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Risk: Assessments, Modifiers, and Variables
Part IV
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Risk Assessments
Risk assessments are an important tool for determining company priorities. Organizations may better understand the risks they face and determine the most important priorities for resolving those risks by examining the effect, exposure, threats, and likelihood of risk occurrences. Finally, risk assessments assist companies in making educated decisions about how to deploy resources and reduce possible risks in order to safeguard assets and meet business objectives.
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Risk Factor Editor
In today's digital world, managing cyber risk is an essential part of any organization's operations. One important tool for doing so is the Risk Factor Editor, which allows organizations to take a range of considerations into account when evaluating and prioritizing their cyber risk. Some of the key considerations that the risk factor editor can factor in include: asset criticality, alert criticality, SLA classification, data classification, application criticality, network criticality, user criticality, and MITRE TTP details. In this section, we will delve into each of these risk factors in more detail, exploring what they are, why they are important, and how they can be used to help organizations manage their cyber risk more effectively. By understanding the full range of factors that can impact an organization's cyber risk, IT professionals can make more informed and strategic decisions about how to protect their systems, data, and users from potential threats.
This refers to the importance or value of a particular asset to the organization, such as a server, database, or application. An asset's criticality may be determined by factors such as the impact it has on the organization's operations, the cost of replacing it, or the sensitivity of the data it stores.
This refers to the level of urgency or importance of an alert or notification, such as a security breach or system failure. An alert's criticality may be determined by the potential impact on the organization's operations, the likelihood of damage or loss, or the time required to address the issue.
This refers to the classification or categorization of a service level agreement (SLA), which is a contract that outlines the terms and conditions for delivering a specific service. An SLA classification might include categories such as standard, premium, or critical, depending on the level of service required.
This refers to the process of categorizing data based on its sensitivity, value, or importance to the organization. Data classification may be used to determine the level of protection required, the access controls needed, or the legal or regulatory obligations associated with the data.
This refers to the importance or value of a particular application to the organization, such as a customer relationship management system or an enterprise resource planning system. An app's criticality may be determined by factors such as the impact it has on the organization's operations, the cost of replacing it, or the sensitivity of the data it stores.
This refers to the importance or value of a particular network or network component to the organization, such as a server, switch, or router. A network's criticality may be determined by factors such as the impact it has on the organization's operations, the cost of replacing it, or the sensitivity of the data it transmits.
This refers to the importance or value of a particular user or user group to the organization, such as employees, customers, or partners. A user's criticality may be determined by factors such as their role within the organization, their level of access to sensitive data or systems, or their impact on the organization's operations.
Tactic, technique, and procedure (TTP) details are important risk variables to consider when analyzing and mitigating cyber threats. These details refer to the specific methods or approaches used to carry out an action, such as a cyber attack or security breach. By understanding TTP details, organizations can identify patterns or trends in attack methods and understand the potential risks and impacts associated with these methods. This can inform risk management and security strategies, and help to develop more effective countermeasures to protect against potential threats.
ODAM helps organizations pinpoint risk factors and make adjustments to their risk evaluation and policy enforcement processes. By using ODAM, organizations can take a targeted approach to risk management and streamline their processes for identifying, assessing, and addressing risks in real-time. ODAM can be a valuable tool for organizations responsible for managing and mitigating cyber risk.