Risk is part of every business or project’s life, but with proper frameworks in place, you can mitigate those risks and bring down their impact. Quantitative risk analysis frameworks assign numbers based on probability and impact to each identified threat, helping prioritize them for mitigation purposes. Examples may include project timelines or key person risks.
1. ISO 31000
Risk evaluation frameworks provide your organization with an organized method for compiling all the risk information it collects and disseminating it to various teams within. They help your technical and non-technical staff members better comprehend and address threats that threaten business infrastructure. Published in 2009, ISO 31000 provides principles and guidelines for creating an effective risk management system in organizations of any size or sector. It doesn’t specialize in any particular industry either.
Utilizing a risk-based approach, this framework emphasizes understanding your context and the impact of uncertainty on your objectives while encouraging continuous improvement so your risk mitigation strategies become increasingly effective over time.
2. NIST
NIST (National Institute of Standards and Technology) is an American government agency that offers voluntary best practices and frameworks for businesses to protect themselves from cyber attacks. NIST offers several frameworks, control sets and models that businesses can utilize when assessing security risk assessments.
NIST encourages teams of IT specialists and leaders with strategic insight to collaborate on risk assessment in order to produce an inclusive approach that takes into account different perspectives and expertise among stakeholders. The NIST RMF process includes creating an inventory of critical assets, assessing their impact on business operations, and using NIST guidance to categorize threat sources and their severity level. This helps your team quickly assess all areas of vulnerability and take appropriate steps swiftly.
3. OCTAVE
The OCTAVE framework helps organizations identify assets, security threats and vulnerabilities within an organization and assesses their respective impacts to prioritize and mitigate risks effectively. However, such assessments can be complex and time-consuming to conduct, making it more challenging for smaller organizations. Furthermore, it assumes that those conducting the assessment have extensive knowledge about an organization’s infrastructure and security practices.
OCTAVE Allegro was developed by Carnegie Mellon University for use by the US Department of Defense as a more streamlined version of OCTAVE that’s easier to implement, faster in its discovery of risk, and effective at prioritization.
4. TARA
As automobiles become more connected and dependent upon advanced electronic systems, cybersecurity threats pose a real danger for passengers, manufacturers and the entire automotive industry. By integrating TARA into their development processes, automotive companies can assess and mitigate potential attacks early on, thus preventing security breaches while adhering to UNECE homologation guidelines.
TARA utilizes a common exposure library (CEL) to detect vulnerabilities within an organization’s systems. Teams using the CEL are then able to use its analyses and identification capabilities to assess which risks are overt and which are residual so that appropriate action may be taken accordingly; for instance, if both odds and impacts are low, then accepting hazards might be feasible or acceptable.
5. COBIT
COBIT is an IT governance and management framework designed to assist organizations with aligning business goals with IT processes, managing IT risks for strategic benefits, and long-term value creation. COBIT stands out from many other frameworks and standards by including 20 risk scenarios that IT and security teams can use to address potential threats, including employee theft and sabotage, data breaches and industrial espionage.
It also contains a risk assessment methodology using quantitative techniques to analyze risk according to its impact on business operations and defines roles and responsibilities of the IT risk function as well as key supporting processes.
6. FAIR
FAIR analyses offer boards of directors and business executives a means of quantifying information risk in financial terms, which is of immense benefit in order to make strategic decisions about information protection while running the company efficiently. Furthermore, FAIR allows for the ideal balance between protecting data while running it effectively.
FAIR principles center around data and metadata—descriptions or records about it—with the idea being that all this should be accessible, interoperable and usable for both humans and computers alike. An initial risk assessment might detect, for instance, that one of your store’s back doors remains open during shift changes and suggest fixing it immediately. A similar assessment could serve as the foundation of an ongoing assessment that would monitor risks throughout time.
7. RMF
Risk management frameworks (RMFs) provide companies with standards that enable them to classify information and systems while developing mechanisms to mitigate potential risks. RMFs may also help meet legal-oriented “due care” or reasonableness standards such as those mandated by HIPAA or GDPR for businesses handling sensitive personal data.
An RMF, often associated with NIST SP 800-37 Rev. 1 as a required federal standard when building IT systems, is a comprehensive risk mitigation framework with multiple steps and requirements to assess and mitigate risks. Although the strict implementation and continuous maintenance of RMFs may present challenges for any organization, they serve as an ideal solution for long-term risk mitigation.
8. ISAE 3000
When other organizations entrust their data to your company, an ISAE 3000 report gives them confidence that you are taking care in safeguarding it properly. This report covers both security and availability criteria as well as additional criteria such as processing integrity, confidentiality and privacy.
An ISAE report is created by an independent audit firm rather than the company itself, giving it greater credibility. This document illustrates your business has high security standards and assesses risks effectively, which is crucial for building long-term customer relationships and adhering to GDPR compliance requirements.
9. SANS
The SANS Institute is a top cybersecurity organization offering training, certification, and research services since 1989. Their aim is to protect digital assets by developing step-by-step guides for implementing security procedures; additionally, they operate the Internet Storm Center and offer over 400 courses, with certification options such as GCIH for incident response management and GCFA for digital forensics specialists.
SANS provides hands-on courses spanning cyber foundations to leadership strategies to equip professionals with the tools and knowledge to protect networks and data against threats. Traditional classroom settings and online learning platforms alike are available.
