The Optimal Risk Management Framework Identifying the Requirements and Selecting the Framework
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Mitigate Cyber Attack Risk Solution Brief
SOLUTION BRIEF MITIGATE CYBER ATTACK RISK CONNECTING SECURITY, RISK MANAGEMENT & BUSINESS TEAMS TO MINIMIZE THE WIDESPREAD IMPACT OF A CYBER ATTACK DIGITAL TRANSFORMATION CREATES NEW RISKS As organizations extend technology deeper into their day-to-day business HIGH operations, their risk profiles evolve. DIGITAL RISK New digital risks—those unwanted and often unexpected outcomes that stem MEDIUM from digital transformation, digital business processes and the adoption RISK of related technologies—represent a LOW larger portion of potential obstacles to TRADITIONAL BUSINESS RISK achieving business objectives. While the digital technology creates new DIGITAL ADOPTION business opportunities, it frequently leads to higher levels of cybersecurity, FIGURE 1: Digital risk increasing the overall business risk as organizations embrace digital transformation. third-party, compliance and business resiliency risk. The impacts from these growing digital risks may be more disruptive than the operational risks that businesses have historically managed. In fact, many organizations are finding that as digital adoption accelerates, digital risk becomes the greatest facet of risk they face, especially growing cyber risks. AS ORGANIZATIONS EXPAND DIGITAL OPERATIONS, CYBER SECURITY RISKS MULTIPLY Organizations need to evolve to stay in front of rising cyber threats and their wide-reaching impact across increasingly digitized operations. Attackers continue to advance and use sophisticated techniques to infiltrate organizations which no longer have well defined perimeters. At the same time, responsibilities for detecting and responding to security It’s arguably impossible incidents are expanding beyond the security operations center (SOC). Business stakeholders continue to digitize their operations, elevating the risk and potential to prevent all cyber impact of cyber attacks. -
Cybersecurity in a Digital Era.Pdf
Digital McKinsey and Global Risk Practice Cybersecurity in a Digital Era June 2020 Introduction Even before the advent of a global pandemic, executive teams faced a challenging and dynamic environ- ment as they sought to protect their institutions from cyberattack, without degrading their ability to innovate and extract value from technology investments. CISOs and their partners in business and IT functions have had to think through how to protect increasingly valuable digital assets, how to assess threats related to an increasingly fraught geopolitical environment, how to meet increasingly stringent customer and regulatory expectations and how to navigate disruptions to existing cybersecurity models as companies adopt agile development and cloud computing. We believe there are five areas for CIOs, CISOs, CROs and other business leaders to address in particular: 1. Get a strategy in place that will activate the organization. Even more than in the past cybersecurity is a business issue – and cybersecurity effectiveness means action not only from the CISO organiza- tion, but also from application development, infrastructure, product development, customer care, finance, human resources, procurement and risk. A successful cybersecurity strategy supports the business, highlights the actions required from across the enterprise – and perhaps most importantly captures the imagination of the executive in how it can manage risk and also enable business innovation. 2. Create granular, analytic risk management capabilities. There will always be more vulnerabilities to address and more protections you can consider than you will have capacity to implement. Even companies with large and increasing cybersecurity budgets face constraints in how much change the organization can absorb. -
The Reputational Impact of It Risk
FALLOUT THE REPUTATIONAL IMPACT OF IT RISK IN ASSOCIATION WITH: CONTENTS Executive Summary ..............................................................................................................................................2 Introduction: The Black Friday data breach .................................................................................................3 Where the Risks Are: From Human Error to System Failure ................................................................ 5 Sidebar: The Promise and Perils of the Cloud............................................................................................11 Protecting Your Reputation in the Always-On World ............................................................................12 Conclusion ..............................................................................................................................................................18 Acknowledgments...............................................................................................................................................19 EXECUTIVE SUMMARY U.S. retailers were not the first to su!er a massive data breach. Nor will they be the last, as cyber attacks, security breaches and system outages proliferate. Shadow technology and expanding supply chains bring more risks. How can companies better protect their reputation by ensuring the continuous—and secure—flow of information to support their business? After all, a major part of the brand experience for most customers comes through the -
