Security Risk Assessment for Company Applications- Identifying, Testing, and Addressing Potential Threats

Security Risk Assessment for Company Applications- Identifying, Testing, and Addressing Potential Threats

Company Profile

The digital age necessitates information security. As companies grow, they should secure sensitive data in line with their expanding customer base. Alpha Solutions is a creative and knowledgeable consulting organization. The firm is a software vendor and service provider that serves customers in banking, health care, and technology in a busy town. Alpha Solutions has skilled employees who provide quality services to clients, hence attracting customers. Nonetheless, this growth presents many difficulties related to information asset security for the company.

Need for Information Security and Potential Risks

Security of Information at Alpha Solutions: The company places high value on information security through its management of private business strategies, financial documents, and even employee or client files. The absence of proper security measures leads to several exposures, like data breaches, which can damage an organization’s brand name, finances, and legal frameworks when confidential information becomes exposed (Soomro et al., 2016). Ongoing threats, from malware attacks to phishing schemes, can wipe out both a business’s operations and reputation. General Data Protection Regulation (GDPR) and HIPAA (Health Insurance Portability and Accountability Act) violations can also worsen the impact of a breach. Furthermore, the number of personnel has increased accidental or deliberate internal security threat risks. Despite Alpha Solutions having management issues, information security investment results in many benefits, such as building trust with clients, adhering to privacy laws, and gaining a competitive advantage over other participants in the market.

New Challenges with On-site Consultant Project

As the company initiates another program that would make consultancy possible instantly on-site, it comes with more hurdles. The project aims to give external access to internal resources, which necessitates building strong network securities. Firewalls and intrusion detection systems can be used, as well as encryption (Franco et al., 2022). Additionally, virtual private networks and multi-factor authentication are some of the vital measures for preventing illegal access while strengthening defenses. Endpoint security protocols should be implemented in order to manage laptops and mobile phones used by on-site consultants. Thus, these antivirus applications’ endpoint detection response technologies and device encryption are tools that facilitate maintaining safe data without leakage and protection from infections. Risk mitigation calls for stronger access control data encryption and data loss prevention strategy that supports regulatory compliance.

Challenges with Recent IPO

IPO in Alpha Solutions introduces a new set of challenges. The company must change compliance approaches in the face of scrutiny by regulators, shareholders, and investors (Zhang, 2016). This requires strict oversight that reassures investors, thorough reporting processes, and better observance. When it comes to the company’s financial situation, meeting shareholders’ expectations and regulatory costs matter a lot. However, it is difficult to strike a balance between investments in information security infrastructure, personnel, and training against financial constraints. Any security breach or default on compliance could tarnish the reputation of Alpha Solutions and undermine its market value and long-term sustainability.

The growth and innovation of Alpha Solutions has been consistent. On-site consultation projects and recent IPOs will help this company deal with growing challenges. Thus, strong protective measures ensure that every employee follows all privacy guidelines regarding Alpha Solution’s assets and how they can be protected from modern hackers who are more connected due to advanced technology, including global online business activities that are undeniably more regulated now than before the Internet was created; thus clients are also increasingly aware of confidentiality. Accordingly, this suggests that customer loyalty program satisfaction, production efficiency, and companies’ reputations could be affected both positively and negatively due to the lack of appropriate controls around such critical infrastructure.

Week 2: Security Assessment

Description of Typical Assets

By virtue of its engagement in sectors like banking, healthcare, and technology, Alpha Solutions is a custodian of a wide array of sensitive data and information systems. This includes customers’ and employees’ personal information, financial information, medical records, and business information. Software assets include CRM (customer relationship management) systems, ERP (enterprise resource planning) systems, data analysis platforms, and security software. The hardware assets, which are essential for the deployment of these software tools, include servers, workstations, mobile network equipment, and end devices can also be mentioned. Finally, the company has network assets; these include internal and external connections, cloud services, and VPN remote access. Alpha Solutions uses these necessary resources to achieve its goals, making it a prime target of cyber attacks.

Current Risks with No Network Segregation

Alpha Solutions’ lack of network segregation exposes it to critical security vulnerabilities. In the monolithic network model, all areas (even sensitive areas) can be accessed when an attack occurs within the walls of the system. This increases internal risk and even a single failure event that could cause catastrophic damage throughout the organization’s entire system (Kallatsa, 2024). There is also no doubt that this configuration violates GDPR and HIPAA because these regulations strictly restrict access to sensitive information or protection. The consequences of non-compliance are severe and can lead to legal and financial penalties that can have long-term consequences for such organizations.

Risks Introduced by the New Consultant Network

The new consultant network, which allows consultants to access servers remotely, may introduce additional vulnerabilities. This network expansion increases the organization’s attack surface by introducing new ways through which unauthorized outsiders can access the system. These risks include network breaches, where attackers can use strategic instructions to gain access to critical internal systems; data interception that threatens information privacy and integrity during transmission; and device compromise, whereby unsecured consultant devices could be turned into entry points for malware or other malicious agents into the company’s main network structure (Malecki, 2020).

