Dr. Glenn Hines
Risk Management is one of the major components for a company to be successful as if it is neglected than a single threat can exploit its infrastructure. Risk is a possibility that a loss will occur, which happens when a threat is exposed to a vulnerability. Thereby, managing the risk is an important factor for every company. This paper focuses on the risk management and its importance in Information security. Also gives a brief difference between risk, threat and vulnerability, further detailing the relationship between loss and the risk. It will also discuss the need for an organization to take risks with its data and major components in any organizational risk management plan.Contrast risk, threat, and vulnerability.
To contrast between risk, threat and vulnerability, first we will define each of the above:-
Risk- Risk is a likelihood that a loss will occur, which arises when a threat is exposed to vulnerability.
Threat- It is an activity that represents a possible danger.
Vulnerability- It is a weakness. (For example, in company’s infrastructure)
Threats, normally cannot be controlled as it can be natural like hurricane, flood etc. or it can be from a group of people supporting terrorism. It also remains separate from our control and can only be recognized. On the other side Risk can be mitigated. Lastly, Vulnerability can only be treated by identifying the weaknesses and taking dynamic measures to correct the possible vulnerabilities. (Pinkerton, 2014)
These are all commonly mixed up terms and thereby summing it up:-
Risk= Threat + Vulnerability +…
Risk Managementa) Describe briefly the steps in the personal risk management process.
The Personal Risk Management process is a consultative experience. The unique and complex needs of our case can be identified and measured against current lifestyle, goals and needs. With an understanding of their needs, the steps in the personal risk management process can be include by identify family safety concerns and risks to their financial well-being. Then it should be uncovered gaps in their current living strategies, and at the end, it should provide creative solution, which expertly customized to meet their needs and goals.
b) Identify the major pure risks or pure loss exposures to which Chris and Karen are exposed with respect to each of the following:
1) Personal loss exposures
Moving into new house, it is will go in front into quite a lot of confusion into whichever balanced way of life for a established pair. There will be at slightest rearrangement for their steady round trip into their work. On the other hand, for Karen, the have an effect more deep since she more often than not has to be out for her work out of town for quite a few days, by means of more confound on her work system
2) Property loss exposures
As their existing house can be counted that its people is not necessary any supplementary by comparable pair with equal prospect of life style. Consequently, it will be without doubt added failure in the assessment for their elderly house as a loss.
3) Liability loss exposures
in cooperation parents are shared the societal and affecting accountability towards their family unit in broad-spectrum and towards their two children in personnly. As affecting and varying their home will show the way into vary in their standard of living.
c) With respect to each of the loss exposures mentioned above, identify an appropriate personal risk management technique that could be used to treat the exposure.
1) Personal loss exposures
This be capable of…