5-1project
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School
Southern New Hampshire University *
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Course
313
Subject
Information Systems
Date
Dec 6, 2023
Type
docx
Pages
8
Uploaded by KidTitanium2988
Datonian Zollicoffer
IT-313
5-1 SUBMIT PROJECT ONE: ANALYZE THE DESIGN OF A RISK MITIGATION PLAN
Scope:
Effective risk management is a crucial element for the success of any organization. Failure to
monitor and address potential threats exposes an organization's systems and data to the risk of
exploitation by malicious actors. Consequently, it is essential for organizations to develop and
periodically review a Risk Mitigation Plan, particularly as threats are continually evolving. The
Risk Mitigation Plan of Workers Werks Credit Union (WWCU) outlines its objectives, focusing on
managing security-related risks associated with the implementation of software and hardware
within the credit union. The plan draws upon standards such as NIST SP 800-30, ISO
31000:2018, and ISO/IEC 27005:2018 to establish the necessary guidelines and regulations for
effective risk management concerning the protection of organizational data.
Within the plan, specific components include defining the roles and responsibilities of
individuals within the organization, establishing an escalation process, outlining the risk
management procedure, assessing risks, identifying assets and threats, evaluating existing
controls, defining vulnerabilities and potential consequences. Additionally, the plan details the
analysis process for identified risks, including how they are addressed and documented for future
reference. The Risk Mitigation Plan effectively achieves a balance between risk and cost by
offering clear guidelines for identifying the assets of the organization and the potential threats
associated with their utilization. It acknowledges the critical importance of the organization's
assets and underscores the potential severity of consequences in the event of compromise by
threat actors. The plan not only emphasizes the value of organizational assets but also outlines
the magnitude of potential adverse consequences.
Moreover, the plan provides comprehensive guidance on analyzing risks to the organization's
assets and outlines strategies for their mitigation. By addressing the identification, assessment,
and treatment of risks, the plan establishes a framework to safeguard the organization's assets
while considering the associated costs and potential impacts. The Risk Mitigation Plan
comprehensively addresses the organization's objectives using the CIA Triad principles of
Confidentiality, Integrity, and Availability as best practices. Confidentiality, in this context,
pertains to safeguarding information gathered by the organization from unauthorized access.
Integrity ensures that the data collected from consumers is maintained in a reliable manner,
preventing unauthorized alterations or modifications. Availability refers to the accessibility of
gathered data by consumers or the organization when needed (Washington University in St.
Louis, 2023). The plan also incorporates the NIST SP 800-30 (Risk Management Guide for
Information Technology Systems) as a reference, aiding in the formulation of the risk mitigation
plan.
Furthermore, the plan specifically addresses potential cybersecurity impacts on stakeholders,
identifying key individuals within the organization. It delineates the roles and responsibilities of
these key stakeholders, providing clarity on the actions they should take in the event of a
cybersecurity incident. An escalation process is outlined, detailing the information about which
individuals are authorized to take actions based on the severity level of the incident.
Risk:
The Risk Mitigation Plan effectively identifies potential risks, vulnerabilities, and threats that
have the potential to impact critical business functions and processes. Within the plan,
vulnerabilities are acknowledged, and additional guidance is provided through referencing the
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