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