The following risk register is designed to help you identify and manage the risks that your organization faces. It is not intended to be a complete list of all the risks facing your organization, but rather an inventory of those that are most important to you. The purpose of this inventory is to help you prioritize the threats that need your attention and take steps toward mitigating them. It will also help you plan for when more detailed assessments are needed.
In addition to identifying risks, it should provide information on what procedures have been put in place to minimize their impact and how they have worked out in practice. If any significant changes have occurred since the last assessment, they should be listed here as well.
Privacy Breach
Privacy breaches are a serious threat to companies and individuals. The growing volume of personal data that is being collected, stored, and sold by companies has taken a toll on consumers’ trust in companies. Consumers have become accustomed to sharing their personal information with companies, but when they find out that a company has been hacked or that their personal information has been compromised, they are often shocked and angry.
A breach can occur in many stages:
- An attacker gains access to your system through a vulnerability or vulnerability that was already present in your network.
- The attacker then uses this vulnerability to gain access to other systems on your network.
- Once they have gained access to other systems on your network, they may use them as cover for further attacks on other systems within the same network or outside of it (e.g., using a back door).
- Once an attacker has gained access to one system within your network, they can use it as an entry point into all other systems within that network (and potentially outside of it). This is known as lateral movement.
Data Loss
Data loss risk is a critical issue for organizations in the information age. With the advent of technology, it is becoming more and more difficult to manage and protect data. The probability of data loss also increases when you are using modern IT solutions.
The following are some of the most important steps that an organization needs to take to ensure data security:
- Make sure users have adequate training on how to use the system properly. This will help them avoid making mistakes which could lead to data loss.
- Ensure that the employees understand what happens when there is a problem with their workstations or mobile devices. They should also know how to report such incidents so that they can be fixed as soon as possible.
- Ensure that all employees receive regular updates about new policies or procedures related to cyber security procedures as well as updates regarding any changes made in these policies or procedures over time.
Business Interruption
Business Interruption is a tool that can be used to evaluate the impact of cyber incidents on a business. It is designed to help businesses prioritize their cyber security efforts and make informed decisions about their security posture.
The ability to continue operating while under attack, with infrastructure intact and without service interruptions.
When a business is unable to operate due to a cyber security incident, it could have serious consequences for its customers, employees, and suppliers. If a business is unable to continue operations during an attack, this could have an impact on the performance of the company’s business activities and may even result in financial losses.
Cyber attacks can lead to an interruption in service or loss of data due to malicious actions of hackers or malware. This has been seen in both large corporations and small businesses alike; however, because many businesses are not prepared for these types of attacks, they often suffer significant financial losses as well as reputational damage.
This risk register is a 4-step process:
- Identify the risks involved in the business interruption scenario;
- Evaluate the likelihood of occurrence;
- Determine what measures are available within your organization to mitigate these risks;
- Prioritize which measures should be implemented first and which should be put on hold until later.
Insider Threat & Disgruntled Employee
Incidents of insider threat and disgruntled employee risk have increased significantly over the past 12 months. In fact, the number of incidents is up by about 150%. It’s possible this increase is due to more awareness among employees about how easy it is for outsiders to breach security measures, or perhaps it’s because more people are sharing information about their colleagues who might be acting inappropriately or dishonestly. Whatever the reason, you need to take action now before things get worse!
- Identify the potential threat to your company and assess the likelihood of an attack by a malicious insider.
- Determine the best way to manage this risk, including any required training or changes to your security policy.
- Describe any steps you’ve taken to mitigate this risk, including what type of information you’ve shared with employees and how you will monitor their behavior.
Reputational Impact
A company’s reputation is the sum total of all of the companies it has worked with in the past. It can be impacted by a single incident of data breach, but also by a series of smaller incidents that add up to a big one. If a company has a bad reputation for being fickle, then it may be harder for new customers to trust them.
A poor response to an incident can damage a company’s reputation. If a company doesn’t take responsibility for its mistakes and tries to shift blame onto others, then this can lead to even more distrust.
The quality of your response will impact how much you help your customers recover from an incident. You should make every effort to restore their trust as quickly as possible by sharing information and answering their questions fully.
Physical Loss or damage to Information systems and facilities
The following is a list of incidents that have occurred in the past three months and are reported to be physical loss or damage to information systems and facilities.
- A cyber-attack has occurred, resulting in the loss or theft of data or systems.
- The attacker used a password to gain access to the information system and then deleted, altered, or modified data.
- The attacker corrupted/destroyed files stored on the system (e.g., virus infections).
- The attacker accessed user accounts and passwords using malware on their systems (e.g., phishing).
- An external party gained access to an information system through a vulnerability in the network infrastructure (e.g., via Wi-Fi).
- A security breach was discovered, which allowed another party to gain unauthorized access (e.g., via a phishing email).
- An individual or group intentionally targeted an information system or facility for destruction or damage because of its importance to that individual’s organization (e.g., high-profile target).
Unknown threat from outside the network
The only known way to gain access to the network is through a password that has been hardcoded into a piece of software running on one of the company’s systems. The software is used for managing employee access to company information and resources, but it has been configured to only allow access through this password.
This password was not changed in months and was reset after a user tried to log into the system with another username and password combination, which did not work. After realizing their error, they attempted again with the hardcoded password but were still unsuccessful.
The employee who reset the password claimed that he reset it because he thought he should change it after seeing how many other people were logging in with their old credentials and thought this would be easier than setting up new ones. This claim cannot be verified due to lack of records or logs showing when/how often these passwords were changed over time.
The risk register template in this cyber security article is meant to provide a sample checklist of risks that your company must take into account during the planning phase. Each individual project will vary depending on your company’s risk factors and the significance of the project itself. The primary purpose of a project risk register is to identify and mitigate potential threats before they materialize, saving time and money in the long run.
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