Identify the Likelihood Such Attacks Would Succeed

Identify Vulnerabilities and the Conditions Needed to Exploit Them

Identify Threat Events

You can’t prepare for threats that you didn’t anticipate

Identify and Document Threat Sources

define parameters

You may want to start with a data audit

So this cyber risk assessment will serve as a sort of executive summary to help those parties make informed decisions about security

And you have to be careful when you’re looking for advice on performing a cyber risk analysis, because if you forget the word “cyber” you end up in a land of industrial manufacturing accidents and death & dismemberment clauses.

In simple terms, a risk management standard is the combination of adescription of the risk management process, together with the recommendedframework

four categories

An event with the ability to impact (inhibit, enhance or cause doubt about) the effectiveness andefficiency of the core processes of an organization

Organizations that are faced withalternative objectives seek to understand the shapeand height of a curve for a potential businessobjective

The board of directors is responsible for providing risk oversight of enterprise risk managementculture, capabilities, and practices.

along with the governance model that will determine who will be responsible for each area of the ISRM strategy

Aligning stakeholders

To cope with an ever-increasing number of regulations, these programs streamline security processes and workflows so that compliance is a byproduct

Mapping policies and standards to an industry-recognized comprehensive framework is more important than adopting any particular framework

taxonomies

IRM programs select roles for targeted efforts based on their level of policy compliance and the amount of harm their behavior can cause

IRM programs also find ways to identify employees who exhibit desired behaviors and reward them with praise or tokens of appreciation

Campaigns based on the psychological drivers of end user behavior are much more likely to result in lasting behavior change.

the institution of relatively modest incentives for secure behavior, even limited to praise and token rewards, will have a greater impact on behavior than additional investments in training and communication.

Still, successful programs use failure modes as a systematic means to identify the relevant risks.

By analyzing close calls in addition to loss events, high-performing IRM programs dramatically increase their collection of incident data for understanding threat and vulnerability patterns.

IRM programs invest in monitoring and analysis to identify emerging risks and mitigate them proactively.

Innovative tactics work by finding pragmatic substitutes for actuarial data and identifying observable aspects of business operations that can serve as warning signals for likely changes in risk exposure

mobilizing against challenges just over the horizon.

Retention

Theyintroduce a twin‐tier approach with a first tier being the correlation of cyber risks within a firm(e.g., correlated failure of multiple systems on its internal network). The second tier refers tothe correlation at a global level meaning correlation across independent firms in an insurer'sportfolio. Local cyber loss events such as an insider attack (high internal, low global correla-tion) are easier to insure than global loss events because the necessary premium for global lossevents would be extremely high due to the lack of diversification opportunities.

actuarial

Transfer

Mitigation

four security issues (“access to informationsystems, secure communication, security management, and development of secure informationsystems”) and related techniques (password and biometrical authentication; cryptographictechniques; key management, virtual private networks, and programming language security)

Parkerian hexad

Avoidance

The estimated likelihood and potential impact are used to determine the appropriate treatment,which includes avoidance, mitigation to reduce likelihood and/or potential impact, transfer, andretention.

One way to classify and identify cyberattacks is whether they affect the “con-fidentiality, availability or integrity of information or information systems”

This section summarizes, in chronological order, the discussions surrounding cybersecurity issues inthe early days and how cyber risk was eventually identified as one of the major risk categories facingorganizations

promulgation

metric descriptor

Similarly, a few metrics in thecatalog were defined from the cyber resiliency design principles

A few metrics in the catalog were defined from cyber resiliency techniques and approaches.These have identifiers of the form TE-AP-#

metric identifier

Finally,depending on how an organization has defined or articulated its risk management strategy, the selectionand tailoring of cyber resiliency design principles can be driven by that strategy.

Representative environmental factors

Re-Architect is supported by most of the strategic design principles, and (inconjunction with the organization’s risk management strategy) drives the selection of structural designprinciples

Prepare involves creating and maintaining aset of realistic courses of action, which are based on the architecture, design, and implementation, ratherthan driving them.

Most of these frameworks provide somesubjective guidance from different angels of resilience studyand lack of clear explanation on the quantitative resiliencemetrics formulation