Information Security Risk Management - 2820 Words

Discussion As observed at the 4th International Conference on Global e-Security in London in June 2008, Information Security Risk Management (ISRM) is a major concern of organizations worldwide. Although the number of existing ISRM methodologies is enormous, in practice a lot of resources are invested by organizations in creating new ISRM methodologies in order to capture more accurately the risks of their complex information systems. This is a crucial knowledge-intensive process for organizations, but in most cases it is addressed in an ad hoc manner. The existence of a systematic approach for the development of new or improved ISRM methodologies would enhance the effectiveness of the process (Papadaki et al, 2008). In this review, we†¦show more content†¦The probability, which also depends on vulnerabilities and threats, is typically observed in a given time period, for which risk quantification will be valid (Hrvoje Segudovic, 2006). Qualitative Approach The qualitative approach does not use absolute variable values, but evaluates the influence of each variable on the risk. Experience, expertise and competence of the person conducting the risk assessment are the most important when taking a qualitative approach. Risk is assessed qualitatively, but in order to interpret the results, variables, as well as the assessed risk, are quantified. In contrast to quantitative risk assessments, numeric values are relative, not absolute (Hrvoje Segudovic, 2006). Whilst the benefits of some of the ISRM methodologies were broached in a number of our selected studies, none presented any discussion as to their limitations. A few studies (5?) provided frameworks for comparison of information security risk assessment/risk management methodologies based on common features. We found a more detailed side-by-side comparison of 16 ISRM methods as well as the 19 tools based on them on the European Network and Information Security Agency (ENISA) website. RQ3 constituted the biggest sticking point in our review as only two out of the 42 primary studies included in our review specifically mentioned SMEs and the applicability of the ISRM methodologies in SMEs. This is despite the fact that SMEsShow MoreRelatedInformation Security and Risk Management1473 Words   |  6 Pagesactivity. This reversal in focus by both individuals and institutions may simply be a natural response to the reduced capabilities of al-Qaeda and other terrorist networks, as confirmed by the leading authority on terrorism and its effects, and national security analyst for the CNN network, Peter Bergen, who observed recently that the Obama administration has played a large role in reducing terrorist threats by continuing and scaling up many of former President George W. 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