Business case: Financial institution ( i.e. Bank)
The bank has a data center with the following assets.
Database for customers ( 55,000 customers )
Database for employees ( 500 Employees)
Serves, data storage, and long-term archive and address the blow given questions
Question 1 : How to Perform an IT Cyber Security Risk Assessment for this Financial institution.
Question 2 : How to Perform a Security Risk Assessment for the Financial Institution IT system
Question 3 : How to do Security Testing and Assessment for the Financial Institutions IT system
Resource : https://csrc.nist.gov/publications/detail/sp/800-115/final
A security risk assessment is an important step in securing your company’s IT system. It can help you identify vulnerabilities, assess their impact on your organization and determine how best to protect sensitive data. In this article, we’ll walk through each step of performing a security risk assessment so that you can start addressing these issues today!
In order to conduct a security risk assessment, you will need to identify threats and vulnerabilities within your organization. There are two types of threats: physical and digital. Physical threats include natural disasters like earthquakes and floods; man-made disasters such as terrorist attacks or acts of war; intentional acts by individuals who want to disrupt operations at the financial institution (e.g., disgruntled employees); unintentional events that could lead to downtime such as power outages or natural disasters such as hurricanes in Florida where many banks have offices located near rivers where they can flood easily if it rains heavily enough during hurricane season (which happens every year).
Digital risks include data breaches from hackers who steal information from computers connected through networks such as those used by financial institutions when accessing their internal systems for customers’ accounts balances or making payments overseas).
The second step in performing a security risk assessment is to identify the threats, vulnerabilities and risks to your financial institution. The first step was to identify the vulnerabilities that exist on your network. This includes identifying:
Next, you will want to identify any relevant controls or mitigation strategies available for protecting against these threats and vulnerabilities as well as their associated risks. These controls may include firewalls or other security technologies like encryption software (e.g., VPNs). They can also include policy statements related specifically toward managing risk exposure within IT environments such as restricting employee access privileges based on job function or location of workstation(s).
Next, you need to use a vulnerability scanner. A vulnerability scanner is a tool that can help identify the security risks and flaws in your system. There are many different types of scanners out there, but they all have their own strengths and weaknesses.
Some scanners may be able to identify only one or two vulnerabilities on the system at once while others might scan multiple systems simultaneously. In addition, some scanners might require you to upload data manually while other types will allow you to do this automatically (for example, by using an API).
Finally, some tools let users specify which files they want scanned for vulnerabilities—otherwise known as scanning specific systems or folders—while others just scan everything within a given directory or folder structure without telling users how much data is being collected during these scans (which means that if someone deletes something from those folders later on then this could potentially cause problems).
A risk assessment is an important step in securing your company’s IT system. It’s a systematic process to evaluate the likelihood and impact of potential threats, as well as their impact on your organization.
The goal of performing a risk assessment is to reduce any potential risks related to cyber security by identifying vulnerabilities or gaps in your security plan, so that they can be addressed before an attack occurs.
As you can see, performing a security risk assessment is an important step in securing your company’s IT system.
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