Introduction to risk management and its component, Computer Network Security


Risk management is the procedure of identifying and controlling risks facing an organization. Risk management is the discipline which is employed for identifying, monitoring and limiting risks. In some of the cases the acceptable risk can be near zero. Risks can occur from accidents, natural calamities and disasters as well as deliberate attacks from an adversary. The several components of risk management and their relationship to each other are shown in Figure given below.2.1.The main ISO standards on risk management include in businesses, risk management organized activity to manage threats and uncertainty and involves people following procedures and by using tools in order to ensure conformance with risk management policies
Components of Risk Management

The whole process is made up of 2 major components. They are

• Risk identification is the procedure of examining and documenting an organization’s present information technology security situation.
• Risk control is the procedure of applying controls to reduce risks to an organizations data and information system.

Risk management is used in the public sector to identify and mitigate the risk to critical infrastructure. These methodologies comprise of the following elements, performed in the following order.

• identify assets and identify which are the most critical
• identify, characterize, and assess the threats
• assess vulnerability of critical assets to specific the threats
• determine the risk (that is the expected consequences of specific types of attacks on specific assets)
• identify the methods to reduce those risks
• prioritize the risk reduction measures based on strategy



1319_component of risk management.png

Posted Date: 10/8/2012 5:44:17 AM | Location : United States

Related Discussions:- Introduction to risk management and its component, Assignment Help, Ask Question on Introduction to risk management and its component, Get Answer, Expert's Help, Introduction to risk management and its component Discussions

Write discussion on Introduction to risk management and its component
Your posts are moderated
Related Questions
Question: (a) A string of ciphertext was enciphered using an a±ne transformation of single letters in a 28-letter alphabet consisting of A to Z, a blank and a?, where A to Z ha

Question: (a) What is the use of digital certificate? (b) What is meant by a hierarchical trust model in a Public Key Infrastructure? How does the Pretty Good Privacy (PG

QUESTION (a) Compare and contrast phishing and pharming attacks (b) Nowadays, web defacement may not always be visual (i) Explain web defacement (ii) What is the main

QUESTION (a) FTP is a protocol used for the delivery of files across networks. Explain how FTP works (support your answer with a diagram). (b) How does TCP perform the gi

LOCALITY OF REFERENCE PRINCIPLE:  Principle of "Locality of Reference" use to predict computer interaction patterns. There are two patterns shown as follows: a) Spatial loca

Question (a) A CRC is constructed to generate a 4-bit FCS for an 11-bit message. The divisor polynomial is X 4 + X 3 + 1 (i) Encode the data bit sequence 00111011001 using po

Question: a) Give two reasons why the building-block approach is favoured to the traditional network design approach. b) With reference to network monitoring parameters, dis

Computer networks is a complex subject due to the given reasons: MANY DIFFERENT TECHNOLOGIES EXIST: The first reason for the complexity of networks is that there are s

Question : Wi-Fi protected access (WPA) was specified by the Wi-Fi alliance with the primary aim of enhancing the security of existing 802.11 networks. However, WPA was only a