Risk Assessment An Essential Part Of A Risk Management...

Introduction The risk assessment is an essential part of a risk management process designed to provide appropriate levels of security for information systems. The assessment approach analyzes the relationships among assets, threats, vulnerabilities and other elements. Security risk assessment should be a continuous activity. Thus, a comprehensive enterprise security risk assessment should be conducted at least once every two years to explore the risks associated with the organization’s information systems. Once the risk assessment is complete and, the future security posture is determined, the next reasonable step is to identify the gaps of the current organizational environment and the future environment. Risk assessments and security Information security risk assessments aim at ensuring that the security controls are in place at an organization are fully equivalent to the associated risks faced by it, and secure its information assets in the most efficient and effective manner, all within budgetary limitations (Elky, 2006). Hence, risk is assessed by identifying threats and vulnerabilities, then deciding the likelihood and impact for each risk. There are quantitative and qualitative forms of risk measurement. Quantitative risk measurement is the typical way of measuring risk in many fields, such insurance, but it is not normally used to measure risk in information systems (Radack, 2012). Quantitative reasons for this are: the difficulties in identifying andShow MoreRelatedRisks And Risk Assessment Model1598 Words   |  7 Pagespast, a firm have thought risk as a calamity which should be mollified or minimized. 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