About Us | Contact Us
View Cart

Risk Versus Severity When In A Panic

By Dan Hadaway | Monday, April 9, 2018 - Leave a Comment

Risk isn’t the only thing to consider when planning a decision tree.


Another one of those Dan’s New Leaf Posts, meant to inspire thought about IT Governance . . . .


ServIcons_ITAudit_01

During tuning, we’re sometimes asked, as we help our MSSP Clients establish a detailed decision tree (modify our default to their own situation), “are these based on risk?”

The answer is, simply, no.

No?

You like our Clients may find this answer surprising, because after all, we are a Technology Risk Management Company that happens to watch networks.  Ask us any question, and we seem to twist the answer to be around the subject of risk.  Heck, ask me what time it is, and I’ll reply with the risk of the clock not being on time. (Because there is a substantial likelihood.  After all, it has happened to me twice in the past  year.  The severity may not be that great, for this particular grandfather clock is not used during business, but the likelihood on a scale of 1 to . . . . you get the point.)

But we can’t prioritize incident response at the detection level by risk.  The reason is because risk looks at severity COMBINED with likelihood COMBINED with volume1.  But when we see something in the network traffic or event logs . . . when we see actions that MAY indicate certain behaviors, the likelihood is already a ten on a scale of one to ten, even if the “risk rating” may see the likelihood as a 4, or a 5.

Thus, we prioritize incidents . . . at the network monitoring RE-ACTIVE level, by severity.  Your risk assessments should still consider likelihood and volume, but know that we are in place as a backstop for those incidents that we always thought would be low likelihood.

I like to use the BP Gulf Disaster as an example of a black swan incident.  Nobody believed an oil rig could blow up.  But it did.  You should see your MSSP as being the fire station, ambulance, and hospital that has been built on a floating platform, right in the midst of the oil rigs.  They are there IN CASE SOMETHING HAPPENS.  But we should still try to prevent that something from happening (ahem, awareness training is 9/11’s of the battle.)

1 Possibly combined with control, if you are measuring risk related to cloud applications.  See what we mean about being a Technology Risk Management company?


Original article by Dan Hadaway CRISC CISA CISM. Founder and Managing Partner, infotex

“Dan’s New Leaf” is a “fun blog to inspire thought in the area of IT Governance.”


same_strip_012513


 

Latest News
    What are the top seven risks your board should know about in 2021? Since his first board presentation in 2000, when Dan presents audit reports to boards of directors, he also talks to the board about the top risks the institution is facing. Since 2006, Dan has been compiling a list of the “top seven […]
     A Timeline Update as of 02/22/21 An update to our Newest Employee’s FIRST Technical Article Another interim post-mortem review . . . . A Note About Updates: We have decided to leave the original article as it was originally posted and to update this post with any changes that have been made. You can see […]
    Another awareness poster for YOUR customers (and users).  Now that we have our own employees aware, maybe it’s time to start posting content for our customers! Download the large versions here: Awareness Poster (Portrait) Awareness Poster (Landscape)   You are welcome to print out and distribute this around your office.  
    A Webinar-Movie The 2020 annual webinar update on the subject will include a review of the previous years’ movies that are already available, and a discussion about alternative tactics that have arisen from recent virtual conferences and regulator panels.
    The cybersecurity industry faces challenges, and some of them may involve your business… An article review. In a world where threats to your organization’s electronic assets are constantly emerging and evolving a cybersecurity insurance policy can help mitigate risk…but what kind of risk does the cybersecurity insurance industry face?  A new article in the Harvard […]
    A Timeline as of 01/24/2021 Our Newest Employee’s FIRST Technical Article Another interim post-mortem review . . . . A Note About Updates: We are leaving this article as is, but for any updates to the timeline, check the Autopsy of the SolarWinds Hack Timeline Update article!      – Vigilize Introduction: As the managing […]
    PRESS RELEASE – FOR IMMEDIATE RELEASE BUSINESS NEWS FORUM AND CONFERENCE NEWS infotex is proud to announce that Dan Hadaway will be moderating a series of IT Forums for the Ohio Bankers League. “We are excited to continue fostering the relationship with the OBL to help educate and keep Risk Management at the forefront of […]
    Top 7 Trend Articles of 2021. . .  . . .For ISOs of Small Financial Institutions. Welcome to our annual T7 article:  a list of our favorite trend articles from the past year.  Our intent: help you organize your thoughts as your work through your strategic planning process.  We hope reviewing these articles will help you […]
    Another awareness poster for YOUR customers (and users).  Now that we have our own employees aware, maybe it’s time to start posting content for our customers! Download the large versions here: Awareness Poster (Portrait) Awareness Poster (Landscape)   You are welcome to print out and distribute this around your office.  
    A Webinar-Movie In our current world of uncertainty there is at least one thing that is certain. Business needs to continue, and that means that it is important for managers to be able to meet with their team even if everyone is working remotely at this point. In this Webinar-Movie, Dan will compare virtual meeting […]