Exploring Risk Identification Methods in Security Program Development

Exploring Risk Identification Methods in Security Program Development

An organizational risk assessment program is essential to identify and manage risks and safeguard an organization’s assets. The three main steps in such a program include identification of risk, risk assessment and analysis monitoring, and risk reduction.

Identification of Risk

In this step, the objective is to find possible hazards that could jeopardize the organization’s assets, including logical assets like data, software, intellectual property, and physical assets like hardware, buildings, and human resources. This phase entails being aware of the environment, resources, and risks that the organization may face that could affect its resources. Moreover, locating risk factors like cyberattacks, system malfunctions, human error, and natural disasters is done in this stage (Hashim et al. 129).

Risk Assessment and Analysis

In this step, the objective is to assess and examine hazards that have been located. This entails figuring out how likely each risk will materialize and any possible effects it might have on the company. The goal is to prioritize risks according to their seriousness and the organization’s ability to absorb or reduce them. Particularly, this stage aids in determining which dangers need to be addressed and which require more time and observation. Further, this step may involve the use of quantitative techniques like statistical analysis or qualitative techniques like expert opinion.

Monitoring and Reducing Risk

The objective of this phase is to create plans to reduce the identified risks. This could entail putting security measures into place, creating plans for disaster recovery, and educating staff members. The goal is to lessen the possibility of risks happening or, in the event that they do, to lessen their effects. Furthermore, it is imperative to continuously evaluate risks since they have the potential to evolve over time and give rise to new ones. By doing this, the company can make sure that it will constantly be aware of its surroundings and prepared to respond quickly if its risk profile changes.

In principle, all firms should be required to have an IT risk assessment program in place, especially in the digital age, where technology is a crucial part of nearly every aspect of daily life. This is done to prevent financial losses (Alvarenga et al. 39), for legal and compliance requirements, for reputation management, and for operational continuity. Summatively, an IT risk assessment program is essential for preserving operational continuity, financial stability, legal compliance, and reputation in the contemporary digital environment, in addition to being a strategic requirement for asset protection.

Works Cited

Alvarenga, Aida, and George Tanev. “A cybersecurity risk assessment framework that integrates value-sensitive design.” Technology Innovation Management Review 7.4 (2017).

Hashim, Nurul Akmal, et al. “Risk assessment method for insider threats in cyber security: A review.” International Journal of Advanced Computer Science and Applications 9.11 (2018).

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This is a graded discussion: 35 points possible
due Nov 19
Discussion: Identifying Risk ▲▾
After categorizing the assets to be protected, a security program must then identify the risks to these assets so that they are secured and protected from harm. Research to learn the processes used to identify potential risks to an organization’s assets (physical, logical, or both).

Exploring Risk Identification Methods in Security Program Development

What are 3 or more major steps in an
organizational risk assessment program? 2. What is the objective of each of the steps you’ve identified?
Should an IT risk assessment program be a requirement for all organizations?
Your discussion posting in each lesson has two parts, each of which is scored separately but in one point total.
Your main discussion posting is a response to the question or request made by the discussion description. Your response must be at least 75 words in length, not including any quoted or
sourced content, such as cutting and pasting from other sources.