Elements of Security Program Management and Risk Assessment

Acceptable Use Policy (AUP)

Defines acceptable behavior regarding the use of organization's IT resources, outlining rules and restrictions to ensure security and productivity.

Information Security Policies

Set of policies governing the protection of organizational data and information assets from unauthorized access, disclosure, alteration, or destruction.

Business Continuity

Policies outlining procedures and protocols to ensure the organization can continue operating during and after a disruptive event, minimizing downtime and ensuring resilience.

Disaster Recovery

Policies defining the steps and processes to recover IT systems and data after a catastrophic event, restoring normal operations as quickly as possible.

Incident Response

Policies detailing the procedures and actions to be taken in response to security incidents, including detection, containment, eradication, and recovery.

Software Development Lifecycle (SDLC)

Policies guiding the development, testing, deployment, and maintenance of software applications, ensuring security, quality, and compliance.

Change Management

Policies governing the process for requesting, reviewing, approving, implementing, and documenting changes to IT systems and infrastructure.

Password

Standard guidelines for creating, managing, and securing passwords, including complexity requirements, expiration periods, and reuse restrictions.

Access Control

Standard protocols and procedures for managing user access to systems, applications, and data, ensuring only authorized users have appropriate permissions.

Physical Security

Standard practices for securing physical premises, facilities, and assets, including access controls, surveillance, and environmental controls.

Encryption

Standard algorithms, protocols, and key management practices for encrypting data at rest, in transit, and in use, protecting sensitive information from unauthorized access.

Onboarding/Offboarding

Procedures for provisioning and deprovisioning user accounts, access privileges, and IT resources for new hires, contractors, and departing employees.

Playbooks

Step-by-step guides and instructions for responding to specific security incidents or scenarios, facilitating quick and effective incident response.

Regulatory

External regulations and compliance requirements governing the organization's operations, data handling practices, and security controls.

Legal

Laws and statutes applicable to the organization's industry, jurisdiction, and geographical locations, influencing data privacy, intellectual property, and liability.

Industry

Sector-specific standards, guidelines, and best practices relevant to the organization's industry vertical, ensuring compliance and addressing industry-specific risks.

Local/Regional/National/Global

Geographic-specific regulations, laws, and standards applicable at the local, regional, national, or global level, influencing governance and compliance obligations.

Monitoring and Revision

Processes for ongoing monitoring, review, and revision of policies, standards, and procedures to ensure they remain current, effective, and aligned with organizational objectives and external requirements.

Boards/Committees

Governing bodies responsible for setting strategic direction, overseeing risk management, and ensuring compliance with policies and regulations.

Government Entities

Regulatory bodies, government agencies, or industry associations providing oversight, guidance, and enforcement of laws and standards.

Centralized/Decentralized

Organizational structures determining the distribution of authority, decision-making processes, and accountability for governance and compliance functions.

Owners

Individuals or groups responsible for the overall management and stewardship of systems, applications, or data assets, including accountability for security and compliance.

Controllers

Individuals or entities responsible for determining the purposes and means of processing personal data, ensuring compliance with data protection regulations.

Processors

Individuals or entities that process personal data on behalf of the data controller, subject to contractual obligations and security requirements.

Custodians/Stewards

Individuals or groups responsible for the day-to-day management, protection, and maintenance of specific IT systems, applications, or data sets.

Risk Management

The process of identifying, assessing, and controlling threats to an organization's capital and earnings.

Risk Identification

Process of identifying potential threats, vulnerabilities, and events that could impact the organization's objectives, operations, or assets.

Risk Assessment

The overall process of risk identification, risk analysis, and risk evaluation.

Ad Hoc Risk Assessment

Occasional assessments conducted on an as-needed basis in response to specific events or changes.

Recurring Risk Assessment

Regularly scheduled assessments conducted at predefined intervals to evaluate and manage risks systematically.

One-time Risk Assessment

Single, comprehensive assessment performed to identify and analyze risks within a specific context or project.

Continuous Risk Assessment

Ongoing monitoring and assessment of risks to maintain awareness and responsiveness to evolving threats and vulnerabilities.

