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Fully Formatted Network Risk Assessment

The Network Risk Assessment Procedure provides a comprehensive guide for organizations to assess and manage cybersecurity risks through a structured six-step process. It includes preparation, threat and vulnerability assessment, risk analysis, risk treatment planning, implementation, and continuous monitoring. The document emphasizes the importance of using recognized frameworks, tools, and best practices to ensure effective risk management and compliance.

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9 views5 pages

Fully Formatted Network Risk Assessment

The Network Risk Assessment Procedure provides a comprehensive guide for organizations to assess and manage cybersecurity risks through a structured six-step process. It includes preparation, threat and vulnerability assessment, risk analysis, risk treatment planning, implementation, and continuous monitoring. The document emphasizes the importance of using recognized frameworks, tools, and best practices to ensure effective risk management and compliance.

Uploaded by

Sync
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
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Network Risk Assessment Procedure

Network Risk Assessment Procedure


Network Risk Assessment Procedure
This guide helps organizations assess and manage cybersecurity risks effectively. Below
is a step-by-step breakdown of the process.
---

1. Preparation and Context-Setting


Before starting the risk assessment, its important to set clear goals and define what
will be assessed.

Steps:
- Define purpose and scope - Determine why the assessment is needed and which systems
will be covered. Common goals include compliance, security improvements, and business
risk mitigation.
- Identify stakeholders - Include IT managers, security teams, compliance officers,
executives, and other key decision-makers who will be involved in the assessment.
- Document dependencies and constraints - Identify critical systems, third-party
dependencies, and any limitations such as budget, time, or available tools.

- Choose a risk assessment method - Use recognized frameworks like:


- FAIR Factor Analysis of Information Risk - Focuses on financial risk modeling.
- NIST RMF Risk Management Framework - Regulatory and compliance-driven assessment.
- OCTAVE Operationally Critical Threat, Asset, and Vulnerability Evaluation -
Operational risk assessment.
- List and classify assets - Identify all network components, servers, endpoints, cloud
environments, databases, and software.
- Assign business value to assets - Rank them based on importance to operations,
financial impact, and data sensitivity.

- Ensure compliance with standards - Follow industry guidelines like:


- ISO 27001 - Information security management.
- NIST 800-53 - Security and privacy controls for federal systems.
- CIS Controls - Best practices for cybersecurity hygiene.
---

2. Threat and Vulnerability Assessment


At this stage, the focus is on identifying threats and system weaknesses.

Steps:
- Identify possible attackers - Classify potential threats such as:
- State-sponsored hackers - Well-funded cyber threats with national security
implications.
- Cybercriminals - Financially motivated attackers targeting businesses.
- Insiders - Employees or contractors misusing access.
- Hacktivists - Groups with political or ideological motives.
- Use MITRE ATTCK framework - Map threats to real-world attack techniques for better
understanding.

- Conduct vulnerability scanning - Use tools like:


- Nessus - Commercial vulnerability scanner.
- OpenVAS - Open-source alternative for vulnerability management.
Network Risk Assessment Procedure
- Qualys - Cloud-based vulnerability assessment tool.

- Review system configurations - Compare settings with best practices such as:
- CIS Benchmarks - Secure configuration guidelines.
- NIST guidelines - Hardening standards for IT environments.
- Perform penetration testing - Simulate real-world attacks to validate security gaps
using tools like Metasploit and Burp Suite.

- Compare scan results with known risks - Cross-check findings with databases
like:
- CVSS Common Vulnerability Scoring System - Standardized vulnerability ratings.
- ExploitDB - Repository of publicly available exploits.
- NVD National Vulnerability Database - Collection of security vulnerability
reports.
- Consider past incidents - Use real-world attack scenarios and historical breaches to
refine risk analysis.
---

3. Risk Analysis and Evaluation


This stage helps determine how likely threats are to occur and what impact they could
have.

Steps:
- Calculate attack likelihood - Assess the frequency and feasibility of identified
threats exploiting vulnerabilities.

