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Identifying Risk Hazard Identification in Security risk assessment

Performing a Security Risk Assessment
ASSIGNMENT 1
Step 1: Identifying Risk (Hazard Identification)
Basic risk assessment involves only three factors: the importance of the assets at risk, how critical the threat is, and also how vulnerable the system is to that threat. Using those factors, you can assess the risk—the likelihood of money loss by your organization. Additionally, although risk assessment is about logical constructs, not numbers, it is useful to represent it as a formula:
Risk = Asset X Threat X Vulnerability
Risk should be categorized in relation to what your organization does. The main categories often used are:
Strategic;
Operational;
Financial;
People;
Regulatory;
Governance.

Identifying Risk Hazard Identification in Security risk assessment

Strategic:
Firstly, this allows you to look at external risks, which may affect your organization such as changes in the environment in which you operate. It also lets you look at setting organizational objectives and ensuring you set the right ones and then meet them.
Operational:
Secondly, this looks at the risks, which arise from the services you deliver or the activities you carry out.
Financial:
Thirdly, this section enables you to look at financial risks facing the organization in terms of internal systems, planning, funding, etc.
People:
Fourthly, this section allows you to review risks associated with the employment of staff and the involvement of volunteers.
Regulatory:
Also, this category looks at the legislative framework within which your organization operates.
Governance:
This category allows you to review the risks, which are part of the management of the organization.

There may be a degree of overlap between some of these categories; they are suggested in order to help ensure that you do not overlook important risks. Try to put each risk in the category which is most relevant. Some organizations may find they can combine some of these categories and also some may find they need extra ones.

Column Information Security by Industry
https://www.columninfosec.com/industries.html

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