Risk Analysis

The process of understanding the nature of risk and determining the level of risk.

Qualitative Risk Analysis

Subjective assessment of risks based on expert judgment, categorizing risks by severity, likelihood, and impact.

Quantitative Risk Analysis

Objective assessment of risks using numerical data and mathematical models to calculate potential losses and probabilities.

Single Loss Expectancy (SLE)

Monetary value associated with a single occurrence of a risk event.

Annualized Loss Expectancy (ALE)

Expected monetary loss from a risk over a one-year period.

Annualized Rate of Occurrence (ARO)

Frequency at which a risk event is expected to occur annually.

Probability/Likelihood

Likelihood of a risk event occurring based on historical data, expert judgment, or statistical analysis.

Exposure Factor

Percentage of loss expected if a risk event occurs.

Impact

Consequence or effect of a risk event on the organization's objectives, assets, or operations.

Risk Register

Document or database containing information about identified risks, including their likelihood, impact, mitigation strategies, and risk owners.

Key Risk Indicators

Quantifiable metrics or measures used to monitor changes in risk levels and trigger risk management actions.

Risk Owners

Individuals or groups responsible for overseeing and managing specific risks within the organization.

Risk Threshold

Level of risk that the organization is willing to accept before taking action to mitigate or manage the risk.

Risk Tolerance

Maximum acceptable level of risk exposure that an organization is willing to tolerate in pursuit of its objectives.

Risk Appetite

Organization's willingness to take on risk to achieve strategic goals, categorized as expansionary, conservative, or neutral.

Risk Management Strategies

Approaches to manage risks, including transfer, accept, exemption, exception, avoid, and mitigate.

Transfer

Shifting risk to third parties, such as insurance companies or vendors, through contractual agreements.

Accept

Acknowledging the existence of a risk without taking active measures to mitigate it.

Exemption

Specific instances where certain risks are exempt from mitigation due to their low likelihood or impact.

Exception

Unique circumstances where risks are deemed acceptable based on specific criteria or business needs.

Avoid

Taking actions to eliminate or minimize the likelihood or impact of identified risks.

Mitigate

Implementing measures to reduce the likelihood or impact of risks to an acceptable level.

Risk Reporting

Communication of risk-related information to stakeholders, including executive management, board members, and relevant parties, to facilitate informed decision-making and risk oversight.

Business Impact Analysis

Assessment of the potential consequences of disruptions to critical business functions.

Recovery Time Objective (RTO)

Maximum acceptable downtime for restoring operations after an incident.

Recovery Point Objective (RPO)

Maximum acceptable data loss tolerated during the recovery process.

Mean Time to Repair (MTTR)

Average time required to repair systems or processes after a failure.

Mean Time Between Failures (MTBF)

Average time elapsed between system failures.

Vendor Assessment

Process of evaluating a vendor's capabilities and security posture.

Penetration Testing

Assessment method involving simulated cyber attacks on a vendor's systems or infrastructure to identify vulnerabilities and assess security posture.

Right-to-Audit Clause

Contractual provision granting the organization the authority to conduct audits or assessments of the vendor's operations, processes, or compliance with security requirements.

Evidence of Internal Audits

Documentation or reports demonstrating that the vendor conducts internal audits or assessments of their systems, processes, and controls to ensure compliance with standards and regulations.

Independent Assessments

Third-party evaluations or audits conducted by independent organizations to assess the vendor's security practices, controls, and compliance with contractual or regulatory requirements.

Supply Chain Analysis

Examination of the vendor's supply chain to identify potential risks, vulnerabilities, or dependencies that could impact the organization's operations or security posture.

Vendor Selection

Process of evaluating and choosing vendors based on factors such as reputation, capabilities, security posture, and alignment with organizational needs.

Due Diligence

Comprehensive investigation or assessment conducted to evaluate the vendor's financial stability, reputation, legal compliance, and other relevant factors before entering into a business relationship.

Conflict of Interest

Evaluation of potential conflicts of interest that may arise from the vendor's relationships, affiliations, or competing interests that could impact their ability to fulfill contractual obligations impartially.