Privacy As a Risk Management Challenge for Corporate Practice
Privacy as a Risk Management Challenge for Corporate Practice By Kathleen Greenaway, Susan Zabolotniuk and Avner Levin Research Assistance provided by Judit Langhammer, Colin Rogers and Melanie Torrie March 2012 This is a work in progress which will be updated frequently. It is not for public use, duplication, citation, linking or other reference without the express written permission of the authors. PRIVACY AND CYBER CRIME INSTITUTE Acknowledgements This project has been funded through the Contribution Program of the Office of the Federal Privacy Commissioner and in-kind contributions from the Office of the Dean of the Ted Page | 2 Rogers School of Management, Ryerson University. We are grateful to both organizations for supporting research into the privacy practices of Canadian organizations. We also thank the companies and privacy experts who gave of their time and lent their expertise to assist us with this study. It is reassuring to meet Canadian business people who value research sufficiently to participate in our project. Finally, we thank our student researchers, Judit Langhammer, Colin Rogers and Melanie Torrie for their enthusiastic and able assistance. Table of Contents Acknowledgements Page | 3 Introduction Privacy Risk Management in context Project Goals and Objectives Methodology Literature Review Academic LIT Practitioner LIT Regulatory LIT The Concept of STILL TO BE SORTED Privacy as a Risk Management Privacy Risk Discipline Privacy risk as operational risk Governance considerations & etc. PRM in action in STILL TO BE SORTED Canadian Organizations & etc. CONCLUSION Summary of Findings Recommendations Future Research REFERENCES APPENDICES Lit Review tables PRM – Review of available models Page | 4 Risk/RM in Guidance Documents Research protocols Introduction Privacy Risk Management in context Organizations appear to have entered a “third phase” in their approach to the provision of Page | 5 information privacy to their customers. -
Cyber Benefits and Risks: Quantitatively Understanding and Forecasting the Balance
Cyber Benefits and Risks: Quantitatively Understanding and Forecasting the Balance Extended Project Report from the Frederick S. Pardee Center for International Futures Josef Korbel School of International Studies University of Denver www.pardee.du.edu September 2015 Barry B. Hughes, David Bohl, Mohammod Irfan, Eli Margolese-Malin, and José Solórzano In project collaboration with and the Table of Contents Executive Summary 4 Conceptualizing Benefits and Costs 4 Using the IFs System for Analysis 4 Background Research Foundations 5 Forecasts and Findings 9 Conclusion 11 A Final Note on Study Contributions 12 1. Introduction: Understanding and Anticipating Change in the Benefits and Costs of Cyber Technology 13 2. ICT and Cyber Development Indices 18 Indices Replicated in the IFs Forecasting System 18 ICT Development Index 18 Global Cybersecurity Index 19 Additional Indices of Importance in Cyber Security Analyses 21 Digitization Index 21 Digital Economy Ranking Index 21 Networked Readiness Index 22 3. Benefits 23 Competing Schools of Thought on Economic Benefits 23 Pessimism Versus optimism concerning ICT’s economic production impacts 23 ICT as a general-purpose technology 25 ICT’s Economic Impact: The Production Side 26 ICT as a growth sector in the economy 26 ICT investment and capital services 29 ICT and multifactor productivity 32 Comparing the Productivity Impacts of GPTs: Steam, Electricity, ICT 33 Variation in ICT Impact across Time/Pervasiveness and Countries 36 Drivers of variation in ICT impact: ICT (especially broadband) pervasiveness 36 Drivers of variable ICT impact: Beyond PCs and broadband 39 Drivers of variable ICT impact: Country development level 41 Consumer Surplus 42 Consumer surplus forecasts 46 Summary of Knowledge Concerning Cyber Risk Benefits: Modeling Implications 47 4. -
Guide to the Sarbanes-Oxley Act: IT Risks and Controls (Second Edition)
1. FPO Guide to the Sarbanes-Oxley Act: IT Risks and Controls Second Edition Table of Contents Introduction .............................................................................................................................. 1 Overall IT Risk and Control Approach and Considerations When Complying with Sarbanes-Oxley .... 2 1. Is there an overall approach to IT risk and control consideration that should be followed? .......................... 2 2. Why is it so important to consider IT when evaluating internal control over financial reporting? ............... 4 3. How should Section 404 compliance teams define “IT risks and controls”? .................................................. 5 4. How does management identify and prioritize IT risks? ................................................................................. 5 5. What guidance does COSO provide with respect to IT controls? .................................................................. 6 6. What guidance is provided by the Information Systems Audit and Control Association’s (ISACA) Control Objectives for Information and Related Technologies (COBIT) framework with respect to IT controls? ........................................................................................................... 6 7. How do COSO and COBIT facilitate a Section 404 compliance effort? ........................................................ 6 8. If a Section 404 project strictly and only follows COBIT, will the project be compliant with the Section 404 compliance efforts? ....................................................................................................................... -
