What is the process for identifying and prioritizing risks in Information Security Risk Management?

Feeling overwhelmed by cybersecurity risks? Don't sweat it! Imagine your info as a treasure map. Identify threats trying to steal it, then rate the damage each could inflict (think money loss, bad reputation). Prioritize like choosing the most valuable loot. Write it down, share it with the team, and remember - this treasure hunt never ends. Keep scouting for new threats, update your defenses, and get everyone security-aware. Now, raise the cybersecurity flag and sail towards smoother waters!

Talk to people. All the fancy frameworks, metrics and calculations of risks won't work if you don't just talk to people. First: Talk to management to identify what they care about, what keeps them up at night about security, do they care at all? What are the crown jewels (usually some data on some systems) of the company? Next: Talk to leaders of departments managing critical systems and data, how they do it, who does what? What are they concerned about? Next: Talk to people processing the data, maintaining, administering and accessing the systems and critical processes. What do they feel can be done better, what worries them? From these conversations, you will get a clear picture what is at risk now, and how to fix it, now.

Having an organized and structured approach to sort through the sources of information is important. First step in this process will be consolidation of risks to ensure that similar risks are grouped together. A cross-functional team will then be best placed to explore where the risk could impact in the value chain with clear consideration as to the threats and opportunities to current org. offerings, customer demands, future of industry & business model or impacts can be considered in line with the 5 pillars (financial, human, built, social & natural).The SMEs together with the risk team should then prioritise based on the impact and plausibility information they have available and agree each risk to be monitored, managed, or discounted.

In Information Security Risk Management, establishing the context is the foundational step. This involves understanding the organizational landscape, objectives, and criteria for evaluating risks. Identify key assets, stakeholders, and the acceptable level of risk. Recognize the regulatory environment and compliance requirements. By setting this context, you provide a clear framework for the risk management process, ensuring it aligns with the organization's goals, values, and compliance obligations. This step lays the groundwork for the subsequent stages of risk identification and prioritization.

Na Gest?o de Riscos de Seguran?a da Informa??o, o processo de identifica??o e prioriza??o de riscos envolve contextualizar a organiza??o, identificar ativos e amea?as, avaliar vulnerabilidades, analisar o impacto e probabilidade, classificar e priorizar os riscos, desenvolver estratégias de mitiga??o e monitorar continuamente. Essa abordagem permite que as organiza??es identifiquem e lidem com os riscos de seguran?a de forma eficaz, protegendo seus ativos de informa??o e alcan?ando seus objetivos de negócios com seguran?a.

Remember, risk is associated to things that we aren’t 100% sure about, and the effects that might have a consequence on things that matter to us. Risks can be internal (as in within our control or organisation) and they can be external (you versus the rest of the world time). There are lots of different ways to identify risk, all have merit. Understand the business objectives, the key risks will link to these; within these key risks may be secondary and tertiary risks. Keep trying to break them down until you get to what feels like a logical conclusion (and a practical position of things you can measure or observe). Remember also, there may be risks that we cannot perceive or understand - keep thinking about and reviewing your risks.

Risk identification is the process of systematically recognizing potential threats and vulnerabilities that could impact information security. It involves a comprehensive assessment of assets, processes, technologies, and external factors. Engage with stakeholders, conduct risk assessments, and utilize tools such as threat modeling to identify potential risks. This step aims to create a comprehensive list of risks that the organization may face, providing a basis for further analysis and prioritization.

2. Identificar os riscos: Identificar e listar os possíveis eventos que podem afetar a seguran?a da informa??o na organiza??o, bem como as fontes desses riscos.

Using techniques such as threat modelling to create an attackers point of view can help you identify the risks. Tools such as the Mitre Att&ck framework are useful as well to help cover common methods of attacks. For each threat you need to consider the likelihood as well as the impact to determine a risk score or priority. This will help determine if you should treat, tolerate, or terminate the risk. Reviewing risks is also essential.

Identifying security risks is always the product of threats, vulnerabilities and consequence. It's as simple as that. Prioritising them depends on the risk framework and appetite or tolerance of the asset owner.

I once developed an animation on Risk analysis and treatment to help me remember the 4 t's. Tolerate, Transfer, Terminate and Treat. Imagine a wasp flying around your head. You can Tolerate it by ignoring it, Transfer it by shoeing it away, Terminate it by squatting it, or Treat the sting when it stings you! I have never forgotten that! Stories are always more memorable.

Risk analysis involves a detailed examination of identified risks. It includes evaluating the likelihood and potential impact of each risk. Assess the vulnerabilities and potential consequences of security incidents. Consider the existing controls and their effectiveness in mitigating risks. The goal is to gain a deeper understanding of the nature and magnitude of each risk. This analysis informs the subsequent step of risk evaluation, where risks are prioritized based on their significance and potential impact on the organization.

