquarters in Indiana and two large production facilities in Nebraska and Oklahoma. The company employs salespersons nationwide, and it maintains three servers at headquarters: an Active Directory server, a Linux application server, and an Oracle database server. The application server hosts proprietary software managing inventory, sales, supply chain, and customer data. The database server manages local data with direct attached storage. The network at each site uses Ethernet LANs connected via industry-standard managed switches. The remote production facilities connect to headquarters through T-1 LAN connections via an ISP, sharing an Internet connection monitored through a firewall. Salespersons connect remotely via VPN software from their home offices to the company network.

Case Scenario: YieldMore © 2013 by Jones & Bartlett Learning, LLC, an Ascend Learning Company. All rights reserved. Page 2

Task 1: As IT professionals assigned by YieldMore’s IT management, your tasks include:

• Identify threats to the seven domains of IT within the organization.
• Identify vulnerabilities within these domains.
• Identify threat/vulnerability pairs to understand threat actions that could pose risks.
• Estimate the likelihood of each threat action occurring.
• Prepare a comprehensive report of your findings for review by IT management.

Paper For Above instruction

In today’s increasingly digitized business landscape, effective risk management within organizations is critical for safeguarding assets, ensuring operational continuity, and maintaining stakeholder trust. YieldMore, a small yet expanding agricultural company, exemplifies a typical enterprise that must assess and mitigate a wide spectrum of IT risks. This analysis explores the process of identifying threats and vulnerabilities across the seven domains of IT within YieldMore, evaluating threat/vulnerability pairs, and estimating the likelihood of threat occurrences to inform strategic decision-making.

Understanding the Seven Domains of IT

As per the National Institute of Standards and Technology (NIST), the seven domains of IT encompass hardware, software, network, data, personnel, procedures, and physical environment. Each domain plays a vital role in the organization’s information infrastructure and is susceptible to specific threats and vulnerabilities. An effective risk management process begins with a comprehensive assessment across all these domains.

Threats to the Seven Domains in YieldMore

In the hardware domain, threats include physical damage from environmental disasters, theft, or hardware failure. The servers located at headquarters and the remote production facilities are vulnerable to power surges, overheating, or physical theft. Software threats mainly involve malware, ransomware, or unauthorized software modifications that could compromise application integrity or data security. The organization’s applications and operating systems are potential targets for cyberattacks that exploit vulnerabilities. Network threats encompass intrusion attempts, man-in-the-middle attacks, and unauthorized access due to unsecured remote connections such as VPNs. The data domain faces risks from data breaches, accidental data loss, or corruption, especially given the sensitive inventory and customer information stored on the servers. Personnel threats include insider threats, phishing attacks, or social engineering efforts aimed at gaining access to critical systems. Procedures threaten the organization's security posture if policies are outdated, poorly enforced, or not comprehensive enough to address new threats. The physical environment domain is vulnerable to environmental hazards, such as fires, floods, or extreme weather that could impair office facilities and data centers.

Vulnerabilities in YieldMore’s IT Domains

Vulnerabilities mirror threats but focus on weaknesses that can be exploited by threats. For hardware, inadequate physical security measures or lack of environmental controls at the facilities increase vulnerability. Software vulnerabilities often stem from outdated patch management, unencrypted applications, or poorly configured security settings. Network vulnerabilities include insecure Wi-Fi, open ports, or weak authentication mechanisms on remote access VPNs. Data vulnerabilities might involve inadequate encryption, poor access controls, or insufficient backup protocols, making data susceptible to theft or loss. Personnel vulnerabilities could include lack of security awareness, weak password practices, or failure to adhere to security policies. Procedural weaknesses might involve absence of regular security audits, incomplete incident response plans, or lack of employee training. The organizational physical environment could be vulnerable due to unmonitored access points or inadequate environmental controls, increasing risk of physical damage.

Threat/Vulnerability Pairs and Risk Identification

By establishing threat/vulnerability pairs, YieldMore’s IT team can better comprehend potential attack scenarios. For example, an unpatched software vulnerability (weakness) combined with a malware attack (threat) could lead to data breach or system compromise. An insecure VPN configuration (vulnerability) paired with an external intrusion attempt (threat) poses a risk of unauthorized access. Physical access to servers (vulnerability) combined with theft or environmental hazards (threats) could result in significant operational disruption. Each pair highlights specific risks, guiding targeted mitigation strategies.

Estimating the Likelihood of Threat Occurrence

Estimating the likelihood of various threats involves considering the current security measures, the organization's exposure, and historical incident data. For YieldMore, remote VPN connections exhibit a moderate likelihood of attack, given the common occurrence of cyber intrusions targeting VPNs. The risk of physical theft or environmental damage at the remote facilities is relatively low but not negligible, especially without stringent physical security measures. The threat of malware or ransomware via email or infected software has a high likelihood due to widespread cyberattack trends. Insider threats, such as employees or contractors with access to sensitive data, are considered moderate, depending on the organization’s security culture. Overall, this likelihood assessment informs prioritization of mitigative actions and resource allocation.

Conclusion

Effective identification of threats, vulnerabilities, and threat/vulnerability pairs, coupled with probability estimation, provides YieldMore with a strategic roadmap to bolster its cybersecurity posture. Prioritizing vulnerabilities with higher likelihood and impact enables resource-efficient risk mitigation. Continuous monitoring, regular updates to security policies, employee training, and physical security enhancements are essential for maintaining resilience against evolving threats. This structured approach ensures that YieldMore minimizes potential disruptions, protects sensitive information, and sustains its operational integrity amidst an increasingly complex threat landscape.

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