Testing for Risk and Conducting a Security Assessment

To overcome these issues, Alpha Solutions must use a security program that includes testing vulnerability against all weak points in the network and connected devices. Scanning could be used to detect weaknesses and simulate attacks. Compliance auditing with applicable laws and standards should also be done by detecting events and malfunctions in the security architecture and tracking their analysis. Finally, insider threat analysis should be conducted as a way to prevent or minimize negative or intentional behavior by insiders (Scarfone et al., 2018). These activities are essential in understanding the company’s security and helping to find solutions.

Risk Mitigation

The subsequent risk reduction phase follows strategic actions to increase the organization’s security against threats. These include using network segmentation techniques to isolate essential parts of the network, using secure remote access methods such as VPNs and multiple authentication methods with solid encryption methods known to external consultants, and improving the ultimate security by using the latest antivirus software to prevent access. Intrusion detection systems and device encryption should also be implemented. Creating a system for regular updates and field control to combat known vulnerabilities is also essential. This is accomplished by regularly training employees and consultants so that everyone understands the importance of IT threats. Finally, creating an incident response plan supported by ongoing testing will prepare organizations to effectively respond to cybercrime or recover when a security breach occurs.

An analysis of security findings shows that Alpha Solutions’ information systems currently face significant issues that need to be addressed immediately and offer opportunities for improvement. Therefore, by carefully determining risky assets, determining the nature and potential threats, and implementing effective risk prevention strategies such as segmentation strategies, the company can protect its core assets and adhere to standards when managing customer experience. Sustainability of information security is not a legal obligation but is an integral part of the company’s long-term survival in today’s business world.

References

Franco, M. F., Lacerda, F. M., & Stiller, B. (2022). A framework for the planning and management of cybersecurity projects in small and medium-sized enterprises. Gestão e Projetos: GeP, 13(3), 10-37. http://dx.doi.org/10.5585/gep.v13i3.23083

Kallatsa, M. (2024). Strategies for network segmentation: A systematic literature review. JYX. http://urn.fi/URN:NBN:fi:jyu-202401221445

Malecki, F. (2020). Overcoming the security risks of remote working. Computer fraud & security, 2020(7), 10–12. https://doi.org/10.1016/S1361-3723(20)30074-9

Scarfone, K., Souppaya, M., Cody, A., & Orebaugh, A. (2018). Technical guide to information security testing and assessment. NIST Special Publication, 800(115), 2–25. https://tsapps.nist.gov/publication/get_pdf.cfm?pub_id=152164

Soomro, Z. A., Shah, M. H., & Ahmed, J. (2016). Information security management needs more holistic approach: A literature review. International Journal of Information Management, 36(2), 215–225. https://doi.org/10.1016/j.ijinfomgt.2015.11.009

Zhang, C. (2016). A study on cybersecurity start-ups: A financial approach to analyze industry trends, entrepreneurship ecosystems and start-up exits (Doctoral dissertation, Massachusetts Institute of Technology). http://hdl.handle.net/1721.1/104506

ORDER A PLAGIARISM-FREE PAPER HERE

We’ll write everything from scratch

Description
The case study company provided a situation in which threats pose a real risk to the infrastructure. The company assets are not well-protected, and they all share a common network. Little additional security mechanisms are in place other than the demilitarized zone (DMZ). What are typical information security (IS) assets that are used by such a company, and what risks exist in the current model? What will adding a flexible solution for the consultants to connect to the network do to this risk model? What are some safeguards that can be implemented to reduce the risk?

Security Risk Assessment for Company Applications- Identifying, Testing, and Addressing Potential Threats

The tasks for this assignment are to identify the major applications and resources that are used by the company. Then, for each application, review the security threats that the company now faces and could face after the expansion. Describe how you can test for the presence of these (or new) risks. Provide a discussion about an approach that you will take after the risk assessment is complete to address the identified risks.

Create the following section for Week 2:

Week 2: Security Assessment
A description of typical assets
A discussion about the current risks in the organization with no network segregation to each of the assets
A discussion about specific risks that the new consultant network will create
Details on how you will test for risk and conduct a security assessment
A discussion on risk mitigation
Name the document “CS651_FirstnameLastname_IP2.doc.”
Worked Example – attached

Please refer to the following worked example of this assignment based on the problem-based learning (PBL) scenario. The worked example is not intended to be a complete example of the assignment, but it will illustrate the basic concepts that are required for completion of the assignment, and it can be used as a general guideline for your own project. Your assignment submission should be more detailed and specific, and it should reflect your own approach to the assignment rather than just following the same outline.