Risk Management Guide for Information Technology Systems
Special Publication 800-30 Risk Management Guide for Information Technology Systems Recommendations of the National Institute of Standards and Technology Gary Stoneburner, Alice Goguen, and Alexis Feringa NIST Special Publication 800-30 Risk Management Guide for Information Technology Systems Recommendations of the National Institute of Standards and Technology Gary Stoneburner, Alice Goguen1, and 1 Alexis Feringa C O M P U T E R S E C U R I T Y Computer Security Division Information Technology Laboratory National Institute of Standards and Technology Gaithersburg, MD 20899-8930 1Booz Allen Hamilton Inc. 3190 Fairview Park Drive Falls Church, VA 22042 July 2002 U.S. DEPARTMENT OF COMMERCE Donald L. Evans, Secretary TECHNOLOGY ADMINISTRATION Phillip J. Bond, Under Secretary for Technology NATIONAL INSTITUTE OF STANDARDS AND TECHNOLOGY Arden L. Bement, Jr., Director SP 800-30 Page ii Reports on Computer Systems Technology The Information Technology Laboratory (ITL) at the National Institute of Standards and Technology promotes the U.S. economy and public welfare by providing technical leadership for the nation’s measurement and standards infrastructure. ITL develops tests, test methods, reference data, proof-of- concept implementations, and technical analyses to advance the development and productive use of information technology. ITL’s responsibilities include the development of technical, physical, administrative, and management standards and guidelines for the cost-effective security and privacy of sensitive unclassified information in federal computer systems. The Special Publication 800-series reports on ITL’s research, guidance, and outreach efforts in computer security, and its collaborative activities with industry, government, and academic organizations. National Institute of Standards and Technology Special Publication 800-30 Natl. -
Guide to Conducting Cybersecurity Risk Assessment for Critical Information Infrastructure December 2019 Contents
GUIDE TO CONDUCTING CYBERSECURITY RISK ASSESSMENT FOR CRITICAL INFORMATION INFRASTRUCTURE DECEMBER 2019 CONTENTS 1 INTRODUCTION ................................................................................................................ 2 1.1 Importance of Cybersecurity Risk Assessment ........................................................................... 2 1.2 Common Problems Observed ........................................................................................................... 2 2 PURPOSE, AUDIENCE & SCOPE ....................................................................................... 4 2.1 Purpose of Document .......................................................................................................................... 4 2.2 Audience & Scope ................................................................................................................................. 4 3 ESTABLISH RISK CONTEXT ............................................................................................... 5 3.1 Define Risk ................................................................................................................................................ 5 3.2 Determine Risk Tolerance ................................................................................................................... 6 3.3 Define Roles and Responsibilities .................................................................................................... 7 4 CONDUCT RISK ASSESSMENT ........................................................................................ -
Ten Key Questions on Cyber Risk and Cyber Risk Insurance the GENEVA ASSOCIATION
Ten Key Questions on Cyber Risk and Cyber Risk Insurance THE GENEVA ASSOCIATION November 2016 The Geneva Association The Geneva Association is the leading international insurance think tank for strategically important insurance and risk management issues. The Geneva Association identifies fundamental trends and strategic issues where insurance plays a substantial role or which influence the insurance sector. Through the development of research programmes, regular publications and the organisation of international meetings, The Geneva Association serves as a catalyst for progress in the understanding of risk and insurance matters and acts as an information creator and disseminator. It is the leading voice of the largest insurance groups worldwide in the dialogue with international institutions. In parallel, it advances— in economic and cultural terms—the development and application of risk management and the understanding of uncertainty in the modern economy. The Geneva Association membership comprises a statutory maximum of 90 chief executive of officers (CEOs) from the world’s top insurance and reinsurance companies. It organises international expert networks and manages discussion platforms for senior insurance executives and specialists as well as policymakers, regulators and multilateral organisations. Established in 1973, The Geneva Association, officially the ‘International Association for the Study of Insurance Economics’, is based in Zurich, Switzerland and is a non-profit organisation funded by its Members. 2 www.genevaassociation.org -
