Because of this diversity, it is likely that some assets that have a known monetary value (hardware) can be valued in the local currency, whereas others of a more qualitative nature (data or information) may be assigned a numerical value based on the organization's perception of their value. In qualitative or semi-quantitative risk analysis approaches such as the method prescribed in Special Publication 800-30, likelihood determinations focus less on statistical probability and more often reflect relative characterizations of factors such as a threat source’s intent and capability and the visibility or attractiveness of the organization as a target [6]. The likelihood of deliberate threats depends on the motivation, knowledge, capacity, and resources available to possible attackers and the attractiveness of assets to sophisticated attacks. Immediate (operational) impact is either direct or indirect. A better, more encompassing definition is the potential loss or harm related to technical infrastructure, use of technology or reputation of an organization. Although initial NIST guidance on risk management published prior to FISMA’s enactment emphasized addressing risk at the individual information system level [4], the NIST Risk Management Framework and guidance on managing risk in Special Publication 800-39 now position information security risk as an integral component of enterprise risk management practiced at organization, mission and business, and information system tiers, as illustrated in Figure 13.1. A Definition. The nature and extent as well as the likelihood of a threat successfully exploiting the three former classes of vulnerabilities can be estimated based on information on past incidents, on new developments and trends, and on experience. Security of data involves a wide and complex set of protective measures against both accidental and intentional unauthorized access, use and modification that can lead to data corruption or loss. This includes identifying a strong executive sponsor or sponsors, regular follow-ups with all involved groups, building strong relationships with system owners and contacts, proper asset scoping, leveraging automated data collection mechanisms, identifying key people with strong organizational knowledge, and use of a standard control framework. Not one to give up, she decided to just start with the person immediately on her left and then work her way around the room, helping each of the participants to convey their risk in a structured way by utilizing her knowledge of the definitions and components of risk. Risk management is a subjective process, and many of the elements used in risk determination activities are susceptible to different interpretations. The nature and extent as well as the likelihood of a threat successfully exploiting the three former classes of vulnerabilities can be estimated based on information on past incidents, on new developments and trends, and on experience. Depending on the circumstances faced by an organization, the sources of information security risk may impact other enterprise risk areas, potentially including mission, financial, performance, legal, political, and reputation forms of risk. Of even more interest to management is the analysis of the investment opportunity costs, that is, its comparison to other capital investment options.12 However, expressing risk in monetary terms is not always possible or desirable, since harm to some kinds of assets (human life) cannot (and should not) be assessed in monetary terms. Data security also protects data from corruption. Assets in an organization are usually quite diverse. What is important here is that the interpretation of the levels is consistent throughout the organization and clearly conveys the differences between the levels to those responsible for providing input to the threat valuation process. With all of that in mind, instead of going up and enumerating risks from out of the air, Jane decided to start with a conciliatory note: “Each one of us here would most likely have their own ideas of what the “primary” risks are. Risk analysis is a necessary prerequisite for subsequently treating risk. Compliance requirements also drive data security. What are the top data security risk factors? 5.5.1 Overview. We can break data security risks into two main categories: The following security solutions can be handy in minimizing data security risks: Data discovery and classification — Data discovery technology scans data repositories and reports on the findings so you can avoid storing sensitive data in unsecured location. Data classification is the process of labelling sensitive data with tags so you can protect enterprise data in accordance with its value to the organization. Data that contain personal information should be treated with higher levels of security than data which do not, as the safeguarding of personal data is dictated by national legislation, the Data Protection Act 2018, which states that personal data should only be accessible to authorised persons. The responsibility for identifying a suitable asset valuation scale lies with the organization. Since it was her first day, she really didnt want to ruffle any feathers by minimizing or highlighting specific risks since she didn’t feel like she knew enough about the organizations operating environment to make that call. User and entity behavior analytics (UEBA) — UEBA is a complex technology for spotting deviations from normal activity and suspicious or critical changes before they impact security or business continuity. A model for information security risk specifies the dependence of a security parameter on one or more risk factors. Throughout this chapter, we will also be highlighting several critical success factors that you should be trying to ensure are in place within your organization. We use cookies to help provide and enhance our service and tailor content and ads. The organizational perspective also requires sufficient understanding on the part of senior management to recognize information security risks to the agency, establish organizational risk tolerance levels, and communicate information about risk and risk tolerance throughout the organization for use in decision making at all levels. The need to prioritize information security comes from the risks that businesses are facing. Mark Talabis, Jason Martin, in Information Security Risk Assessment Toolkit, 2013. Data security concerns the protection of data from accidental or intentional but unauthorised modification, destruction or disclosure. © 2020 Netwrix Corporation. Definitely not the first day Jane was expecting. Special Publication 800-39 defines and describes at a high level an overarching four-phase process for information security risk management, depicted in Figure 13.2, and directs those implementing the process to additional publications for more detailed guidance on risk assessment [8] and risk monitoring [9]. If the impact is expressed in monetary terms, the likelihood is dimensionless, and then risk can be also expressed in monetary terms. Risk can be reduced by applying security measures; it can be shared, by outsourcing or by insuring; it can be avoided; or it can be accepted, in the sense that the organization accepts the likely impact of a security incident. Information security is the technologies, policies and practices you choose to help you keep data secure. What I would really like to do now is go around the table and ask each of you to tell me what risks are of primary concern to your department.”. More than ever, digital data security is on the agenda in many organizations. Without data to support an assessment there is very little value to the risk assessment and the assessment you perform can be construed as mere guesswork. For example, we are able to compute the probability of our data to be stolen as a function of the probability an intruder will attempt to intrude into our system and of the probability that he will succeed. Finally, the value high can be interpreted to mean that the threat is expected to occur, there are incidents, statistics, or other information that indicate that the threat is likely to occur, or there might be strong reasons or motives for an attacker to carry out such action.16, Vulnerabilities can be related to the physical environment of the system, to the personnel, management, and administration procedures and security measures within the organization, to the business operations and service delivery or to the hardware, software, or communications equipment and facilities. Information security risk management is the systematic application of management policies, procedures, and practices to the task of establishing the context, identifying, analyzing, evaluating, treating, monitoring, and communicating information security risks. NIST guidance adopts definitions of threat, vulnerability, and risk from the Committee on National Security Systems (CNSS) National Information Assurance Glossary[13], and uses tailored connotations of the terms likelihood and impact applied to risk management in general and risk assessment in particular [14]. The following are common types of data risk. This chapter is presented differently from the other chapters up to this point. In hardware-based encryption, a separate processor is dedicated to encryption and decryption in order to safeguard sensitive data on a portable device, such as a laptop or USB drive. Special Publication 800-39 highlights differences in risk management activities related to vulnerabilities at organization, mission and business, and information system levels, summarized in the Three-Tiered Approach section later in this chapter. 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