Mitigating Risk

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Feb 20, 2024

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Mitigating Risk Tatiana Fleetwood-Mack CIS 527: IT Risk Management Darcel Ford February 11, 2024 1

Mitigating Risk In the ever-evolving landscape of information systems, maintaining robust security measures is critical to protect sensitive data from a myriad of threats. This paper explores various aspects of information system security, including threat, vulnerability, and exploit assessments, tools and methods for physical and logical security controls, considerations when translating risk assessments into mitigation plans, and the differences between risk mitigation plans and contingency plans. Threat, Vulnerability, and Exploit Assessments Threat assessment involves the identification and evaluation of potential risks and dangers that could compromise the confidentiality, integrity, and availability of information systems. Threats can come in various forms, including cyber-attacks, natural disasters, or human errors (Sommestad et al., 2021). One widely used method for threat assessment is the use of threat intelligence platforms. These platforms aggregate and analyze data from various sources to provide real-time information on emerging threats. Tools like ThreatConnect and Recorded Future assist organizations in understanding the current threat landscape, enabling them to proactively implement security measures. Another method for threat assessment is penetration testing, commonly known as ethical hacking. Penetration testing involves simulating a cyber-attack on a system to identify vulnerabilities that malicious actors could exploit (Sommestad et al., 2021). Tools like Metasploit and Nessus are commonly used for penetration testing, allowing security professionals to identify and address potential weaknesses in their systems. Vulnerability assessment focuses on identifying weaknesses within the information systems that could be exploited by attackers. This process involves scanning systems for known 2

vulnerabilities, misconfigurations, or other issues that could compromise security. One effective tool for vulnerability assessment is OpenVAS (Open Vulnerability Assessment System), an open-source solution that scans networks for vulnerabilities and provides detailed reports on potential risks (Sommestad et al., 2021). Another widely used tool is Tenable's Nessus, which conducts thorough vulnerability scans and assists organizations in prioritizing and remediating identified issues. Exploit assessment involves analyzing the potential impact of exploiting identified vulnerabilities and understanding how attackers could take advantage of weaknesses in the system. This process helps organizations prioritize and address vulnerabilities based on the potential risks they pose (Sommestad et al., 2021). One method for exploit assessment is the use of automated exploit frameworks, such as Metasploit. Metasploit not only aids in penetration testing but also provides a comprehensive framework for developing, testing, and executing exploit code against identified vulnerabilities. Additionally, manual analysis by security experts is essential for exploit assessment. This involves a thorough examination of the vulnerabilities to understand their potential consequences and the likelihood of successful exploitation. This human-centric approach ensures a nuanced understanding of the specific context in which vulnerabilities exist. Threat, vulnerability, and exploit assessments are integral components of a comprehensive information security strategy (Sommestad et al., 2021). By understanding the differences between these assessments and employing appropriate tools and methods, organizations can proactively enhance the security posture of their information systems. Continuous evaluation, adaptation, and integration of these assessments into the overall 3

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cybersecurity framework are essential to stay ahead of evolving threats and protect sensitive data effectively. Physical and Logical Security Controls Implementing physical security controls involves restricting access to physical spaces containing information systems. Two methods for physical security controls are biometric access systems and closed-circuit television (CCTV) systems for monitoring and surveillance. Biometric access systems utilize unique physical characteristics such as fingerprints, iris scans, or facial recognition to authenticate individuals and grant access to secured areas (Liu et al., 2022) . This method enhances security by ensuring that only authorized personnel can enter specific locations. Physical security guards are responsible for overseeing the operation of biometric access systems. Their role includes monitoring individuals attempting to gain access, verifying identities, and taking appropriate actions in case of unauthorized entry (Liu et al., 2022) . Physical Security Specialists assess the organization's physical security needs, recommend suitable biometric solutions, oversee the installation process, and ensure proper integration with existing security measures. Biometric System Administrators manage the day- to-day operations of the biometric system, enroll users, handle system updates, and troubleshoot any issues that may arise. CCTV systems consist of cameras strategically placed to monitor and record activities in and around secured areas. These systems provide real-time surveillance as well as recorded footage for later analysis, acting as a deterrent and aiding in investigations (Liu et al., 2022) . Security personnel, such as surveillance operators, play a crucial role in monitoring CCTV feeds. Their responsibilities include actively observing the footage, identifying suspicious activities, and responding promptly to potential security incidents. Surveillance operators monitor live 4