Os riscos em seguran?a da informa??o variam em impacto e probabilidade. Vazamento de dados, ataques de malware e falhas de seguran?a em aplica??es representam impactos significativos, com uma probabilidade média a alta de ocorrência. Ataques de engenharia social e falta de atualiza??es de seguran?a têm impacto alto, com probabilidade média a alta. Riscos de terceiros e desastres naturais ou humanos têm impactos variáveis, mas podem ocorrer com probabilidade média a alta. A falta de conscientiza??o em seguran?a representa um alto impacto e probabilidade média. Priorizar e mitigar esses riscos é crucial para a prote??o dos ativos de informa??o.

3. Analisar os riscos: Avaliar a probabilidade de ocorrência e o impacto de cada risco identificado, levando em considera??o a vulnerabilidade existente.

Analyzing risks helps evaluate the potential harm or loss from a risk event and how likely it is to occur This is important for making informed decisions on how to manage and mitigate risks effectively ensuring the protection of assets and the achievement of organizational objectives

4. Avaliar os riscos: Determinar a severidade dos riscos com base na análise realizada, classificando-os de acordo com sua importancia e prioridade.

Risk evaluation is the process of prioritizing identified risks based on their level of significance. This involves weighing the likelihood and impact of each risk to determine its overall risk level. Use risk matrices, scoring systems, or qualitative assessments to assign values to risks. Prioritize risks according to their criticality, allowing the organization to focus resources on addressing the most impactful and probable threats. This step aids in making informed decisions about which risks require immediate attention and mitigation efforts.

5. Tratar os riscos: Desenvolver e implementar planos de a??o para mitigar, transferir, aceitar ou evitar os riscos identificados, de acordo com a estratégia de gest?o de riscos da organiza??o.

Risk treatment involves developing and implementing strategies to mitigate, transfer, or accept risks. For high-priority risks, consider implementing controls or safeguards to reduce their likelihood or impact. Explore risk transfer options such as insurance for certain risks. Accepting some risks may be appropriate if the cost of mitigation outweighs the potential impact. The goal is to create a risk treatment plan that addresses each prioritized risk, ensuring a proactive and strategic approach to managing information security risks.

Navigating through the process of treating risks in Information Security Risk Management might seem tough at first. But if we break it down into smaller steps, it becomes easier and more effective. Each risk we handle carefully helps make our organization's security stronger. From my experience, these are the few things that can help: 1. Creating a structured document outlining the methodology for both risk assessment and treatment serves as a foundational blueprint. 2. Creating a Risk Treatment plan to understand how you are going to approach the risks. 3. Systematically listing down identified risks alongside the ISO 27001 controls tailored to address each specific risk fosters clarity and precision in the treatment process.

Continuous monitoring and review are essential components of Information Security Risk Management. Regularly assess the effectiveness of implemented risk treatments. Monitor changes in the organizational context, technology landscape, and threat landscape. Update risk assessments as new information becomes available and as the organization evolves. Periodically review the risk management process itself to identify areas for improvement. This ongoing monitoring and review ensure that the organization remains resilient in the face of emerging threats and changing circumstances. Regular reassessment enables the refinement of risk management strategies and helps maintain a proactive and adaptive security posture.

I believe, continuous monitoring and reviewing the risk is a critical process. It get's matured as the periodicity of it is maintained and updated as per the context of the organization. It also adds new trends and new landscape of attack vectors during the review process.

6. Monitorar e revisar: Acompanhar continuamente a eficácia das medidas de controle implementadas, revisar periodicamente a avalia??o de riscos e ajustar as estratégias conforme necessário.

In my opinion, utilizing a cybernetic metaphor, innovative CISOs must mirror Info Sec Risk Management with the human immune system. Initially, employ heuristic algorithms resembling antibodies, scanning for anomalies in asset behavior. Subsequently, akin to T-cell activation, machine learning based vulnerability assessment models must identify evolving threats in your infrastructure. Finally Risk prioritization can be inspired by Game theory, strategizing against potential cascading impacts. This dynamic, self-learning ecosystem can ensure proactive defense. Just as the body adapts to novel pathogens, this approach adapts to emerging risks. Continuous feedback loops, analogous to immunological memory, can further refine this risk strategy.

Risk Management is essentially project management for grown-ups. The only thing potentially more dangerous than a calculated risk is an uncalculated one!

Communicate, communicate, communicate! The organization must be aware of what risks have been identified and what control measures are in place. Such type of information must be shared not just with the tech guys, but also with administration and finance people, in order to have the key areas and/or individuals engaged with CISO in the risk management journey.

A key thing to remember is that it is a cyclical process. One could easily read this article and follow the steps and come away thinking you are one and done. Having a forward-looking mindset by anticipating risks - not only identifying existing risks - will ensure you are on a path to better defenses and preparedness.

To identify cybersecurity and information security risks, it is necessary to understand the threats in the concrete and real context of the company, which implies recognizing and naming the adversaries, their intentions and capabilities. It is not a matter of listing the known risks, but of understanding the dynamics of the adversary and their particular interests in the organization's digital assets. In this sense, it is important to address the risks that the organization is aware of, but even more important to advance in the defense and anticipation of those that are latent and emerging.