According to ISO/IEC 27005, what is the input when selecting information security risk treatment options?
Scenario 3: Printary is an American company that offers digital printing services. Creating cost-effective and creative products, the company has been part of the printing industry for more than 30 years. Three years ago, the company started to operate online, providing greater flexibility for its clients. Through the website, clients could find information about all services offered by Printary and order personalized products. However, operating online increased the risk of cyber threats, consequently, impacting the business functions of the company. Thus, along with the decision of creating an online business, the company focused on managing information security risks. Their risk management program was established based on ISO/IEC 27005 guidelines and industry best practices.
Last year, the company considered the integration of an online payment system on its website in order to provide more flexibility and transparency to customers. Printary analyzed various available solutions and selected Pay0, a payment processing solution that allows any company to easily collect payments on their website. Before making the decision, Printary conducted a risk assessment to identify and analyze information security risks associated with the software. The risk assessment process involved three phases: identification, analysis, and evaluation. During risk identification, the company inspected assets, threats, and vulnerabilities. In addition, to identify the information security risks, Printary used a list of the identified events that could negatively affect the achievement of information security objectives. The risk identification phase highlighted two main threats associated with the online payment system: error in use and data corruption After conducting a gap analysis, the company concluded that the existing security controls were sufficient to mitigate the threat of data corruption. However, the user interface of the payment solution was complicated, which could increase the risk associated with user errors, and, as a result, impact data integrity and confidentiality.
Subsequently, the risk identification results were analyzed. The company conducted risk analysis in order to understand the nature of the identified risks. They decided to use a quantitative risk analysis methodology because it would provide more detailed information. The selected risk analysis methodology was consistent with the risk evaluation criteria. Firstly, they used a list of potential incident scenarios to assess their potential impact. In addition, the likelihood of incident scenarios was defined and assessed. Finally, the level of risk was defined as low.
In the end, the level of risk was compared to the risk evaluation and acceptance criteria and was prioritized accordingly.
Based on the scenario above, answer the following question:
What type of risk identification approach did Printary use?
According to ISO/IEC 27000, what is the definition of information security?
Scenario 4: In 2017, seeing that millions of people turned to online shopping, Ed and James Cordon founded the online marketplace for footwear called Poshoe. In the past, purchasing pre-owned designer shoes online was not a pleasant experience because of unattractive pictures and an inability to ascertain the products’ authenticity. However, after Poshoe’s establishment, each product was well advertised and certified as authentic before being offered to clients. This increased the customers’ confidence and trust in Poshoe’s products and services. Poshoe has approximately four million users and its mission is to dominate the second-hand sneaker market and become a multi-billion dollar company.
Due to the significant increase of daily online buyers, Poshoe’s top management decided to adopt a big data analytics tool that could help the company effectively handle, store, and analyze data. Before initiating the implementation process, they decided to conduct a risk assessment. Initially, the company identified its assets, threats, and vulnerabilities associated with its information systems. In terms of assets, the company identified the information that was vital to the achievement of the organization’s mission and objectives. During this phase, the company also detected a rootkit in their software, through which an attacker could remotely access Poshoe’s systems and acquire sensitive data.
The company discovered that the rootkit had been installed by an attacker who had gained administrator access. As a result, the attacker was able to obtain the customers’ personal data after they purchased a product from Poshoe. Luckily, the company was able to execute some scans from the target device and gain greater visibility into their software’s settings in order to identify the vulnerability of the system.
The company initially used the qualitative risk analysis technique to assess the consequences and the likelihood and to determine the level of risk. The company defined the likelihood of risk as “a few times in two years with the probability of 1 to 3 times per year.” Later, it was decided that they would use a quantitative risk analysis methodology since it would provide additional information on this major risk. Lastly, the top management decided to treat the risk immediately as it could expose the company to other issues. In addition, it was communicated to their employees that they should update, secure, and back up Poshoe’s software in order to protect customers’ personal information and prevent unauthorized access from attackers.
According to scenario 4, which type of assets was identified during the risk identification process?
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