Risks regarding financial loss are sometimes tricky to assess and evaluate. In a situation where loss of revenue, loss of access, or loss of reliability occurs but cannot be directly attributed to the lack or failure of a security control, security personnel must obtain a critical understanding of the risks to determine which risk management strategy (remediate, transfer, accept, etc.) to use. For this post, describe such a situation involving loss of revenue or increased costs. Describe at least two techniques provided by risk management to obtain the necessary understanding of risks regarding financial loss or unexpected spending. Explain how at least one of these techniques can be applied to your example. In your responses to classmates, critical and constructively assess their examples and applications of risk management techniques, ask questions, and offer suggestions.

Financial or losses is always associated with cyber security risk. For example, In ransomware attack the attacker injects a malware in the system. This malware program locks all the files of victim’s machine and then demand huge money to unlock the files. Some well-known ransomware attack includes Lockey, WannaCry, Cryptolocker etc. Among several risk management techniques, 1) risk identification and 2) loss prevention and reduction are two techniques. We follow certain predefined steps to mitigate the impact of risk once the risk is identified at initial stage. In case of ransomware, we can follow below approaches: 1. Back the sensitive information on regular basis. So, that if ransomware attack happens, we can restore the data again from the back up. 2. Creating cyber security awareness among employees and follow a cybersecurity framework. Some of my friends have experienced a malware attack recently. When I asked they said most of them faced data beaches issue. I suggested them to take following actions to mitigate the risk. 1. Install good anti-virus, anti-malware programs. 2. Update firewall so that they can block any suspicious network traffic. 3. Use strong password. 4. Back data regularly and update or patch the software regularly.

Solved: Risks regarding financial loss are sometimes tricky to assess and eval

Home
questions and answers
risks regarding financial loss are sometimes tricky to assess and eval

Question

Risks regarding financial loss are sometimes tricky to assess and evaluate. In a situation where loss of revenue, loss of access, or loss of reliability occurs but cannot be directly attributed to the lack or failure of a security control, security personnel must obtain a critical understanding of the risks to determin