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ICTCYS608 Perform cyber security risk Assignment 1 Sample

Assessment information

Information about how you should complete this assessment can be found in Appendix

A of the IT Works Student User Guide. Refer to the appendix for information on:

- Where this task should be completed

- The maximum time allowed for completing this assessment task

- Whether or not this task is open-book.

Note: You must complete and submit an assessment cover sheet with your work. A template is provided in Appendix C of the Student User Guide. However, if your RTO has provided you with an assessment cover sheet, please ensure that you use that.

Questions

Provide answers to all of the questions below:

1. Explain why it is important for an organisation to conduct a cyber security risk assessment.

2. List typical steps that would be followed to conduct and report on a cyber security risk assessment.

3. List three ways that could be used to measure risk culture and risk appetite in relation to cyber security.

4. Identify two sources of information that that could be used to find out about cyber security legislation.

Solution

1. Importance of Conducting a Cyber Security Risk Assessment for an Organization

Cyber security risk assessment identifies and assesses the probability and severity of potential threats to an organization's information assets (Ganin et al. 2020). It is a critical part of a comprehensive security program, as it allows organizations to anticipate and plan for possible risks and to develop appropriate countermeasures. Risk assessments provide the foundation for an effective security strategy by helping organizations identify, assess and reduce their vulnerabilities. Cyber security risk assessments allow organizations to understand the risk level, the potential consequences of an attack and the necessary steps to mitigate the threat. Organizations can ensure they adequately protect their digital assets and minimize risk exposure by regularly conducting cyber security risk assessments.

Organizations need to conduct a cyber security risk assessment because it enables them to identify vulnerabilities within their systems and provides them with a comprehensive picture of the threats posed by cybercriminals (Fraser, Quail, & Simkins, 2021). By conducting a risk assessment, organizations can understand their current cyber security posture and identify areas where they may need to invest in additional measures. It also helps organizations to identify and respond to potential cyber threats, allowing them to remain one step ahead of the hackers. Furthermore, it provides a framework for developing and implementing effective policies and procedures for mitigating risks associated with cyber security threats. This helps organizations protect their valuable data, networks, and systems from malicious actors. Any organization's cyber security risk assessment is essential to protect its sensitive data, networks, and systems.

2. The procedures for Performing and Documenting a Cyber Security Risk Evaluation

The process of finding, analyzing, and evaluating risk concerning cyber security is carried out step by step. Choosing cyber security measures compatible with the risks one encounter is always beneficial. Choosing the best cyber security without the risk assessment method would be a waste of time, effort, and resources. Information assets that a cyber-attack might impact are always identified in a cyber security risk evaluation. Typically, a risk calculation and analysis are done, and then controls are chosen to address the risks that have been found.

Determining the area of responsibility of the risk assessment: The risk assessment process for the assignment help always begins with choosing the assessment's scope (Pukala, Sira, & Vavrek, 2018). It is typically a significant and difficult procedure. Additionally, it is crucial to have the full backing of all parties whose actions fall under the purview of the assessment because understanding will depend on their contributions.

Identifying the risks - The second step in the risk assessment procedure is to identify the risks. There are three sections again in this place. It must first determine the properties. The next step is to determine the threats. Threats can be tactics, techniques, or even ways. The final step is to determine which portion of the risk is incorrect.

Analyzing the risks - The third stage is to correctly analyze the risks and determine the potential effects of the threats after they have been identified. The risk potential and possibility always provide a danger that is capable of leveraging a weakness in a cybersecurity risk assessment process (Eckhart, Brenner, Ekelhart, & Weippl, 2019).

Determining and prioritizing risks - Identifying and prioritizing the risks is the fourth stage in cyber security risk assessment. It might be accomplished using a risk grid. Eliminating a task might be the optimal course for proceeding if it means not being exposed to it if the risk exceeds the benefits.
Documentation of all risks - It is crucial to record all risks related to cyber security after analysis and determination. For management to remain informed of the risks associated with cybersecurity, it must also be reviewed and updated.

3. Three Ways That Could Be Used to Measure Risk Culture and Risk Appetite Concerning Cyber Security

When assessing the risk culture and risk appetite concerning cyber security, organizations can measure and understand the risks they face in three ways.

The first is to conduct a formal risk assessment, which can provide detailed information about the company’s current level of risk and identify areas for improvement. Conducting a formal risk assessment is a vital part of ensuring the security of a business (Bayar, Sezgin, Ozturk, & Sasmaz, 2020). It should be done systematically and thoroughly to provide detailed information about the current level of risk, identify areas of weakness and potential threats, and make recommendations for improvement. It can help the business evaluate its risk management strategies, assess the adequacy of its controls, identify areas where additional controls should be implemented, and identify potential opportunities to reduce its overall risk exposure.

The second is to survey employees and stakeholders to understand their attitudes and behaviours around cyber security. Surveying employees and stakeholders is a powerful tool for understanding how they perceive and interact with cyber security in their day to day activities. Through surveys, organizations can gain insight into the attitudes, behaviours and understanding of cyber security among their staff and stakeholders, allowing them to better assess their current cyber security stance and identify improvements.

Finally, organizations should review existing policies and procedures to align with industry best practices and organizational goals (Hubbard, 2020). Doing so will help organizations keep up with the changing needs of their industry, remain competitive, and achieve their desired outcomes. By implementing this process, organizations can identify any potential risks or opportunities to be capitalized on, allowing them to stay ahead of their competitors.

4. The Resources for Learning About Cyber Security Laws

The Security of Critical Infrastructure Act 2018 is the first piece of law about cyber security. This act generally imposes obligations on particular entities concerning communications and electricity (CISC AU, 2023). Financial services, stock markets, and data handling or storage are also included. The main goals of this SOCI Act amendment were to strengthen the security and resilience of the critical infrastructure by extending the range of industries and asset classes to which it applies and by introducing new responsibilities.

The Telecommunications (Interception and Access) Act 1979 is the second source of law about cyber security. In Australia, the TIA act is a broad regulatory framework for all Internet access, including data access (Home Affairs AU, 2023). The TIA act also allows access to communications to look into the process of requesting a warrant from a judge or tribunal. Applications for warrants must consistently adhere to all stringent Act requirements. When certain conditions arise, such as a crisis, the Agencies may also view the communications despite a warrant.

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