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Task 1 :Four components of information security risk management Te Mata Estate is one of New Zealand’s oldest wine producers in the country. Most of the activitiesof this system are automated in order to enhance the effective management of the supply chain. As at the year 2008 and the year 2011, the company experienced some critical hitches in its informationsystem. In 2008, a hacking took place which not only denied access to the administrator of the system but also the functionality of the whole system was highly downgraded. Management of risk mainly involves risk priorities, assessment of risk, identification of threats and fix them using various types of resources to minimize the heavy losses. Effective risk management in Te Mata Estate makes value which plays an important role in their decision-making process against upcoming threats. a) Risk Avoidance : Mainly used to remove activities which involves risk and have extreme approach for risk .
b) Prevention : Manage liabilities by making activities and program in a way which reduce the limitations risk. c) Risk Transfer : By using insurance policies and identification of agreements we transfer the risk to another party .d) Risk Retention : In this we accept the risk as it is for a specific purpose.The overall transaction process is also known as data processing. The transaction system mainly includes this type of subsystems like sales, production, purchasing, shipping, inventory, and payroll of the company. A transaction cycle is a set of interlocking business transactions. Due to the lack of process visibility,, it is very tough to assess the real progress through documented analysis in e -commerce. The risk is mainly related to the quality and amount of the available information. Due tolack of information the risk is higher. The different process model has different levels of risk. (Kim, D.; Solomon, M.G. (2016).Fundamentals of Information Systems Security. Jones & Bartlett Learning. p.225. )Task 2 :Assurance and compliance componentsThere are so many different types of ethical issues are present. They are normally divided into four categories and generally known as acronym PAPA. Here PAPA stands for Privacy, Accuracy, Property, and Accessibility. a) In privacy, we mainly work on what an individual data and information are going to exchange and share under some specific terms and conditions with other people as well as also help in deciding what to keep safe and what to share with others.b) Whereas inaccuracy we look for the data and information validity, as well as find out the responsible authorities for error in data and information and also the affected party lost. c)In property, we basically tried to find out the owner of the data and information and also tried to fix the prices for its exchange.
d) And at last inaccessibility, we mainly work on what type of data and information any individual or organization have the right to obtain under certain terms and conditions. As we see that there are many problems which occur due to the communication problem between developers, managers, and customers. Currently, there are two main forces which put major risk on the privacy of the individual and organization. First one is a sudden rise in the use of information technology with more new capabilities of communications, surveillance, and storage. Whereas the second one is a more dangerous threat in which information plays a major role in the decision-making process. Information leaks lead to invades the privacy of individuals and organization.(Dhlamini, J., Nhamu, I. & Kachepa, A. (2009). Intelligent risk management tools for software development. Proceedings of the 2009 Annual Conference of the Southern African Computer Lecturers’ Association, 33–40)Task 3 :a) Risk management controls and standards(1)The new risk management standard has many definitions and approaches to managing the risk factor. All the new method and theory which is developed in AS/NZS ISO 31000:2009 for the benefits of the organization which help in making confident and balanced decisions about all the risks which Te Mata Estate are going to face in the future. (2) Data and information which are in the form of documents, persentations , emails, and databases are the lifeline of the most of the companies and application which protect and run your organisations requires a lot of space.(3) Wireless network can be easily compormise by using share key. Due to increasing dependence on IT also increased the risk impact of IT on overall organization business. Nowadays threats in IT services is increased because its vulnerabilities is exposed across the world.
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