Cyber Security Risk Analysis
Risk analysis refers to the review of risks associated with the particular action or event. The risk analysis is applied to information technology, projects, security issues and any other event where risks may be analysed based on a quantitative and qualitative basis. Risks are part of every IT project and business organizations. The analysis of risk should be occurred on a regular basis and be updated to identify new potential threats. The strategic risk analysis helps to minimize the future risk probability and damage.
Enterprise and organization used risk analysis:
Benefits of risk analysis
Every organization needs to understand about the risks associated with their information systems to effectively and efficiently protect their IT assets. Risk analysis can help an organization to improve their security in many ways. These are:
Steps in the risk analysis process
The basic steps followed by a risk analysis process are:
Conduct a risk assessment survey:
Getting the input from management and department heads is critical to the risk assessment process. The risk assessment survey refers to begin documenting the specific risks or threats within each department.
Identify the risks:
This step is used to evaluate an IT system or other aspects of an organization to identify the risk related to software, hardware, data, and IT employees. It identifies the possible adverse events that could occur in an organization such as human error, flooding, fire, or earthquakes.
Analyse the risks:
Once the risks are evaluated and identified, the risk analysis process should analyse each risk that will occur, as well as determine the consequences linked with each risk. It also determines how they might affect the objectives of an IT project.
Develop a risk management plan:
After analysis of the Risk that provides an idea about which assets are valuable and which threats will probably affect the IT assets negatively, we would develop a plan for risk management to produce control recommendations that can be used to mitigate, transfer, accept or avoid the risk.
Implement the risk management plan:
The primary goal of this step is to implement the measures to remove or reduce the analyses risks. We can remove or reduce the risk from starting with the highest priority and resolve or at least mitigate each risk so that it is no longer a threat.
Monitor the risks:
This step is responsible for monitoring the security risk on a regular basis for identifying, treating and managing risks that should be an essential part of any risk analysis process.
Types of Risk Analysis
The essential number of distinct approaches related to risk analysis are:
Qualitative Risk Analysis
Quantitative Risk Analysis