Risk Management

Operational Risk Management
Cyber Risk Assessment &
Vulnerability Management

ORM Lecture 12




1. Cyber Risk Assessment Frameworks
• NIST Cybersecurity Framework (800-30, 800-53)
• Threat Sources
• Attack Lifecycle
2. Vulnerability Management
• What is a Vulnerability?
• Vulnerability Sources
• Vulnerability Management Process
• Vulnerability Classification
• Vulnerability Scoring
• Red Teams
• Penetration Testing


Cyber Risk Assessment: Frameworks
CIA Triad: Cyber Security Assertions
• Confidentiality: Only an authorized person should be able to access the
data; the system keeps data secret from everyone else. • Integrity: Data owners should have confidence that the data has not been
tampered with; the system reliably stores, processes, and transmits data. • Availability: The system ensures that the data is accessible on demand by
the data owner.
Cyber Risk Assessment Frameworks
• Published by the standards bodies discussed in Lecture 11 (ISO, NIST, etc.)
• Designed to be compatible with control frameworks by the same organization
Related Required Reading
• NIST 800.30



Cyber Risk Assessment • Security Event Information Management
(SEIM) for logging all
systems and devices (inhouse tools) • Monitoring sources LogRythm,
FS-ISAC, RSA, AT&T (vendors) • Investigation, escalation
and reporting of events
(internal analysis) • Threat Prevention,
Detection, Response and Recover (based on new feeds) • Penetration Testing and
Vulnerability Management
(internal threat hunting) • Information Privacy
(Data Loss Prevention and Encryption)

• Policies, Standards, Guidelines
• Training, Mock exercises
• Regulations
Management (findings
and resolutions, SAR’s, …) • Cyber Risk Assessment • 3RD Party Risk Assessment • Internal Systems Risk Assessment Governance Monitor &
Reporting Risk Management Threat Management

Fundamental cybersecurity framework to implement a foundation of
cybersecurity function in an organization

Cyber Risk Assessment: Threat protection



Cyber Risk Assessment: Threat protection
• Identify
• Asset management: A complete asset inventory maps the institutions
architecture (recall the IT Effectiveness: Asset Management from lecture 11 page
• Risk Assessment: Analyzes and assesses the security flaws.
• Governance: Policies and guidelines to mitigate risks/flaws. • Protect
• Separation of duties: Access Control management to audit user privileges.
• Authentication and Authorization: Access to systems based on job title.
• Segmentation Controls: Separate network segments to protect sensitive
• Training and Awareness: Raises basic security awareness.
• Governance: Policies and guidelines to effectively implement separation of
duties, authentication and authorization, segmentation controls, and training and awareness. • Detect
• Cyber Security Monitoring: Scan sites (NIST, US-CERTS, etc.) to identify security
threats that apply to the institution based on the asset inventory.
• Detection Process: Use tools to manage aggregate windows system logs to
monitor trends/correlation.
• Audit/Log Controls: Maintain audit trail for compliance.

Cyber Risk Assessment: Threat protection
• Respond
• Analysis: An analyst reviews trends/correlations in windows logs.
• Mitigate: Analyst coordinates with IT to mitigate the threat.
• Threat Management: Analyst presents monthly threat reports to display
holistic view of the institute. • Recover
• Recovery planning: Proper recovery plans need to exist, if data needs to
be recovered.
• Backup and Disaster Recovery (BCP): Annual test of the BCP to test
the applicability.

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