5.5.1 Overview. Mark Talabis, Jason Martin, in Information Security Risk Assessment Toolkit, 2013. Source(s): NIST SP 800-47 under Risk o Security risk – the level of impact on agency operations (including mission functions, image, or reputation), agency assets, or individuals resulting from the operation of an information system given the potential impact of a threat and the likelihood of that threat occurring. The consequences of the occurrence of a security incident are a function of the likely impact that the incident will have to the organization as a result of the harm that the organization assets will sustain. It is essential to the credibility of your entire process that the final report accurately captures all the results and reflects all the time and effort that was put into the process. Harm, in turn, is a function of the value of the assets to the organization. The sample report presented in this section is structured to allow the executives to gain sufficient information from the executive summary while detailed risk and mitigation discussions are covered in the detail of the report to allow those tasked with addressing risk to have a clear understanding of what was found. A security risk is "any event that could result in the compromise of organizational assets i.e. But we do have a firewall. Thus, impact valuation is not performed separately, but is embedded within the asset valuation process. If the impact is expressed in monetary terms, the likelihood being dimensionless, then risk can be also expressed in monetary terms. Since all of the subsequent phases of the assessment will rely on the information gathered in this phase, not properly planning the data collection phase will have significant repercussions. Risk treatment pertains to controlling the risk so that it remains within acceptable levels. For example, if a three-value scale is used, the value low can be interpreted to mean that it is not likely that the threat will occur, there are no incidents, statistics, or motives that indicate that this is likely to happen. Illustration of an Information Security Risk Statement (Unencrypted Media). As an author, Ryan focuses on IT security trends, surveys, and industry insights. Harm, in turn, is a function of the value of the assets to the organization. Of even more interest to management is an analysis of the investment opportunity costs: that is, its comparison with other capital investment options.10 However, expressing risk in monetary terms is not always possible or desirable, because harm to some kinds of assets (human life) cannot (and should not) be assessed in monetary terms. A threat is anything that might exploit a vulnerability to breach your … “Information risk”, in contrast, is self-evident but, if the committee feels the desperate need for an explicit definition, I suggest something as simple as “risk relating to or involving information” or even “risk pertaining to information”, where both risk and information are adequately defined in dictionaries (whereas the ISO27k definition of risk is unhelpful). Whether your objective is to forecast budget items, identify areas of operational or program improvement, or meet regulatory requirements we believe this publication will provide you with the tools to execute an effective assessment and more importantly, adapt a process that will work for you. Such incidents can threaten health, violate privacy, disrupt business, damage assets and facilitate other crimes such as fraud. Sokratis K. Katsikas, in Computer and Information Security Handbook (Second Edition), 2013, Information security risk “is measured in terms of a combination of the likelihood of an event and its consequence.”8 Because we are interested in events related to information security, we define an information security event as “an identified occurrence of a system, service or network state indicating a possible breach of information security policy or failure of safeguards, or a previously unknown situation that may be security relevant.”9 Additionally, an information security incident is “indicated by a single or a series of unwanted information security events that have a significant probability of compromising business operations and threatening information security.”10 These definitions actually invert the investment assessment model, where an investment is considered worth making when its cost is less than the product of the expected profit times the likelihood of the profit occurring. S. 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