Question

Create a Wiki entry on Risk Analysis, Incident Response, and Contingency Planning as it relates to the recent news.

Need 400 words

Answer 1

Risk Management is an important part of an organization. It helps to assess the risk involved, threats and all the difficulties that are going to be in the way. It also helps and organization to look deeply on where to focus more. Risk Management is important because it helps an organization to decide what safety measures should be considered and how to implement them in best way possible. Let us first take a look on Contingency Planning.

Contingency Planning:
           The purpose of contingency planning is that how soon an organization returns to it's daily routine in case of an unavoidable calamity. Organizations must plan for several events. The September 11 terrorist attacks of 2001. The northeastern U.S. power-grid failure in 2003. Hurricane Katrina in 2005. The H1N1 flu outbreak in 2009. All these disasters left a severe damage to several organizations. These events are a proof why contingency planning is important. There are several Contingency Planning for example
               1.) Incident response planning
               2.) Disaster recovery planning
               3.) Business continuity planning
           Out of these, we will discuss in detail about Incident response

Incident Response:
           An organization uses its incident response process to react to attacks against its IT infrastructure. Incident response are important in terms that they help to know whether an organization has recovered from its safety incidents or not. The early an organization recovers from disaster, the early they can response and continue business operations. It is also known as Incident Handling.
           It is basically a reactive term and reports how the organization reacted to an unlikely event. Incident response describes how an organization:
               1.) Detects information security incidents.
               2.) Determines the cause of the incident.
               3.) Mitigates the damage caused by the incident.
               4.) Recovers from the incident.

Risk Analysis:
           It is one of the important tern in Risk management. Risk analysis helps to identify and analyze potential threats to the organization and ways to prevent them from happening. It also involves considering natural disasters as well. The various steps involved in Risk Analysis are:
               1.) Conduct Risk Assessment survey.
               2.) Identify risk.
               3.) Analyze risk.
               4.) Develop Risk Management Plan.
               5.) Implement the risk management plan.
               6.) Monitor the risks.
           There are two main approaches to the Risk Analysis: Quantitative and Qualitative.
           Qualitative risk analysis typically means assessing the likelihood that a risk will occur based on subjective qualities and the impact it could have on an organization using predefined ranking scales. Impact of the risk usually classifies as: High, Medium, Low. The probability that the risk will occur is defined between the range 0-100%.
           Quantitative risk analysis, on the other hand, attempts to assign a specific financial amount to adverse events, representing the potential cost to an organization if that event actually occurs, as well as the likelihood that the event will occur in a given year.