Assets, Threat, Vulnerability and Risk Flashcards
What is Risk Analysis
A detailed examination that includes
- risk assessment
- vulnerability evaluation
- risk management alternatives
Formula for determining Security Risk
Security risk rating = assets value rating x threat likelihood rating x vulnerability rating
Why is risk analysis performed
Understand the nature of unwanted negative consequences to human life, health, property and the environment.
Determining asset value, threats, likelihood, impact and consequent vulnerability
Risk Assessment
Determining measures and safeguards to mitigate threats and reduce vulnerabilities.
Risk Managemen
Relating to, concerning, or based on the amount of something
Qualitative risk assessment
Relating to that which is characteristic of something and which makes it what it is
Qualitative risk assessment
Annual loss expectancy (ALE) formula
ALE = threat probability X the value of the potential loss
The Risk Equation
R=Pa[1-(Pi)]C
- R= risk of the facility of an adversary gaining access to assets (0 to 1)
- Pa= Probability of an adversary attack during a time period
- Pi= probability of attack interruption (security response)
- C = consequence value
Annual Loss Expectancy Equation
ALE = 10(f+I-3) / 3
i = cost valuation f = estimated frequency
What is FEMAs approach to Qualitative Analysis
Scale of 1 - 10
Risk = Impact X likelihood
What is an Asset
Anything you want to protect because of its value, it’s importance to maintains business continuity and/or it’s ability to be replaced within a required timeline.
Three steps to asset identification
Step 1 - define and understand the company’s primary business functions and processes
2 - identify site and building infrastructure systems
3 - identify the company’s critical tangible and intangible assets
Two ways to establish values for assets
Cost of loss formula
Assign a relative value to each asset based on priority eg 1 - 5
Cost of Loss Formula
K = (Cp + Ct + Cr + Ci) - 1
K = critically, total cost of loss, Cp = cost of permanent replacement Ct = cost of temp substitute! Cr = total related costs Ci = lost income total, I = available insurance of indemnity
