Security Risk Analysis

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Security Risk Analysis

A risk analysis is a process of identifying the assets you wish to protect and the potential threats against them. Performing an accurate risk analysis is a vital step in securing your network environment.

A formal risk analysis answers the following questions:

  1. What assets do I need to protect?
  2. Form what sources am I trying to protect these assets?
  3. Who may wish to compromise my network and to what gain?
  4. How likely is it that a threat will violate my assets?
  5. What is the immediate cost if an asset is compromised?
  6. What is the cost of recovering from an attack or failure?
  7. How can these assets be protected in a cost-effective manner?
  8. Am I governed by a regulatory body that dictates the required level of security for my environment?
Security Risk Analysis

In this process a risk analysis report is generated and is used to align technology-related objectives with a company’s business objectives. These types of reports can be quantitative or qualitative in nature. The measure of the IT risk can be determined as a product of threat, vulnerability and asset values.

Risk = Threat + Vulnerability + Asset

Risk analysis is most important process of risk management. It identifies and evaluates the risks which have to be eliminated, controlled or accepted. Risk analysis inclines to carry out work in different areas;

The major area of risk analysis is resource evaluation, it includes information, software, hardware and physical resources. The value of resource is measured by the value of its purchase, however other factors like short term and long-term effects from its destruction also plays a major part in the process of the resource evaluation.

The assessment of consequences defines the degree of destruction or losses which can supposedly occur.

The identification of threat greatly helps in determining the extent of losses to an information system.

The effectiveness of the existing means of protection must be evaluated every time with an update in the security analysis report.

The last and the most important area on which the risk analysis inclines id the calculation of probability i.e., the frequency of the threat occurrence. This should include presence, duration, time and the strength of the threat.

Risk Management

Risk

Risk is the concepts that form the basis for what we call security. If we talk in terms of security then we can say that, risk is the potential for less that requires protection. If there is no risk, there is no need for security.

Threat

A threat is anything that can disrupt the operation, functioning, integrity, or availability of a network or system. There are different categories of threats, occurrences such as floods, earthquakes, and storms. There are also unintentional threats that are the result of accidents and stupidity. Finally, there are intentional threats that are the result of malicious intent. Each type of threat can be deadly to a network.

Threat-source

A threat-source is defined as either

  1. Intent and method targeted as the intentional exploitation of vulnerability or
  2. A situation and method that may accidently trigger vulnerability.

Common threat-sources include natural threats, such as storms and floods, human threats, such as malicious attacks and unintentional acts, and environmental threats, such as power failure and liquid leakage.

Vulnerability

Vulnerability is an inherent weakness in the design, configuration, implementation, or management of a network or system that renders it susceptible to a threat. Vulnerabilities are what make networks susceptible to information loss and downtime. Every network and system has some kind of vulnerability.

Impact

Impact refers to the magnitude of harm that could be caused by a threat exploiting vulnerability. The level of impact is governed by the potential mission impacts and in turn produces a relative value for the IT assets and resources affected.

Risk management deals with how the effects of risk are controlled, either by prior planning and actions or by responses to the event. Risk management can be best described as a decision-making process.

Risk management adopted three major processes which are known as: risk assessment, risk mitigation, and assessment.

Risk assessment consists of the following:

  • Identification and evaluation of risks
  • Identification and evaluation of risks impacts
  • Recommendation of risk-reducing measures

Risk mitigation involves the following:

  • Prioritizing appropriate risk-reducing measures recommended from the risk assessment process.
  • Implementing appropriate risk-reducing measures recommended from the risk assessment process.
  • Maintaining the appropriate risk-reducing measures recommended from the risk assessment process.

Evaluation and assessment include a continuous evaluation process. For example, the designated approving authority (DAA) has the responsibility for determining if the residual risk in the system is acceptable or if additional security controls should be implemented to achieve accreditation of the IT system.

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