Understanding Risk Assessment Methodology Essay Example

Introduction

With the current technological development, it is important to note that one of the key aspects or organizational security policy is considered to be the security risk assessment. Notably, the possible vulnerabilities and threats to the organization are supposed to be dealt with before applying the safeguard to the company. In the long run, the process will end up decreasing the rate of threats as well as making sure that the security policy is operating efficiently. The security risk assessment is necessary for all organizations, that is from small organizations to large organization.

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Step 1

Technically, one of the major key pillars of organizational security policy forms part and parcel of security risk assessment. Security risk assessment plays an important role in understanding some the risk that a company may be exposed to. The possible vulnerabilities and threats to the company are supposed to be dealt with before making sure that the safeguards are incorporated in an organization (McLaughlin, 2018). Basically, this process will play a significant role in decreasing the rate of threats as well as making sure that the security policy is operating more effectively. It is important to note that the security risk assessment is significant for all companies that are from small companies to big organizations.

Risk assessment in small accounting companies

In the case of the formal security risk assessment in a small accounting company, it important to note that the asset recognized as integrity of customer and financial data files on desktop systems can be interrupted and even affected by some threats recognized as corruption of other different files as a result of import of virus/worms onto the system(Parker,Di Mattia, Shaik, Ceron Ortega & Whittle,2019).

On the other hand, making use of some of the security controls that are identified in Table 15.3, can end up bringing to an end some of the threats. Some of the security controls that are adopted in minimizing the threats involve:

• Security training and security awareness
• Recurrent system maintenance
• Employee's access control
• Occasional system audit
• Protecting the system from dangerous codes
• Protection of the systems from spam and spyware
• The intrusion detection system (IDS)

Step 2

Cost Effective security control systems that are in place to protect the asset against threats involve some of the flowing; making sure that the systems are protected against malicious spam, spyware, and codes that seem cost-effective in realizing some of the threats in place. On the other hand, it is important to note that the recurrent system maintenance and making sure that the system is updating with new patches are a cost-effective approach.

References

McLaughlin, M. D. J. (2018). A Resource View of Information Security Incident Response (Doctoral dissertation, Bentley University).

Parker, K. A., Di Mattia, A., Shaik, F., Ceron Ortega, J. C., & Whittle, R. (2019). Risk management within the cannabis industry: Building a framework for the cannabis industry. Financial Markets, Institutions & Instruments, 28(1), 3-55.