Navigating the Digital Landscape- Risk Management and Cybersecurity Strategies

Navigating the Digital Landscape- Risk Management and Cybersecurity Strategies

Project risk management is identifying, comprehending, and reacting to any risk that may happen to the project from the beginning to completion. According to Ray (2021), risk management should be part of the planning process because risk can greatly impact a project’s timeline and budget. Cybersecurity is the act of protecting data, computer networks, and programs from unauthorized and ill-intended attacks.

Probability matrix technique

According to Markovic (2019), The first step here is identifying all the dangers that may accompany a new project; the list of the dangers should be as long and inclusive enough; the probability of each hazard occurring is then calculated, and the likelihood is categorized within a range of 0-100% probability where a chance of less than 10% is classified as unlikely, and 90-100% is definite. Calculate the possible loss that the risk may inflict if it occurs, classify the potential impacts; risk ratings are then identified, a risk that is highly probable to happen and cause damage receives a high rating. An action plan is created that seeks to reduce the impact and likelihood of the risk. It can be used in a project by preparing scales for categorizing risk based on probability and impact. Hire our assignment writing services in case your assignment is devastating you.

Risk factor analysis is done by listing elements in the project and identifying possible risks that may affect the project; a risk-ranking scale is developed to gauge the severity of the risk. The risk of each activity is ranked for each risk factor; the results are summed across every risk factor for every process, and possible risk reduction measures are evaluated. Based on (Kindiger&Derby, 2000), this technique effectively uses early risk analysis, a risk assessment, and a detailed qualitative approach for risk management.

The cyber threat that concerns me is Ransomware; an individual holds the system hostage by manipulating data. A safer cyber world can be attained by setting up strong security protocols and creating a universal blueprint upon which people and different entities adhere. As Holmes (2019) states, machine learning produced content can trick people into revealing information while quantum computing could easily crack encryption codes.

References

Holmes, A. (2019). Cybersecurity experts warn that these 7 emerging technologies could put your online security at risk. Retrieved 23 April 2021, from https://www.businessinsider.com/7-emerging-technologies-that-cybersecurity-experts-are-worried-about-2019-10?IR=T

Kindiger, & Darby. (2000). Retrieved 23 April 2021, from https://www.pmi.org/learning/library/analysis-qualitative-risk-management-tool-8927

Markovic. (2019). How to use the risk assessment matrix to organize your project better. Retrieved 23 April 2021, from https://tms-outsource.com/blog/posts/risk-assessment-matrix/

Ray, S. (2021). The Risk Management Process in Project Management – ProjectManager.com. Retrieved 23 April 2021, from https://www.projectmanager.com/blog/risk-management-process-steps

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Describe how to use a probability/impact matrix and risk factors. How can you use each of the risk management techniques on a project?

Navigating the Digital Landscape- Risk Management and Cybersecurity Strategies

What cyber threat concerns you the most? How can we build a safer cyber world? What emerging and future technologies will we have to worry the most about from a security perspective?