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Overview of IS risk Assessment Part 11 - Research Paper Example

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Overview of IS risk Assessment Part 11

The second step is to take the asset owners on board and define an asset classification scheme. This asset classification scheme defines the severity of all assets along with a value. This value will identify information assets connected on the computer network. Three of the important aspects that make the risk management framework recognizable are vulnerabilities, threats and exploits. Vulnerabilities are defined as weaknesses in a system, network, workstation, or server. This weakness can be exploited by a virus, Trojan, work, malware etc. Likewise, vulnerabilities are not inherent, as they can be created by poorly managing patch management procedures, operating system critical updates procedures, virus definition updates procedures, no adequate rules on firewall etc. These vulnerabilities can be exploited by threats such as a weak hole in an operating system can be exploited by a worm or virus attack. Threats are the known viruses, Trojans, root kits, malware, adware, spyware etc. Following are the result of Risk Assessment performed that will be used by Incident management group for activation of business continuity plan. Business continuity plan is develop to mitigate threats that have low probability of occurrence but high impact. Name of Threats Probability H / L Impact Action Required Power Failure / Fluctuation H H Reduce (Avoid or Transfer) IT Asset Damage H H Virus Attack H H Failure of Application System H L Develop Control Failure System Software H L Fraud H L Telecommunication Failure H L Internal IT attacks H L External IT Attacks H L Unauthorized access H L Head office Sabotage L H Business Continuity Plan Terrorism L H Explosion L H Fire L H War L H Bomb Threats L H Civil Disorder L H Flooding L H Nuclear Fallout L H Tornado, Hurricane, typhoon L H Tidal Waves L H Data loss L H Heating, Ventilation or Air Conditioning Failure L L Accept High Winds L L Robbery L L As we all know the best way to prepare for a disaster is to avoid the disaster. Therefore, following control has been already operational to mitigate major risk that lead to disaster due to IT breaches. There may be risk of failure of power supply in critical server that is mitigated by deploying redundant power supply that may automatically operate once problem arrived hence mitigate down time. Failure due to surge and electricity fluctuations are common computer hazards, in order to avoid these risks, IT department has taken necessary action to overcome the situational hazards to made all of the available web server hard drives in form of array called Redundant Arrays of inexpensive disk (RAID level 5) that mitigate downtime for business critical web server due to hard disk failure. Considering risk of failure of hardware component mention above redundant backup server for critical application server and authentication server is also deployed in organization for contingency purpose. The primary reasons to apply line-interactive UPSs are to protect the critical load from significant variations in the voltage supplied by the local electric company. To ensure the business running without interruption adequate UPS are installed in the organization. In case of power failure, power will be shifted automatically on UPS and servers, peripheral devices and other users PCs may continue to run in absence of electricity. Moreover, for addressing threats such as cross site scripting attacks, SQL injection attacks, considered to be one ...Show more

Summary

Full Paper Title Name University Risk Assessment Computer network risk Assessment framework takes a holistic approach for accessing risks, threats and vulnerabilities of the organization’s information technology architecture. Likewise, this essential function incorporates a risk management framework led by a steering committee…
Author : monty58
Overview of IS risk Assessment Part 11 essay example
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