- Estimate potential damage - Consider multiple impact factors:


- Financial loss - Cost of downtime, data loss, regulatory fines.
- Reputation damage - Loss of customer trust and business credibility.
- Operational disruption - System outages, productivity loss.

- Use quantitative risk models - Apply frameworks such as:


- FAIR analysis - Assigns financial values to risks.
- CVSS scoring - Measures vulnerability severity.
- ALE Annualized Loss Expectancy - Estimates yearly financial risk exposure.
- Rank risks by severity - Classify risks as low, medium, high, or critical to
prioritize mitigation efforts.
- Compare risks to company policies - Ensure that identified risks align with
organizational security tolerance levels.
- Prioritize risks - Address the most dangerous threats first based on business impact
and exploitability.
- Document findings - Keep detailed reports for compliance audits, internal reviews, and
future assessments.
---

4. Risk Treatment Planning


Decide how to handle identified risks by selecting appropriate strategies.

Steps:

- Choose a risk response strategy:


- Reduce the risk - Implement security measures to lower exposure.
- Accept the risk - If its within the organizations risk tolerance, document and
monitor it.
Network Risk Assessment Procedure
- Avoid the risk - Discontinue the service or system associated with the risk.
- Transfer the risk - Outsource security responsibilities or use cyber insurance.
- Align security measures with best practices - Implement security controls from ISO
27001, NIST 800-53, and CIS Controls.
- Create an action plan - Define remediation steps, responsible personnel, and
deadlines.
- Prioritize actions - Fix the most critical risks first, considering business impact
and technical feasibility.
- Use a decision matrix - Compare cost, effort, and effectiveness of different
mitigation strategies.
- Set success metrics - Establish KPIs Key Performance Indicators to track risk
reduction progress.
---

5. Implementation and Verification


Put security measures into action and confirm they are working.

Steps:
- Apply security controls - Implement solutions such as firewalls, endpoint protection,
and identity management.
- Test controls for effectiveness - Perform security audits, penetration tests, and
vulnerability scans post-implementation.
- Adjust security based on findings - Fine-tune controls to address any remaining
weaknesses.
- Document challenges and solutions - Maintain records of implementation difficulties
and solutions.
- Reassess high-risk areas - Conduct additional testing on prioritized risks.
- Update security policies - Ensure internal policies reflect the latest security
measures.
- Ensure compliance - Verify adherence to regulatory requirements.
---

6. Continuous Monitoring and Review


Cyber threats evolve, so security must be continuously monitored and improved.

Steps:
- Use real-time monitoring tools - Deploy SIEM Security Information and Event

Management solutions such as: - Splunk - Enterprise-grade monitoring and


analytics.
- ELK Stack - Open-source log analysis solution.
- Microsoft Sentinel - Cloud-native security monitoring.
- Track risk indicators - Define measurable metrics to detect emerging security threats.
- Reassess risks regularly - Conduct annual reviews or more frequent assessments based
on industry changes.
- Measure effectiveness - Evaluate the success of risk mitigation efforts using
dashboards and reports.
- Adapt security strategies - Update protections based on evolving threats and new
vulnerabilities.
- Communicate with stakeholders - Provide periodic reports, dashboards, and risk
Network Risk Assessment Procedure
heatmaps.
- Learn from past incidents - Analyze breaches and security events to refine risk
assessment processes.
---
Appendix: Recommended Tools

- Vulnerability Scanning: Nessus, OpenVAS, Qualys

- Penetration Testing: Metasploit, Burp Suite, OWASP ZAP

- Risk Assessment Methodologies: FAIR, OCTAVE, NIST RMF

- Security Frameworks: ISO 27001, NIST 800-53, CIS Controls

- Monitoring SIEM Solutions: Splunk, ELK Stack, Microsoft Sentinel

- Reporting Templates: SANS Templates, NIST Assessment Methodology


This structured process ensures a thorough, effective, and ongoing approach to managing
network security risks.

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