Here's how you can effectively evaluate risks and make informed decisions in communication systems.

Before you start assessing the risk, the pre-requisite comes through identifying risks first. Risk identification can be performed by engaging key stakeholders through brainstorming sessions, reviewing the historical records from the OPAs, and considering technical challenges, resource availability, market influence and regulatory changes. Once risks are identified, the assessment of each risk can be done by likelihood and impact of occurrence, by qualitative and quantitative analysis, by creating a risk rating matrix (based on high/medium/low priority). Then comes the mitigation strategies by developing action plans through avoiding, reducing, transferring or by accepting and creating the contingency plan.

Defining the threats about this environment and/or application is important, however there are multiple inputs should be considered like: 1- the the involved asset(s) severity or criticality’s 2- the impact which may happen if this threat has become truth 3- what is the vulnerabilities found to be the cause of this threat happening 4- and the important thing is what are the implemented controls which may help to remediate these vulnerabilities. At this case we can accurately calculate the risk value of this threat

For effective risk assessment the primary requirement is always to know your asset landscape and the business processes governing the same.

Effectively evaluating risks and making informed decisions in communication systems is to navigating a treacherous sea: Conduct thorough risk assessments to understand the dangers lurking beneath the surface. Establish decision criteria like a sailor plotting a course based on weather conditions and navigational charts. Analyze options as if choosing between different routes to reach a safe harbor. Consult experts akin to seeking advice from experienced captains who have traversed similar waters. Implement solutions like adjusting sails and course direction to navigate through challenges. Finally, monitor outcomes vigilantly, adjusting course as needed to ensure a safe and successful voyage.

Effect risk assessment involves evaluating the potential consequences or impacts of a particular event, decision, or action. It typically includes identifying potential risks, assessing their likelihood and severity, and implementing measures to mitigate or manage those risks.

Defining criteria should be matched with all aspects of the organization, and the main factor is how much the capabilities of the organization to following this criteria to have the right direction. One of these capabilities is the putting the accurate information as much as you can for example but not limited: 1- how much cost we will face if this risk happened 2- how much cost we need to close the gaps 3- do we have the capable resources 4- is that will face us with inn compliance’s with our regulator (if any)

When defining decision criteria, it is important to ensure that they are flexible enough to adapt to unforeseen changes in the technological or business environment. Additionally, they must allow scalability to accommodate future system growth without requiring a complete overhaul.

In the realm of communication systems, establishing clear decision criteria is paramount for making informed choices. These criteria must be rooted in the system's objectives, performance benchmarks, and compliance requirements. Consideration should also be given to factors such as cost, time, and resource availability to ensure decisions align with strategic goals. By delineating these parameters, a robust framework is established to guide the decision-making process and facilitate effective evaluation of each option's pros and cons.

After establishing decision criteria, a meticulous analysis of available options becomes imperative in addressing risks within communication systems. This involves exploring various technological solutions, policies, or procedural changes that could effectively mitigate identified risks. Each option is scrutinized against the established decision criteria, taking into account both short-term gains and long-term sustainability. This critical stage is about delving into possibilities and comprehending the trade-offs associated with each potential course of action, ensuring informed decision-making for the resilience and efficacy of communication systems.

While experts can offer valuable insights, over-reliance on them can lead to a lack of internal skill development. This can be problematic if quick decisions are required or if experts are not immediately available. There is also an additional element which is costs. Consulting with specialized experts can be expensive. For some organizations, especially smaller ones or startups, the associated costs could be prohibitive, limiting their access to this valuable expertise.

Consulting with experts is indispensable for evaluating risks and making informed decisions. Engage professionals with specialised knowledge in areas such as cybersecurity, network architecture, or the specific technology you're utilising. Their expertise offers invaluable insights into the nuances of various risks and the efficacy of different mitigation strategies. Embracing a collaborative approach enriches decision-making processes, mitigates oversight of critical details, and fosters the development of robust solutions tailored to the unique challenges of communication systems.

In the execution phase, implementing the chosen solutions into your communication systems requires meticulous planning to minimise operational disruption. Clear communication of changes to all stakeholders, coupled with comprehensive training if necessary, is paramount. Vigilant monitoring of the implementation process facilitates prompt resolution of any issues, enabling agile adjustments to ensure the desired outcome is achieved.

This stage should be performed via an official change management policy and process which should contains: 1- CAB ( change advisory board) which consists all stakeholders for example ( business owners, technical owners, security team) 2- providing a change request contains all details about the implementation plan ( for example date and time, role-back plan, testing stage results, security checks) 3- according to the provided information CAM can decide to approve this change 4- monitoring of that change is important and should be reported to CAB as well

Here are some things to consider. - Are your Controls keeping up with the Bad Actors and associated Risks? - KPI & KRI Controls effectiveness age over time. Are you addressing ever changing business needs. - Are you constantly raising the bar on your security posture as the Bad Actors surely are? - Are you focusing on the right things? High business value, regulatory requirements, 3rd Party vendors to just name a few. - Many times it boils down to the basics. Are all of your bases covered? In my experience, I have seen many Incidents/Breeches where the basics were missed.

I would also define risk appetites. If you don’t understand appetite, you’re just managing risk assessment processes and not managing actual risk.

Calculation of the residual risk is important after the remediation implementation stage. That is will give us visibility about how much we successfully remediate the risk and for which level we have decreased the risk rating ( for example from High risk to low risk )