feeds from CCTV cameras, identify suspicious activities, and collaborate with other security personnel to respond to potential security incidents (Liu et al., 2022) . Security System Technicians install and maintain the CCTV infrastructure, troubleshoot technical issues, and ensure the cameras are strategically positioned for optimal coverage. Logical security controls focus on protecting information at the data and system levels. Encryption and firewalls are two key methods for logical security controls. Encryption is a method of transforming data into an unreadable format, which can only be deciphered by individuals with the appropriate decryption key. This safeguards sensitive information, both during transmission and while stored on devices (Liu et al., 2022) . Cybersecurity specialists are instrumental in implementing and managing encryption systems. Their responsibilities include selecting appropriate encryption algorithms, managing encryption keys, and ensuring the proper integration of encryption across various platforms. Cybersecurity Specialists assess the organization's encryption needs, select suitable algorithms, oversee the implementation of encryption protocols, and monitor for potential vulnerabilities (Liu et al., 2022) . Encryption Key Managers are responsible for generating, distributing, and managing encryption keys, ensuring their secure storage and periodic rotation to maintain the integrity of the encryption process. Firewalls act as a barrier between a private network and external networks, monitoring and controlling incoming and outgoing network traffic based on predetermined security rules. They prevent unauthorized access and protect against cyber threats (Liu et al., 2022) . Network administrators are responsible for configuring and maintaining firewalls. Their roles encompass defining access rules, monitoring network traffic, and promptly responding to any firewall- related incidents or anomalies. Network Administrators configure and maintain the firewall 5

settings, establish rules for network traffic, and ensure the firewall operates effectively without disrupting legitimate communications (Liu et al., 2022) . Cybersecurity Specialists collaborate with network administrators, they assess potential threats, update firewall rules to address emerging risks, and conduct regular audits to ensure the firewall's effectiveness. Translating Risk Assessments into Mitigation Plans When translating a risk assessment into a risk mitigation plan, three key considerations include identifying prioritized risks, defining specific mitigation strategies, and assigning responsibilities for implementation (Hutten et al., 2022). The risk mitigation plan primarily aims to proactively reduce the likelihood or impact of identified risks. It focuses on preventive measures and actions designed to eliminate or minimize potential threats before they materialize. Implemented before the occurrence of a risk event, representing a proactive strategy aimed at reducing the likelihood or impact of potential risks (Hutten et al., 2022). The risk mitigation plan also involves actions taken to prevent, reduce, or eliminate risks. This may encompass implementing security measures, conducting training, or adopting best practices to mitigate potential threats. A contingency plan outlines steps to take when unforeseen events or disasters occur. It is designed to address the aftermath of an unexpected event or the realization of a risk. It outlines the steps to be taken in response to and recovery from an incident, ensuring continuity of operations and minimizing the impact of the event (Hutten et al., 2022). Involves predefined actions to be taken during and after the occurrence of a specific event. These actions aim to ensure the organization can continue its essential functions, recover from the incident, and return to normal operations as quickly as possible. Primary Goals and Methods of Mitigation 6

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The two primary goals of implementing a risk mitigation plan are to reduce the likelihood of a security incident and minimize the impact if an incident occurs. Common information system risks include malware attacks, unauthorized access, and data breaches (Scheierman, 2017). Mitigation methods involve implementing robust antivirus software, conducting regular security training for employees, and implementing access controls to restrict unauthorized access (Scheierman, 2017). Comprehensive security measures for information systems require a multifaceted approach. Threat, vulnerability, and exploit assessments provide insights into potential risks, while physical and logical security controls aim to protect against unauthorized access and data breaches. Translating risk assessments into effective mitigation plans and understanding the distinction between risk mitigation and contingency plans are crucial steps in enhancing information system security. By implementing robust security measures and mitigation strategies, organizations can better safeguard their information systems from evolving threats and potential vulnerabilities. 7

Sources Hutten, J. C., Van Horn, J. E., Uzieblo, K., van der Veeken, F. C., & Bouman, Y. H. (2022). Toward a risk management strategy: A narrative review of methods for translation of risk assessment into Risk Management. Journal of Forensic Psychology Research and Practice , 22 (5), 444–469. https://doi.org/10.1080/24732850.2021.2013359 Liu, Z., Wang, C., & Wang, W. (2022). Online cyber-attack detection in the industrial control system: A deep reinforcement learning approach. Mathematical Problems in Engineering , 2022 , 1–9. https://doi.org/10.1155/2022/2280871 Scheierman, L. (2017, February 13). How to define risk management goals and objectives in your organization . How to Define Risk Management Goals and Objectives in Your Organization. https://info.knowledgeleader.com/bid/164011/how-to-define-risk- management-goals-and-objectives-in-your-organization Sommestad, T., Holm, H., & Steinvall, D. (2021). Variables influencing the effectiveness of signature-based network intrusion detection systems. Information Security Journal: A Global Perspective , 31 (6), 711–728. https://doi.org/10.1080/19393555.2021.1975853 8

Mitigating Risk

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