GTAG 1: Information Technology Controls
Information Technology ControlsA uditing Application Controls Authors David A. Richards, CIA, President, The IIA Alan S. Oliphant, MIIA, QiCA, MAIR InternationalChristine Bellino, Jefferson Wells Charles H. Le Grand, CIA, CHL GlobalSteve Hunt, Enterprise Controls Consulting LP July 200March 20057 Copyright © 20057 by The Institute of Internal Auditors (IIA), 247 Maitland Ave., Altamonte Springs, FL 32701-4201 USA. All rights reserved. Printed in the United States of America. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form by any means — electronic, mechanical, photocopying, recording, or otherwise — without prior written permission from the publisher. The IIA publishes this document for informational and educational purposes. This document is intended to provide information, but is not a substitute for legal or accounting advice. The IIA does not provide such advice and makes no warranty as to any legal or accounting results through its publication of this document. When legal or accounting issues arise, professional assistance should be sought and retained. GTAG — Table of Contents: Section 1 Section 19 Letter from the President..........................................ii Appendix H – CAE Checklist ................................423 Section 2 Section 20 IT Controls – Executive Summary ............................iii Appendix I – References ........................................445 Section 3 Section 21 Introduction ..........................................................1 Appendix -
IT Risk Assessment – a Practical Holistic Approach
BAKER TILLY AND ACUA WEBINAR IT risk assessment – a practical holistic approach The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments. Baker Tilly Virchow Krause, LLP trading as Baker Tilly is a member of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities. © 2019 Baker Tilly Virchow Krause, LLP 1 INTRODUCTIONS Today’s webinar moderator Amy Hughes ACUA Distance Learning Director Director of Internal Audit Michigan Technological University 2 INTRODUCTIONS GoToWebinar guide — Everyone is muted to avoid background noise. — Asking questions: Ask questions by clicking on the Questions panel on the right side of your screen, type your question and submit to all organizers. — If disconnected: If audio is disconnected, click on the Audio panel on the right side of your screen, or refer back to your e-mail for the dial-in number. — Support #: If you have any technical problems, call GoToWebinar support at 1 888 646 0014. -
Effects of IT Governance Measures on Cyber-Attack Incidents
The International Journal of Business Management and Technology, Volume 3 Issue 1 January - February 2019 ISSN: 2581-3889 Research Article Open Access Effects of IT Governance Measures on Cyber-attack Incidents Nick J. Rezaee, Student University of California, Santa Cruz 1156 High Street Santa Cruz, CA 95064, Kingsley O. Olibe, PhD Department of Accounting College of Business Administration Kansas State University Manhattan, KS 66506-0113 Zabihollah Rezaee* PhD, CPA, CMA, CIA, CGFM, CFE, CSOXP, CGRCP, CGOVP, CGMA, CRMA Thompson-Hill Chair of Excellence & Professor of Accountancy Fogelman College of Business and Economics 300 Fogelman College Admin. Building The University of Memphis Memphis, TN 38152-3120 ABSTRACT: Growing incidents of cyber hacking and security breaches of information systems (e.g., Sony, Target, JPMorgan Chase, Home Depot, Cathay Pacific Airlines) threaten the sustainability of many firms and costs the U.S. economy more than $100 billion annually. Business organizations should take these threats seriously and improve their Information Technology (IT) governance and compliance, and cybersecurity risk assessment and controls to effectively prevent cyber hacking and cybersecurity breaches. The existence and persistence of cyber-attacks has elevated expectations for boards of directors to exert greater risk and compliance oversight and for executives to develop and implement managerial strategies for risk management processes to combat cyber-attacks. This paper examines the importance and relevance of IT governance measures including the board oversight function and managerial risk assessment strategies in preventing cyber-attacks. This paper provides policy, practical and research implications. Keywords: Cybersecurity; IT Governance; Board Oversight; Risk Assessment and management; IT investment and budget.