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Risk Management

Risk Assessment Process

1. Asset Identification: Catalog valuable resources
2. Threat Identification: Potential attack vectors
3. Vulnerability Assessment: System weaknesses
4. Risk Analysis: Impact and likelihood evaluation
5. Risk Treatment: Accept, mitigate, transfer, avoid

Risk Rating (OWASP Methodology)

• Likelihood Factors:
  • Threat agent factors (skill, motive, opportunity, size)
  • Vulnerability factors (ease of discovery, exploit, awareness)
• Impact Factors:
  • Technical impact (confidentiality, integrity, availability)
  • Business impact (financial, reputation, non-compliance)

Compliance Frameworks

SOX (Sarbanes-Oxley Act)

• Scope: US publicly traded companies
• Requirements: Financial reporting controls and certification
• IT Impact: Financial system security and access controls

PCI DSS (Payment Card Industry Data Security Standard)

• Scope: Organizations handling credit card data
• Requirements:
  • Secure network and systems
  • Protect cardholder data
  • Maintain vulnerability management program
  • Strong access control measures
  • Regular monitoring and testing
  • Information security policy

SOC 2 (Service Organization Control 2)

• Trust Criteria: Security, availability, processing integrity, confidentiality, privacy
• Report Types: Type I (point in time), Type II (period of time)
• Audience: Service providers and their customers

Audit and Assessment

Security Audit Process

1. Planning: Scope definition and resource allocation
2. Fieldwork: Evidence collection and testing
3. Reporting: Findings documentation and recommendations
4. Follow-up: Remediation tracking and verification

Continuous Monitoring

• Automated Compliance Checking: Policy violation detection
• Security Metrics: Key performance indicators
• Dashboard Reporting: Executive visibility
• Trend Analysis: Security posture evolution

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