Risk assessment and mitigation

Information assets can include confidential customer data, intellectual property, and financial data. Systems assets can include hardware, software, and networks. People assets can include employees, customers, and partners.

The impacts of cybersecurity threats on enterprise assets can vary depending on the specific threat and the value of the asset. For example, a data breach could result in the loss of confidential customer data, which could damage the organization's reputation and lead to financial losses. A ransomware attack could disrupt operations and prevent employees from accessing critical systems.

Creation of Risk Registers

A risk register is a document that lists all of the risks that an organization faces. It should include information about the likelihood and impact of each risk.

Risk registers can be used to identify and prioritize risks, as well as to develop and implement risk response plans.

To create a risk register, organizations should:

1. Identify all of the assets that the organization needs to protect.
2. Identify all of the threats and vulnerabilities that could impact those assets.
3. Assess the likelihood and impact of each threat and vulnerability.
4. Develop risk response plans for each risk.

Risk Response and Monitoring

Risk response is the process of taking steps to reduce or mitigate the impact of risks.

There are a variety of risk response strategies that organizations can use, including:

• Avoidance: Eliminating the risk altogether.
• Mitigation: Reducing the likelihood or impact of the risk.
• Acceptance: Accepting the risk and taking no action.
• Transferral: Transferring the risk to another party, such as an insurance company.

Once risk response plans have been implemented, organizations should monitor the risks to ensure that the plans are effective.

Conclusion

The NIST article on identifying and estimating cybersecurity risk for enterprise risk management provides a comprehensive overview of the topic. It covers all of the key areas, including risk tolerance and risk appetite, the impacts of threats and vulnerabilities on enterprise assets, the creation of risk registers, and risk response and monitoring.

APA-Formatted References

National Institute of Standards and Technology. (2021). Identifying and estimating cybersecurity risk for enterprise risk management. NIST Interagency/Internal Report (NISTIR) 8286A.

Additional Notes

In addition to the key areas listed above, the NIST article also covers the following topics:

• The relationship between cybersecurity risk management and enterprise risk management
• The importance of integrating cybersecurity risk management into all aspects of the organization
• The need to tailor cybersecurity risk management to the specific needs of the organization
• The importance of continuously monitoring and improving the cybersecurity risk management program

The NIST article is a valuable resource for any organization that is looking to improve its cybersecurity risk management program.

Summary of the NIST Article on Identifying and Estimating Cybersecurity Risk for Enterprise Risk Management (ERMI)

Risk Tolerance and Risk Appetite

Risk tolerance is the amount of risk that an organization is willing to accept. Risk appetite is the organization's willingness to take on risk in order to achieve its goals.

Risk tolerance and risk appetite are important factors to consider when developing an enterprise risk management plan. An organization that is too risk-averse may not be able to achieve its goals, while an organization that is too risk-tolerant may be at risk of serious consequences if something goes wrong.

Impacts of Threats and Vulnerabilities on Enterprise Assets

Cybersecurity threats can have a significant impact on enterprise assets. These assets include information, systems, and people.