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Risk Management
Source: csrc.nist.gov
Topic: Risk Management
Sort Desciption: Risk management is the total process of identifying measuring ... This paper was written to help in the objective analysis of the risk management ...
Content Inside: Risk Management James W. Meritt Jim.Meritt@Wang.com (703) 827-3534 Abstract To believe the news media there are a host of cruel and omnipotent hackers out there who can totally destroy any system they set their minds to spreading total devastation upon whoever and wherever they wish. The slightest freak of nature - heavy rain a fire a date on a calendar - can wipe any system out entirely. This is not the case: the devastation is not total the destruction is not complete there are countermeasures that can be brought to bear to avoid this disastrous outcome. Introduction There are a number of very real risks to information systems but they are not absolute. There is a chance of any system being subject to attack but it isnt certain. You are not subject to the whims of the attacker or of nature there are many things which can be done to mitigate the losses. Risk management is the total process of identifying measuring and minimizing uncertain events affecting resources. This paper was written to help in the objective analysis of the risk management process. The Office of Management and Budget CIRCULAR NO. A-130 dated February 8 1996 states: The Appendix no longer requires the preparation of formal risk analyses. In the past substantial resources have been expended doing complex analyses of specific risks to systems with limited tangible benefit in terms of improved security for the systems. Rather than continue to try to precisely measure risk security efforts are better served by generally assessing risks and taking actions to manage them. While formal risk analyses need not be performed the need to determine adequate security will require that a risk-based approach be used. This risk assessment approach should include a consideration of the major factors in risk management: the value of the system or application threats vulnerabilities and the effectiveness of current or proposed safeguards. For this reason many Federal including Department of Defe ...
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