Risk Management & Uncertainty Analysis
Added on 2020-03-28
15 Pages3652 Words47 Views
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Running head: IT RISK MANAGEMENTIT Risk ManagementName of the StudentName of the UniversityAuthor Note
1 IT RISK MANAGEMENTTable of ContentsIntroduction..........................................................................................................................21. Illustration of Security risks and Concerns in VIC..........................................................22. Risk Exposure of Victorian Government........................................................................32.1 Risk Management and Identification of Risk Exposure: High, Medium and Low...43. Analysis of Deliberate and Accidental threats.................................................................53.1. Deliberate Threats.....................................................................................................53.2 Accidental Threats.....................................................................................................53.3. Threat ranking: High, Low.......................................................................................64. Security and Risk Management challenges faced by VIC government..........................64.1. Internal Security and Risk Management...................................................................74.2. External Security and Risk Management.................................................................74.3 The chosen Strategy of Risk Mitigation....................................................................85. Risk and Uncertainty.......................................................................................................85.1 Risk............................................................................................................................95.2 Uncertainty................................................................................................................96. Risk Control and Mitigation Approaches........................................................................9Conclusion.........................................................................................................................10References..........................................................................................................................12
2 IT RISK MANAGEMENTIntroductionSecurity and protection of confidentiality of data is essential for every organization.Implementation of a proper and effective information system can help in data protection andsecuring the privacy of the data. An effective information system is capable of detecting andpreventing any threats to creep into the system that may be a cause of data loss and data theft.The information system of Victorian government is not secure enough and is currentlyexperiencing the threat of data loss. The framework of Victorian protective data security givesdirection to the Victorian State government for data protection. The information system of VICis exposed to a number of risks that can be classified as deliberate and accidental threats alongwith the internal and external risks. Internal risks and accidental threats can be removed easily byundertaking proper actions. External risks and deliberate threats are however difficult toeliminate. Proper standard of data security is to be maintained by ensuring the securitygovernance, information security, personal security and ICT security (Healey, 2016). Differentsecurity management framework can help the VIC government in detecting and eliminating thethreats from the system. The report discusses the different threats associated with the informationsystem of VIC government and draws a line between the risk and uncertainty about VIC. Thereport concludes with the recommendation of approaches, VIC government could consider inmitigating the associated risks. 1. Illustration of Security risks and Concerns in VIC
3 IT RISK MANAGEMENTFig 1: Illustration of Security Risks and Threats in VIC Government(Source: Created by the author in MS Visio)2. Risk Exposure of Victorian GovernmentThe above figure gives an insight of the risks associated with the Victorian government.The database used for storing data is highly exposed to the risk and vulnerability associated withthe system. The active monitoring of the system is a foremost essential but is not that effective incase of VIC. The database is not actively monitored as illustrated in the diagram and hence therisk multiplies in case of database. The manual access of the system is another area of highvulnerability and this should be properly monitored in order to eliminate the risks of deliberatethreats (Cardona et al., 2012). Cloud server and storage of data in server enables increasingbenefits to the system but this is another area of high risk exposure. This is because, the cloud
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