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Risk management begins with first identifying risks, threats, and vulnerabilities to then assess them. Assessing risks means to evaluate risk in terms of two factors. First, evaluate each risk’s likelihood of occurring. Second, evaluate the impact or consequences should the risk occur. Both likelihood and impact are important for understanding how each risk measures up to other risks.

How the risks compare with one other is important when deciding which risk or risks take priority. In short, assessing is a critical step toward the goal of mitigation. Assessing risks can be done in one of two ways: quantitatively or qualitatively. Quantitatively means to assign numerical values or some objective, empirical value. For example, “Less than $1,000 to repair” or “Biweekly.” Qualitatively means to assign wording or some quasi-subjective value.

For example, a risk could be labeled critical, major, or minor. In this lab, you will define the purpose of an IT risk assessment, you will align identified risks, threats, and vulnerabilities to an IT risk assessment that encompasses the seven domains of a typical IT infrastructure, you will classify the risks, threats, and vulnerabilities, and you will prioritize them. Finally, you will write an executive summary that addresses the risk assessment findings, risk assessment impact, and recommendations to remediate areas of noncompliance.

Sample Paper For Above instruction

Risk management is a fundamental component of ensuring the security, reliability, and efficiency of information technology (IT) infrastructure within organizations. The process begins with the identification of risks, threats, and vulnerabilities that could compromise IT systems, data integrity, and organizational operations. Once identified, these risks are assessed based on two primary factors: the likelihood of occurrence and the potential impact or consequences if the risk materializes. This dual approach enables organizations to prioritize risks effectively and allocate resources to mitigate the most critical vulnerabilities.

The importance of comparing risks lies in establishing which threats pose the greatest threat to organizational assets and compliance requirements. A structured risk assessment allows organizations to focus on vulnerabilities that could result in significant financial loss, legal liabilities, or reputational damage. To facilitate different levels of analysis, risk assessments can be executed either qualitatively or quantitatively. Qualitative assessments involve subjective labeling of risks using categories such as critical, major, or minor, based on expert judgment and experience. Quantitative assessments, on the other hand, assign numerical values, probabilities, and cost estimates, providing an objective measure of risk severity.

In the context of an IT risk assessment, defining the purpose is crucial for aligning organizational goals with security priorities. For instance, an organization may aim to protect sensitive customer data, ensure business continuity, or comply with legal mandates such as GDPR or HIPAA. Once the purpose is established, risks are mapped to the seven core domains of a typical IT infrastructure, including user endpoints, applications, data management, network infrastructure, physical security, policies, and procedures. This comprehensive mapping ensures no aspect of the infrastructure is neglected during assessment and mitigation planning.

Classifying risks within this framework involves evaluating their potential impact on confidentiality, integrity, and availability (CIA) of organizational information assets. Using a qualitative template, risks can be categorized as critical, major, or minor, based on their potential to affect compliance, security, operations, or productivity. Prioritization involves ranking these risks to determine which require immediate action versus those that can be addressed later. This systematic process enables effective resource allocation and strategic planning for risk mitigation.

The culmination of the risk assessment process is the development of an executive summary. This report synthesizes the findings across all seven domains, highlighting the most significant risks and vulnerabilities. It provides an impact analysis, describing how prioritized risks could affect organizational objectives and compliance. Finally, recommended remediation strategies are outlined, focusing on controls, policies, and investment areas to reduce risk exposure. These recommendations assist executive management in making informed decisions to strengthen security posture and ensure sustained operational resilience.

References

• ISO/IEC 27001:2013. (2013). Information technology — Security techniques — Information security management systems — Requirements. ISO.
• NIST. (2018). Framework for Improving Critical Infrastructure Cybersecurity. National Institute of Standards and Technology.
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• Whitman, M. E., & Mattord, H. J. (2022). Principles of Information Security. Cengage Learning.
• O'Connor, T. (2019). Strategic Risk Management: A Practical Guide to Implementing Principles and Strategies. Palgrave Macmillan.
• SANS Institute. (2020). Risk Management & Risk Assessment. SANS Security Policy.
• Heiser, J. (2017). Risk assessment in information technology. Journal of Computer Security, 25(1), 89-106.
• Chapple, M., & Seidl, D. (2019). Cloud Security and Privacy. O'Reilly Media.
• ISO/IEC 27005:2018. (2018). Information security risk management. ISO.