Service-Level Agreement (SLA)

Contractual agreement outlining the services, performance standards, and responsibilities of both parties.

Memorandum of Agreement (MOA)

Formal document outlining terms and conditions of a specific agreement or understanding between parties.

Memorandum of Understanding (MOU)

Non-binding agreement outlining mutual intentions or goals between parties.

Master Service Agreement (MSA)

Comprehensive contract outlining general terms and conditions for future transactions or services between parties.

Work Order (WO)/Statement of Work (SOW)

Detailed document outlining specific tasks, deliverables, and timelines for a project or service.

Non-Disclosure Agreement (NDA)

Contractual agreement outlining confidentiality obligations regarding proprietary or sensitive information shared between parties.

Business Partners Agreement (BPA)

Contractual agreement outlining the terms and conditions of a partnership or joint venture between businesses.

Vendor Monitoring

Ongoing oversight and evaluation of the vendor's performance, compliance, and security posture throughout the duration of the business relationship.

Questionnaires

Surveys or assessments used to gather information from vendors about their practices, controls, and compliance with security requirements.

Rules of Engagement

Guidelines or protocols established to define the scope, objectives, and boundaries of assessments, audits, or engagements with vendors.

Compliance Reporting - Internal

Reporting mechanisms and processes established within the organization to monitor and document compliance with internal policies, procedures, and standards.

Compliance Reporting - External

Reporting activities and submissions to external entities such as regulatory authorities, industry regulators, or certification bodies to demonstrate compliance with applicable laws, regulations, or standards.

Consequences of Non-Compliance

Fines, sanctions, and reputational damage resulting from failure to comply with legal or regulatory requirements.

Fines

Monetary penalties imposed by regulatory authorities or governing bodies for failure to comply with legal or regulatory requirements.

Sanctions

Punitive measures or restrictions imposed on the organization for non-compliance, which may include limitations on business activities or operations.

Reputational Damage

Negative impact on the organization's reputation or brand perception resulting from non-compliance with laws, regulations, or industry standards.

Loss of License

Revocation or suspension of licenses, permits, or certifications necessary for the organization to conduct business operations legally.

Contractual Impacts

Adverse effects on contractual relationships with customers, partners, or vendors due to breaches of compliance obligations outlined in contractual agreements.

Compliance Monitoring

Proactive measures taken by the organization to ensure compliance with applicable laws, regulations, and industry standards through diligent monitoring, risk assessment, and adherence to best practices.

Attestation and Acknowledgment

Formal declarations or acknowledgments made by responsible parties within the organization to confirm compliance with specific requirements or standards.

Internal and External Monitoring

Monitoring activities conducted both internally by the organization's compliance teams and externally by regulatory authorities or third-party auditors.

Automation

Use of automated tools, systems, or processes to streamline compliance monitoring, reporting, and enforcement activities, enhancing efficiency and accuracy.

Legal Implications

Legal considerations and obligations related to privacy protection, including local, regional, national, and global laws, regulations, or directives governing data privacy and protection.

Data Subject

Individuals whose personal data is collected, processed, or stored by the organization, entitled to certain rights and protections regarding the handling of their information.

Controller vs. Processor

Distinction between entities responsible for determining the purposes and means of processing personal data (controllers) and those processing data on behalf of controllers (processors), with different compliance obligations and responsibilities.

Ownership

Clarification of ownership rights and responsibilities regarding the management, protection, and use of personal data collected or processed by the organization.

Data Inventory and Retention

Documentation and management of the organization's data assets, including inventorying and categorizing data, defining retention periods, and implementing appropriate controls for data protection and privacy compliance.

Right to be Forgotten

Individuals' right to request the erasure or deletion of their personal data held by the organization, as mandated by certain privacy regulations such as the General Data Protection Regulation (GDPR).

Internal Compliance

Internal processes and activities to confirm adherence to regulatory requirements, industry standards, and organizational policies.

Audit Committee

Oversight body responsible for reviewing and validating the effectiveness of internal controls, compliance efforts, and audit findings.

Self-Assessments

Internal evaluations conducted by the organization to assess its compliance posture, identify gaps, and implement corrective actions.