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ASSIGNMENT INSTRUCTIONS
Research each one of the following standards for implementing Risk Management Models: NIST SP 800-39, NIST SP 800-37, ISO 27005:2011, and ISO 27005:2011. Recommend a model for organizations that do not have a risk management program in place. Explain why risk identification, through a listing of assets and their vulnerabilities, is so important to the risk management process.
https://csrc.nist.gov/publications/sp : NIST SP 800-39, NIST SP 800-37, ISO 27005:2011
https://cyberblend.net/blog/iso-27001-required-documents-policies-and-procedures/ : ISO 27005:2011, and ISO 27005:2011
HOW TO WORK ON THIS ASSIGNMENT (EXAMPLE DRAFT/ESSAY)
NIST SP 800-39 and NIST SP 800-37 are both publications by the National Institute of Standards and Technology (NIST) that provide guidelines for risk management in federal agencies and organizations that deal with sensitive information. NIST SP 800-39 outlines the Risk Management Framework (RMF), which is a structured process for identifying, assessing, and prioritizing risks to organizational operations, assets, individuals, and the nation arising from the operation and use of information systems. NIST SP 800-37 provides the steps to implement RMF.
ISO 27005:2011 is an international standard that provides guidelines for risk management in information security based on the ISO/IEC 27001:2013 framework. The standard provides guidelines for identifying, evaluating, and prioritizing information security risks, and implementing and maintaining a risk management process.
Based on the guidelines provided by these standards, organizations that do not have a risk management program in place can adopt the NIST RMF. The RMF provides a systematic and repeatable process for managing risks to organizational assets and information systems. The framework provides a six-step process, including (1) categorizing information and information systems, (2) selecting security controls, (3) implementing security controls, (4) assessing security controls, (5) authorizing information systems, and (6) monitoring security controls.
Risk identification is a crucial step in the risk management process because it helps organizations to understand the assets that they need to protect and the vulnerabilities that can be exploited by potential threats. By identifying and listing assets and their vulnerabilities, organizations can prioritize the risks that need to be addressed and develop appropriate risk mitigation strategies. This can help organizations to prevent or reduce the impact of security incidents that could result in loss of data, damage to systems, or financial losses.
In summary, organizations can use the NIST Risk Management Framework to implement a structured and repeatable process for managing risks to their assets and information systems. Risk identification is an essential step in the risk management process because it helps organizations to understand the assets they need to protect and prioritize risks that need to be addressed. By following the guidelines provided by the standards, organizations can ensure that they have a robust risk management program in place to protect their assets and information systems.
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