Developing a Security Management Program and Risk Assessment Plan for Power AI

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Security Management Program
Name
Institution
Date

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Executive Summary
A security management plan is an essential tool for any organisation that wants to protect its
assets and prevent any potential threats. The paper outlines the importance of developing a
security management plan and outlines steps in developing a risk assessment plan. In doing so, it
identifies the threats, vulnerabilities, assets, and controls that need to be considered in the risk
management plan. Four threats and four assets are identified related to Power AI, which is an
organisation that is dealing with potential threat losing data or unauthorized access to sensitive
company information. The report is structured in two parts: A and B. Part A outlines a report for
security management and governance program while part B provides a sample risk management
plan for Power AI and suggested controls.

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Table of Contents
Executive Summary.............................................................................................................2
Introduction..........................................................................................................................4
Part A...................................................................................................................................5
Benefits of Security Management Plan............................................................................5
Development of a Security Policy and Security Management Plan................................6
Functions, Roles and Responsibilities to be defined for the Security Management
Program........................................................................................................................................7
Roles of different Individuals..........................................................................................7
Relevant Model for Development of a Security Management Program..........................9
The Legal and Statutory Requirements that will be addressed......................................11
Part B: Risk Management Plan..........................................................................................12
Description of Risk Assessment Process.......................................................................12
Benefits of Risk Management Plan................................................................................12
Identification of Assets..................................................................................................13
Identification of Threats/Vulnerabilities........................................................................13
Priorities Set...................................................................................................................13
Suggested Controls........................................................................................................13
Bibliography......................................................................................................................15

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Introduction
In the current digital world, which is characterized by many people being tech-savvy,
ICT security has become a challenge to many organisations. There are several cases where
organisations have lost their data to hackers for various reasons, some being hacktivism. To
avoid such, a risk management plan must be established to safeguard critical data that may put an
organisation at risk. Stallings et al. (2012) define risk management as the process for identifying,
analysing, controlling, and communicating risks and applying strategies to minimize risk to a
level that is acceptable. The methodology for risk management provides for the making of
informed decisions regarding the utilization of scarce resources that are relevant to the risk
exposure. Stallings et al. (2012) argue that a risk management plan must include steps for
identifying key assets whose loss would negatively affect the capabilities of an organisation.
There is a need for every organisation to have specific management procedures and a framework
for the identification of risks and decisions on what policies and controls are required and
regularly evaluate the efficiency of such policies and address the weaknesses identified. Power
AI, being a technology company, is prone to external attacks. The purpose of this report is to
discuss the need for Power AI to have a security management program and provide a
recommendation on how it can develop a security management program for preventing threats
and protect its assets. The structure of the report contains two parts; A and B. Part A outlines a
report for security management and governance program, while part B outlines a sample risk
management plan for Power AI.