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INTRODUCTION TO THE

RISK IT FRAMEWORK
LISA YOUNG, VICE PRESIDENT, CYBER RISK ENGINEERING, AXIO
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TODAY’S SPEAKER

Lisa Young

Vice President, Cyber Risk Engineering

Axio

“Lisa Young @ISACA”


AGENDA RISK IT FRAMEWORK AND PRACTITIONERS GUIDE

• Common Language & Definitions

• Setting the context for Risk Management


• Principles
• Components and Alignment with COBIT
• Risk Governance
• Risk Awareness, Communication, and Risk Reporting
• Risk Scenarios and Response Options

• Q&A
SETTING THE CONTEXT FOR RISK MANAGEMENT

Definition: Ongoing, proactive process of adopting a holistic approach to address


uncertainty which:

• may effect the achievement of business or enterprise objectives


• leads to greater business robustness and resilience (minimizes downside impact)
• enables efficient risk-taking for appropriate benefit (opportunity)

Establish repeatable process to minimize and mitigate loss


POLLING QUESTION

How would you a. It’s an issue.


describe a
missing patch on
a server
containing b. It’s a risk.
customer
sensitive data?
c. It’s a root cause.

d. It’s a control deficiency


THE NEED FOR A COMMON LANGUAGE
RISK DEFINED
Cyber Risk

Cyber Cyber Risk


Of or relating to computers, information technology, Exposure to danger, harm, or loss
electronic communications (especially the internet) related to the use of or dependence
on computers, electronic data, or
electronic communications
(including the Internet)
Typically involves unauthorized access or
Risk unauthorized use of computer technology.

The combination of the likelihood of an event and its


impact

10
Other Common Cyber Risk Categories
In addition to tangible destruction and data destruction, we should be aware of these

Theft or Loss Business Email Communications


of Data Compromise Disruption
Personal data, credit card data, Theft of funds through cyber Website or network disruption;
business data — any data with trickery website defacement; social
black-market or competitive media takeover
value is at risk Up 1300% since early 2015; FBI
reports 22,143 victims and $3.1 DDOS attacks have dramatically
Historically, the primary cyber billion stolen through mid 2016 increased in severity
peril

Motive: financial or competitive Motive: financial Motive: financial, ideological,


gain, extortion, intel gathering extortion, terrorism, or war

11
SETTING THE CONTEXT FOR RISK
SERVICES, PRODUCTS, MISSION

• Outputs of an organization
• Can be internally or externally focused
• Typically align with a specific organizational unit, but can cross units and
organizational boundaries
• Collectively they enable an organization’s mission
BUSINESS OPERATIONS, BUSINESS PROCESSES, PRODUCTIVE
ACTIVITIES, PROJECTS
• The activities that the organization (and/or its suppliers) perform
to ensure that services and products are produced
• Traverse the organization; cross organizational lines
• A service or a product is made up of one or more Business
Processes, productive activities, projects or whatever they are
called in your organization.
ASSETS

• Something of value to the organization


• Placed into production to deliver and support services
• Asset value relates to the importance of the asset in
meeting the enterprise mission.
ORGANIZATIONAL CONTEXT FOR RISK
RISK MANAGEMENT WORKFLOW
RISK ASSESSMENT

Risk assessment must help the organization identify what could threaten the
organization’s ability to meet objectives
• Conditions
• What the probability is of the threat materializing or how susceptible are you?
• Uncertainty factor
• How the realized risk will impact the organization
• Consequence/Impact

• Risk
Analyze • Risk response,
identification • Assessment mitigation and
and and monitoring
prioritization quantification activities
of risk
Identify Manage
AUDITING AND RISK MANAGEMENT ARE COMPLIMENTARY

Discussion: What does it mean to


move from a Controls- or
Compliance-based approach to a
Risk-based approach?
RISK IT PRINCIPLES AND COBIT
ALIGNMENT
RISK IT PRINCIPLES
RISK IT
COMPONENTS AND
ALIGNMENT TO
COBIT
POLLING QUESTION

What frameworks, standards, or guidelines are


you using for risk management today?
A. RISK IT Framework, COBIT
B. COSO Enterprise Risk Management
C. OCTAVE Allegro

D. ISO-27005 or ISO/IEC 31010


E. NIST SP800-30 or SP800-39

F. NIST Cybersecurity Framework


G. None
H. Other
RISK GOVERNANCE, AWARENESS,
COMMUNICATIONS, REPORTING
RISK GOVERNANCE
RISK AWARENESS, COMMUNICATIONS & REPORTING
RISK SCENARIOS AND RESPONSE
OPTIONS
CONSIDERATIONS FOR RISK SCENARIO DEVELOPMENT
RISK SCENARIOS
RISK RESPONSE
POLLING QUESTION

What topics would you like to learn in a follow up


webinar on risk?
A. Risk identification techniques
B. Defining an integrated risk process for all
types of risk
C. Qualitative and Quantitative risk analysis
D. Risk Communication & Reporting
E. Maturing the risk management capability
F. Other?
QUESTIONS?
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You assume the entire risk for the use of the content and acknowledge that: ISACA
has designed the content primarily as an educational resource for IT professionals and
therefore the content should not be deemed either to set forth all appropriate
procedures, tests, or controls or to suggest that other procedures, tests, or controls
that are not included may not be appropriate; ISACA does not claim that use of the
content will assure a successful outcome and you are responsible for applying
professional judgement to the specific circumstances presented to determining the
appropriate procedures, tests, or controls.

Copyright © 2020 by the Information Systems Audit and Control Association, Inc. (ISACA). All rights reserved. This webinar may not be used, copied, reproduced,
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THANK YOU FOR
ATTENDING THIS
ISACA WEBINAR