a.

Conduct a risk assessment for a fictional organization, identifying and prioritizing potential
security risks. Provide a comprehensive report outlining the identified risks and proposed
mitigation strategies. (15 marks)

Introduction

This report presents a comprehensive risk assessment for ABUKAH Corporation is a fictional
organization operating in the technology sector. A comprehensive risk assessment was conducted
with the aims to identify and prioritize potential security risks that could impact the organization's
operations, assets and reputation. By identifying these risks, appropriate mitigation strategies can be
developed and implemented to minimize their impact.

Methodology

The risk assessment process involved several key steps. First, critical assets were identified, including
hardware such as servers, workstations and network devices, software applications and systems,
sensitive data like customer information and intellectual property, as well as key personnel Next,
potential threats to these identified assets were determined, such as cyber-attacks (e.g., malware,
phishing, DDoS), natural disasters (e.g., earthquakes, floods, severe weather) and insider threats
from malicious or negligent employees (Andress, 2014).

For each identified asset and corresponding threat, vulnerabilities were evaluated. This involved
assessing weaknesses or gaps in security controls, processes and procedures that could be exploited
by the threats (Whitman & Mattord, 2018). The risk level for each identified risk scenario was then
calculated by considering the likelihood of the threat occurring and the potential impact it could have
on the organization's operations, finances, compliance posture and reputation (Andress, 2014).

Finally, the identified risks were prioritized based on their calculated risk levels, allowing the
organization to focus its efforts on addressing the most critical risks first.

Identified Risks and Mitigation Strategies

Cyber Attacks:

Description: ABUKAH Corporation's computer systems and networks are vulnerable to various cyber
threats, including malware infections that could disrupt operations or lead to data breaches, phishing
attacks that could trick employees into revealing sensitive information and distributed denial-of-
service (DDoS) attacks that could overwhelm systems and cause service disruptions.

Risk Level: High

Mitigation Strategies: Implementing robust cybersecurity defines like firewalls, intrusion

detection/prevention systems and keeping software patched and up-to-date is crucial (Andress,
2014). Regular security awareness training should be provided to employees to educate them on
identifying and preventing cyber threats. Strong access controls, encryption and other data
protection measures must be implemented to safeguard sensitive information (Andress, 2014). An
incident response plan should also be developed and tested regularly to enable prompt detection
and effective response to cyber incidents (Whitman & Mattord, 2018).

Data Breach:

Description: As ABUKAH Corporation handles sensitive customer data and valuable intellectual
property, this information could be exposed or stolen due to system vulnerabilities being exploited
by cyber threats or insider threats from malicious employees.
Risk Level: High

Mitigation Strategies: Encrypting sensitive data and implementing robust access controls to limit who
can access this information is essential (Andress, 2014). Regular security audits, vulnerability
assessments and penetration testing should be conducted to identify and address weaknesses
proactively (Whitman & Mattord, 2018). Strict policies and procedures must govern how sensitive
data is handled, including secure storage and disposal (Andress, 2014). Background checks and strict
access provisioning controls are needed for personnel handling sensitive data.

Natural Disasters:

Description: Natural disasters like earthquakes, floods, or severe weather events could potentially
disrupt ABUKAH Corporation's operations, leading to data loss, equipment damage and business
interruptions.

Risk Level: Moderate

Mitigation Strategies: Developing and regularly testing comprehensive disaster recovery and business
continuity plans is important to enable resilience. Redundant systems, off-site data backups and
alternate operating sites should be implemented to ensure continued operations and data
availability (Andress, 2014). Physical security controls like backup power, environmental monitoring
and fire suppression protect critical infrastructure (Whitman & Mattord, 2018).

Insider Threats:

Description: Disgruntled current employees or contractors, as well as former employees who still
have access, could intentionally or unintentionally compromise systems, data, or operations due to
malice or negligence.

Risk Level: Moderate

Mitigation Strategies: Implementing strong access controls, least privilege principles and monitoring
for privileged accounts and sensitive data access is needed (Andress, 2014). Regular security
awareness education reinforces policies and best practices. Strict data handling procedures,
confidentiality agreements and sanctions for violations help mitigate insider risk (Andress, 2014).
Periodic background checks on personnel with elevated access is also prudent (Whitman & Mattord,
2018).

Conclusion

This risk assessment has identified and prioritized key security risks ABUKAH Corporation faces based
on a structured methodology. Implementing the recommended mitigation strategies will enable the
organization to effectively manage and reduce these risks to an acceptable level, protecting critical
assets, operations and reputation. Continual risk assessments and security program improvements
are necessary as threats and organizational needs evolve over time (Whitman & Mattord, 2018).
1b. Importance of Risk Management in Information Systems Security and Risk
Management Process

Risk management plays a pivotal role in ensuring the security of an organization's

information systems and assets. It involves a comprehensive process of identifying potential
threats and vulnerabilities, assessing their likelihood and potential impact and implementing
appropriate mitigation strategies to reduce or eliminate risks (Whitman & Mattord, 2018).

One of the primary objectives of risk management is to identify and catalogue an

organization's critical information assets, including hardware, software, data and personnel.
This asset identification phase is crucial as it provides a foundation for subsequent risk
assessment and analysis activities. Once the assets are identified, the organization can
proceed to assess potential threats and vulnerabilities that could compromise these assets.
These threats can range from cyber-attacks, insider threats, natural disasters and system
failures, among others (Whitman & Mattord, 2018).

After identifying threats and vulnerabilities, the organization must analyse the identified risks
to determine their likelihood of occurrence and potential impact on its operations, assets and
reputation. This analysis involves evaluating the existing security controls and their
effectiveness in mitigating the identified risks. Based on this evaluation, the organization can
prioritize risks and develop appropriate mitigation strategies (Whitman & Mattord, 2018).

Effective mitigation strategies may include implementing security controls, updating policies
and procedures, providing security awareness training, or implementing business continuity
and disaster recovery plans. The selection of appropriate mitigation strategies is driven by the
organization's risk tolerance and appetite, as well as regulatory and compliance requirements
specific to its industry or sector (Whitman & Mattord, 2018).

Risk management also plays a crucial role in protecting an organization's assets and
reputation. By mitigating risks, organizations can prevent data breaches, system outages and
other security incidents that could damage their reputation and financial stability. Moreover,
many industries and organizations are subject to various regulatory and compliance
requirements related to information security and data protection and effective risk
management helps organizations demonstrate compliance and avoid potential fines or legal
consequences (Whitman & Mattord, 2018).

It is important to note that risk management is an ongoing process that requires continuous
monitoring and review. As the threat landscape, organizational requirements and regulatory
environment evolve, the implemented risk management strategies must be regularly assessed
and updated to ensure their effectiveness and alignment with the organization's evolving
needs (Whitman & Mattord, 2018).

In conclusion, risk management is a critical aspect of information systems security, enabling

organizations to identify, assess and mitigate potential risks that could compromise the
confidentiality, integrity and availability of their information assets. By implementing
effective risk management practices, organizations can make informed decisions about
security investments, prioritize resources and implement appropriate controls to protect their
systems and data.
References:

Andress, J. (2014). Basics of information security: Understanding the fundamentals of InfoSec in

theory and practice. Syngress.

Whitman, M. E., & Mattord, H. J. (2018). Principles of information security (6th ed.). Cengage
Learning.s