Risk in the context of security is the possibility of something bad happening, and the results of the damage if it occurs. Discuss the purpose and benefits of establishing a formal Information Risk Management (IRM) process.
Purpose of a formal Information Risk Management process
1) Identifying
Information risk management helps in identifying the risks to keep
the information secure and accurately available.
2) Assessing
Risk assessment helps to identify the hazards and the risk factors
which have potential to cause harm and determining appropriate ways
to control and eliminate the risk.
3) Prioritize
After assessing probabilities and the consequences of the risk
events after they are realized. The results are used to prioritize
the risk to establish the most-to-least-critical significance
ranking.
Benefits
1) To Analyze Threat
Threat is inherent in the information risk management and many
organization assume that the vendors offer some level of
threat.
2) To understand the value of information
It is important to understand the value of information as
consequence depends largely on it. In Determining consequence side
of the risk, organization needs to ask what may happen if the
particular piece of data is compromised
3) Vulnerability
Vulnerability is the quality of being exposed to possibility of getting harmed. In information risk assessment their are chances of getting harm while taking the risk.
Risk in the context of security is the possibility of something bad happening, and the results...
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