Risk Assessment Q4-2024

• Risk Assessment (RA) is the process of identifying threat, and vulnerability, determine the probability of a threat exploiting a vulnerability and quantify or qualify the loss if exploitation occurs
• Threat is any circumstance or event that has the potential to compromise confidentiality, integrity or availability.
  • Natural-Floods, Earthquakes, Tornadoes
  • Human Threats– Unintentional acts, malicious software upload
• Environmental Threats-Long term power failure, Pollution, Chemicals, Liquid leakage

Common Threats To Information Systems

• Vulnerability is a weakness. It can be a weakness in the hardware, software, the configuration, or users operating the system (Example: No badge reader at the entrance of Data Center, Laptops and desktops have an outdated antivirus software).
• Probability: Likelihood a vulnerability will be exploited-High, Low or Moderate
• Impact: High, Low or Moderate
• Risk
  • Qualitative – High, Moderate, Low, Reputational, etc..
  • Quantitative- Assign dollar amount, Financial Loss

Factors To Consider In Risk Level Determination

Risk Levels

Risk Assessment

• Risk: Asset value X Threat X Vulnerability X Probability X Impact =Risk (Quantitative/Qualitative)
• Risk Assessment (RA) is conducted through:
  • Examination
    • Review existing documents (policies, procedures, previous assessment, etc.…)
    • Observation – Observe the implementation of controls
    • Walkthrough – Take tour of a building to take note of security control implementation
  • Interview
    • System owner, system administrators, developer etc.…
  • Testing
    • Test Existing Control (Test fail login attempt)