Understanding Cybersecurity Risk- Threats Vulnerabilities and Business Impact

Understanding Cybersecurity Risk- Threats Vulnerabilities and Business Impact

Threats in the world of cyber security can be defined as situations or individuals that compromise the security of information. Some of these threats include hackers, malicious programs such as viruses, and malware, among others. Vulnerabilities, on the other hand, are weaknesses or unauthorized points of entry in an information system. These can include open ports, the use of default or weak passwords, and untrained staff. Vulnerabilities can lead to higher chances of success of attacks. An information system can be secured, and the amount of risk of a successful attack is minimized. Any information system, and more so, one that is connected to a network, has the probability of being accessed by an unauthorized user (Humayun, et al., 2020).

Cyber-attacks are a major issue in both growing and established organizations. Globally businesses lose billions of dollars to hackers and other malicious individuals on the internet. Apart from just losing money, companies can also have their reputation ruined, leading to their closure or reduction in profits. Risk management is the process of reducing the risk of a successful attack on an information system. The risks associated with a system are first scanned and reported. The threats are then classified by urgency and level of risk. There are four ways of managing risk which include avoidance, reduction, sharing, and acceptance (Lezzi, Lazoi & Corallo, 2018). One of these is decided upon by management depending on the risk. Avoidance is not getting involved with activities that hold that risk. Reduction is minimizing the risk associated with the information system. Sharing risk means hiring a third party to manage the risk or insure the process. Finally, acceptance of a risk means making a budget and planning for the risk to occur.

 References

Humayun, M., Niazi, M., Jhanjhi, N. Z., Alshayeb, M., & Mahmood, S. (2020). Cyber security threats and vulnerabilities: a systematic mapping study. Arabian Journal for Science and Engineering, 45(4), 3171-3189.

Lezzi, M., Lazoi, M., & Corallo, A. (2018). Cybersecurity for Industry 4.0 in the current literature: A reference framework. Computers in Industry, 103, 97-110.

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Respond to the following in a minimum of 250 words (Refer to Research Materials below and course material):

A cybersecurity risk management plan is a plan designed to protect a system exposed to the Internet, internal employees, contractors, disasters, failures, and more.

Define threats, vulnerabilities, and business impact.
Describe information security risk in terms of threats, vulnerabilities, and business impact. (How do these elements comprise risk, and how do they determine the likelihood of occurrence…)
Describe how to assess risk (What are the steps in risk management, and what happens in each…)
Describe how to manage risk (Remember that there are four specific ways to manage risk…)