Question

Q58

Choose an organization that is engaged in e-business and undertake a risk assessment analysis using the key elements of a risk assessment framework. [5 Marks]

Answer 1

Risk Assessment Framework involves the following steps for Risk assessment analysis :-

• Classifying the assets and systems of the IT organization in different categories like hardware, software and data systems.
• Threat identification is done by identifying the type of risks whether they are physical, financial, operational, technical and Natural risks.
• The system vulnerabilities need to be identified by considering past information and data collection for risk estimation.
• Risk prioritization based on which risks can be avoided, risks that can be shared or accepted and reducing impact of risk by taking control measures.
• Based on risk assessment, risk control and implementation process needs to be documented for defining procedures and taking necessary steps . The security controls for risk prevention and detection need to be monitored for observing changes, checking effectiveness and finding possible solutions for eliminating the risk.