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  • Subject Name : Management

Asset-Based Risk Assessment and Control

The Top Five Vulnerabilities

The top 5 vulnerabilities that are valued from the qualitative risk assessment matrix are:

  1. Employees password which is susceptible to password cracking and hacking. Information extortion could take place with such type of risks. The magnitude of risk calculated is 20 and it is extreme.
  2. Firewall and Intrusion Detection Systems, which are susceptible to the network hackers that try to stole online information and data. This occurs due to failed implementation of cyber security basics in the organization. The proper firewall protection is not maintained and information extortion is possible. The magnitude of the risk calculated if 20 and it is extreme.
  3. Employee private cryptographic keys is responsible for safe keeping employee’s data and information the is personally and professionally related to him. This key can result in jeopardy to the organization’s encryption methods which in turn can put confidential information at risk. Many cases of phishing have been noticed and organizations are vulnerable to such threats with no prior background knowledge. The magnitude of risk calculated is 20 and rating is extreme.
  4. Online Customer: are the most beneficiary part of the risk valuation of the organization. They are responsible for the company’s reputation and status of reliability in the market. Their reviews and feedbacks carry lot of information that an organization can never identify by theoretical knowledge. The vulnerability of the company is quite high in this case and the risk of sabotage of the reputation is very likely. The magnitude of the risk calculated is 20 and the risk rating is extreme.
  5. Source Code: This is defined as the framework and basic program for the software process. It is the most crucial and most basic part of the organization procedure. The source code is prone to human errors and bugs which in turn may affect the overall procedure of the program. The source code is susceptible to be sabotaged by changing its keys and information which in turn jeopardize the whole system. The magnitude of risk calculated is 20 and the risk rating is very-high.

The Advantage and Disadvantage of Each Risk Value Estimation Method

The advantage of impact rating is it describes the overall impact of the risk. The impact rating helps in identifying the most prominent risks that could create a huge loss and damage by the risk. The disadvantage of risk rating it does not define the dynamic aspect of the risk analysis and does not display the peculiar impacts of the risk. The lack of not showing individual risks will not be able to aid in properly evaluating the current and future risks and threats.

The advantage of likelihood is that it defines the most likely risks that could take place in the organization. The probability of risk helps in defining the aim of resolving the threats and risks with complete resources. The disadvantage of the likelihood risk valuation is the it does not give current risk analysis rather it only gives overall likelihood of the risk. This valuation will not aid in analyzing future risks and threats.

The advantage of the current risk control valuation is that it showcases the aim of resolving the risk in current scenario of the organization. The disadvantage of current risk control valuation is it lacks the dynamic valuation of risk which is much greater prominence.

The advantage of the qualitative risk valuation is that it is derived from quantitative risk valuation and provide risks and threats according to it. The disadvantage of the qualitative risk analysis is that it does not define the class of risk that is more susceptible to the loss and damage of the organization.

Step 4: Risk Control

The company has accepted moderate level of risk with confine investment. The company must understand each and every risk that could provide loss and damage to their organization. They must prioritize the risk they could concur. The best method is to invest in minimizing those risks which are vulnerable to the company at any given point of time. Through risk analyses and valuation, it can be seen that the main are to invest is on keeping up the firewall and intrusion system security. The organization must not cut any slack in this as the loss is very high and recovery is very low. The organization must keep a strong password policy with alphanumeric and special characters obligatory with no reference to name, age and personal details. The organization must be effective with their customer service team as it requires minimum investment and must respond to their customers as fast as possible. The organization must also deploy the policy of double check which reduces risk happening with quite large degree.

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