Electric Power Work: Cybersecurity Risk Assessment Report and Analysis

This report provides a detailed cybersecurity risk assessment for electric power work, covering various aspects of potential risks and mitigation strategies. The report begins with a brief summarization of the scope and results of the risk assessment, highlighting the identification of hazards and the analysis of risk factors. It then delves into high-risk findings, such as malware attacks and issues in circuit switches, providing required management actions for each. An action plan is presented to address and prioritize compliance gaps, followed by a cost-benefit analysis for a five-year period. The report also explains the risks involved in achieving the required outcomes, such as power failure and electrical installation risks, along with the resources needed to address these gaps. References to relevant research and frameworks are included to support the findings and recommendations, making it a comprehensive analysis of cybersecurity risks in the electric power sector.

Running head: RISK ASSESSMENT
Risk Assessment for Cyber Security in Electric Power Work
Name of the Student
Name of the University
Author’s Note:

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Table of Contents
1. Brief Summarization of the Scope and Results of the Risk Assessment...............................2
2. High Risk Findings and Required Management Actions for the Risks.................................2
3. Action Plan for addressing and prioritization of Compliance Gaps......................................3
4. Cost Benefit Analysis for 5 years of Electric Power Work...................................................4
5. Explanation of the Risks involved while achieving the required outcomes and Resources
required for addressing the Gaps................................................................................................5
References..................................................................................................................................7

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1. Brief Summarization of the Scope and Results of the Risk Assessment
Risk assessment is required for successful identification of hazards and different risk
factors, which comprise of the major potential for causing any type of damage. It is also
required to analyse as well as evaluate the risks, related to the hazard (Suter II, 2016). Risk
assessment is also required for determining proper methods to eradicate the issue or control
the risk, as soon as risk could not be controlled. The main scope of risk assessment in Electric
Power Work is responsible for identifying different procedures, situations and things, which
might cause harm to the individuals. As soon as this identifying is made, different employees
in the organization analyse as well as evaluate the severity or probability of the risk. When
this determination is made, the organization management of Electric Power Work can decide
different measures to be placed for elimination or control of the damage (Aven, 2016). There
are some of the most distinct and important security controls, which are required to be
implemented over the devices of power MOSFET. Two cases, in which security controls
cannot be implemented on a power MOSFET are faulty hardware and draining current
degradation. However, these issues could be eradicated with the help of NIST cyber security
framework. Few such controls include involvement of encryption and log storage. The results
of this risk assessment can easily comprehend the nature of hazards in the organization.
2. High Risk Findings and Required Management Actions for the Risks
Electric Power Work is an electric organization that comprises of several high risks
and these are provided in the following paragraphs with suitable management actions:
i) Malware Attack: The first and the foremost high risk that is possible in the
organization of Electric Power Work is malware attack. Due to such issue, there is a high
chance that the respective MOSFET device would not provide appropriate results (Slovic,
Fischhoff & Lichtenstein, 2016). It is quite common for a MOSFET device that the malicious

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software can encompass several types of attacks like ransomware and spyware. Installation of
an antivirus or anti malware software is a significant management action for this type of
malicious attack.
ii) Issue in Circuit Switches and Connection Devices: The second important and
significant high risk that is possible in the organization of Electric Power Work is the
subsequent issue in different circuit switches as well as connection devices. Due to such
problem, it could be quite common for the organization to lose their data or information. As a
result, there is a chance of loss or data or data breach. Moreover, an insecure application user
interface would also be present in the organization. One of the most significant management
actions that can be effective for this specific high risk would be involvement of
administrative controls related to risk management.
3. Action Plan for addressing and prioritization of Compliance Gaps
A proper compliance gap analysis is required for any organization to successfully
compare different laws, rules, standards and codes to the business processes and then find out
specified gaps. It is being conducted before proper implementation and also involve proper
planning and direction. A suitable action plan to address and then prioritize compliance gaps
for Electric Power Work is provided in the following paragraphs:
Compliance
gaps
Actions to be taken Time frame
for the
actions
Prioritization of
the Compliance
gaps
New product
launch
The management of Electric Power
Work determines sales not meeting
forecasts and then involving launch
of new product to ensure high
1 month 2nd

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success.
Individual
assessment in the
IT department
Being an electric company, they
should perform a compliance gap
analysis of the product for ensuring
that all the functionalities and
features outlined in the business
requirements are present and
working as per expectation. As a
result, data might be lost. The
suitable action for this issue would
be periodical feedback and meeting
with the team members.
2 months 3rd
Examination of
IT requirements
Different IT requirements and
security programs need proper
controls and processes for
complying with different
government standards and
regulations.
1 month 1st
Table 1: Action Plan for Electric Power Work
4. Cost Benefit Analysis for 5 years of Electric Power Work
The cost benefit analysis is a specific procedure that businesses utilize to analyse
different decisions. The analyst or the business sums up the major advantages of an action or
situation and then subtracts the expenses related to that specific action. The subsequent
advantage of cost benefit analysis is providing clarity in the most unpredictable situations and
also successfully identify and evaluate every upcoming expense. As a result, the potential

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revenues and costs are being evaluated from the project. A detailed cost benefit analysis of
Electric Power Work for 5 years is provided in the following paragraphs:
Figure 1: Cost Benefit Analysis of Electric Power Work for 5 years
(Source: Created by the Author in MS Excel)
5. Explanation of the Risks involved while achieving the required outcomes and
Resources required for addressing the Gaps
Different risks that are involved while trying towards proper achievement of the
required outcomes are provided below:
i) Power failure: This is the most significant risk that is possible while achieving
proper outcomes in the organization of Electric Power Work. Since, they are dealing with all
types of power based devices, it is evident that the organization would not be able to analyse
their current devices and data would be lost complexity (Bahr, 2018). Moreover, there could
be certain circuits that can provide low voltage and as a result, power failure can occur.
ii) Risk in Electrical Installations: The second important and significant risk that is
possible while achieving proper outcomes in the organization of Electric Power Work is the
subsequent risk in different electrical installations. An unsafe electrical equipment as well as

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electrical installation within the work place could be quite problematic in terms of safety and
security.
Resources needed for addressing the above mentioned gaps are as follows:
i) The first resource required for addressing the gaps would be pressure system (Aven,
2016). This type of system would be responsible for reducing the impact of power failure.
ii) The second vital resource required for addressing the gaps would be cable sheaths
and capacitors.

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References
Aven, T. (2016). Risk assessment and risk management: Review of recent advances on their
foundation. European Journal of Operational Research, 253(1), 1-13.
Bahr, N. J. (2018). System safety engineering and risk assessment: a practical approach.
CRC press.
Slovic, P., Fischhoff, B., & Lichtenstein, S. (2016). Response mode, framing and
information-processing effects in risk assessment. In The perception of risk (pp. 192-
205). Routledge.
Suter II, G. W. (2016). Ecological risk assessment. CRC press.