Components:
Understanding the interrelationship of components required for an effective computer security system is crucial, particularly through the lens of risk management. Risk management in cybersecurity involves identifying potential threats and vulnerabilities, assessing their potential impact and likelihood, and implementing strategies to mitigate these risks. Below is an in-depth exploration of these components, supplemented with real-world examples and case studies.
Threats are potential events or actions that can cause harm to an organisation's information systems. These can be intentional, such as cyberattacks, or unintentional, like natural disasters.
In recent years, UK retailers like Marks & Spencer, Co-op, and Harrods have been targeted by ransomware groups such as Scattered Spider and DragonForce. These attacks have led to significant operational disruptions and financial losses. Latest news & breaking headlines+1Financial Times+1Financial Times
Vulnerabilities are weaknesses or flaws in a system that can be exploited by threats to gain unauthorised access or cause damage. These can arise from outdated software, misconfigurations, or human errors.
Equifax suffered a massive data breach due to an unpatched vulnerability in its web application framework. Despite a patch being available, failure to apply it allowed attackers to access sensitive data of approximately 147 million individuals. SentinelOne IT+2Information Security Asia+2frm.midhafin.com+2
Impact refers to the consequences or damage resulting from a successful exploit of a vulnerability. Impacts can be financial, reputational, legal, or operational.
Barclays experienced a three-day outage affecting millions of customers due to issues with its legacy IT systems. The incident highlighted the operational and financial impacts of outdated technology infrastructures. Financial Times
Probability assesses the likelihood of a threat exploiting a vulnerability. Understanding probability helps prioritise risks and allocate resources effectively.
Phishing attacks are prevalent due to their high success rate in exploiting human vulnerabilities. Organisations often assess the probability of such attacks as high, necessitating regular employee training and awareness programmes.
Mitigation involves implementing measures to reduce the likelihood or impact of cybersecurity risks. This includes technical controls, policies, and procedures.
JPMorgan Chase has invested heavily in cybersecurity, employing advanced technologies and continuous monitoring to mitigate risks. Their proactive approach includes regular security assessments and collaboration with external experts. Information Security Asia+1SentinelOne IT+1
Cybersecurity Risk Assessment Simulation
📝 Scenario:
You have been appointed as the IT Security Analyst for a mid-sized UK-based e-commerce company, "TechNova Ltd." The company has recently expanded its online operations, increasing its exposure to potential cyber threats.
🧾 Your Task:
You have conducted a preliminary risk assessment and identified the following:
Threat: Phishing emails targeting employees.
Vulnerability: Lack of employee training on recognising phishing attempts.
Impact: Potential compromise of sensitive customer data.
Probability: High, due to recent similar attacks in the industry.
🛡️ Mitigation Strategy:
You have proposed the following measures:
Implement a comprehensive employee cybersecurity awareness programme.
Deploy email filtering solutions to detect and quarantine suspicious emails.
Establish a protocol for reporting and responding to phishing attempts.
Assignment:
You have prepared a report summarising your findings and proposed mitigation strategies. Your report should include:
An overview of the identified threat and vulnerability.
Assessment of the potential impact and probability.
Detailed mitigation plan with justifications for each measure.
Note: Ensure your report is structured professionally, using appropriate cybersecurity terminology.
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Anonymous Assessment - Learners assess an anonymous piece of work containing deliberate mistakes against given success criteria.