Risk Management and Mitigation Strategies
Added on 2020-02-19
17 Pages3744 Words61 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..........................................................................................................................31. Diagram to Illustrate the Security Issues in VIC.............................................................32. Risk Areas........................................................................................................................42.1 Exposure of Risk........................................................................................................52.1.1 High Risk Area...................................................................................................52.1.2. Medium Risk Area.............................................................................................52.1.3 Low Risk Areas..................................................................................................63. Deliberate and Accidental Threats...................................................................................63.1. Deliberate Threats.....................................................................................................63.2 Accidental Threats.....................................................................................................63.3 Risk Ranking.............................................................................................................74. Security/ Risk management Issues in the organization...................................................84.1 Internal Security/ Risk Management.........................................................................84.2. External Security/Risk Management........................................................................94.3 The Risk Management Strategy for VIC...................................................................95. Risk Vs Uncertainty......................................................................................................105.1 Risk..........................................................................................................................105.2. Uncertainty.............................................................................................................116. Risk Control and Risk Mitigation..................................................................................11
2 IT RISK MANAGEMENT6.1. Risk Mitigation: Risk Transfer...............................................................................116.2. Risk Mitigation: Risk Control................................................................................126.3. Risk Mitigation: Risk Avoidance...........................................................................126.4 Risk Mitigation: Risk Monitoring...........................................................................12Conclusion.........................................................................................................................12References..........................................................................................................................14
3 IT RISK MANAGEMENTIntroductionThe report focuses on the information security system of the VIC government that isfacing certain information security risks. The issue is important because the confidentialinformation of the Victorian government should be properly protected in order prevent the databreach and the loss of data and information (Healey, 2016). The report discusses the currentsecurity risks Victorian government is facing and the area of risk exposure. The problems thatVictorian government might face due to its exposure towards the deliberate and the accidentalthreats are elaborated in the report. Enforcement of a proper data security standard is essential forprotection and security of the confidential information of a system. The report discusses the areaof high, medium and low risks penetrating in the system. Furthermore, the report contains adiagrammatic representation of the risks, the government is exposed to and their possible causes.The information security system should be efficient enough to prevent the threats frompenetrating into the system. The Threats, risks and the risk management plan of the Victoriangovernment is elaborated in the following paragraphs. 1. Diagram to Illustrate the Security Issues in VIC
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