Abstract
This study comprehensively analyzes three widely used risk management frameworks: NIST RMF, ISO 27005, and EBIOS RM. Through a detailed examination, the chapter explores their distinct features, commonalities, and practical applications. Emphasis is placed on the EBIOS RM method, illustrated through a case study involving financial aid management for disadvantaged students. The study highlights the strengths and weaknesses of each framework to aid organizations in selecting and customizing the most suitable framework for their specific needs. This analysis is valuable for practitioners, information security professionals, and researchers, offering best practices and guidance to enhance risk management strategies and achieve organizational objectives.
TopIntroduction
In today's digital age, organizations of all types and sizes are intricately involved in the continuous processes of collecting, processing, storing, and transmitting information. This information is not just data; it represents a crucial asset that underpins these organizations' core functions and strategic goals (Etti, B., Patrick, L. B., & Yehuda, 2006). Whether a small business managing customer data or a large corporation overseeing vast financial transactions, the information and the associated processes, systems, networks, and people form the backbone of operational success (Yassine, Maleh; Abdelkebir, Sahid; Abdellah, 2017).
Recognizing the pivotal role of information, organizations must also confront the multifaceted risks that accompany the management of these critical assets. These risks can arise from various sources, including cyber threats, system failures, human errors, and natural disasters. Each risk has the potential to disrupt operations, cause financial losses, and damage reputations. Therefore, organizations must develop and implement comprehensive strategies to safeguard their information (Maleh, 2021).
To address these challenges, organizations adopt robust information security controls. These controls are designed to protect information's confidentiality, integrity, and availability (Wilbanks et al., 2014). By implementing measures such as encryption, access controls, intrusion detection systems, and regular security audits, organizations aim to mitigate the risks and ensure that their information assets are protected against unauthorized access, breaches, and other cyber threats (Sadqi & Maleh, 2022).
Moreover, the evolving landscape of information technology and the increasing sophistication of cyber threats require organizations to update and enhance their security measures continuously. This involves staying abreast of the latest security trends, adopting new technologies, and fostering a culture of security awareness among employees. By doing so, organizations can create a resilient information security framework that protects their assets and supports their long-term strategic objectives (Nicho, 2017).
Risk management frameworks are considered critical for managing these risks effectively. Various frameworks, such as NIST RMF (NIST, 2018), ISO 27005 (Cerqueira Junior & Hideo Arima, 2023), and EBIOS RM (ANSSI, 2019), are widely promoted and used in practice and research to assess, control, and mitigate risks. These frameworks provide a structured approach for initiating, designing, managing, and implementing risk management practices, governance, and controls. They integrate risk management and internal control components that form the core of an effective financial reporting process, increasing confidence among external stakeholders. Presenting best practices, standards, and guidance, these frameworks help organizations become more risk-aware, achieve business objectives, and address specific business needs.
The chapter begins by emphasizing the importance of risk management frameworks in protecting organizational information assets. It introduces the core concepts of risk management and the necessity of comprehensive strategies to mitigate threats from various sources. Subsequent sections compare quantitative and qualitative risk analysis methodologies, discuss specific frameworks like the NIST RMF and ISO 27005, and detail the EBIOS RM method through structured workshops. The chapter concludes with a practical use case, illustrating the application of these risk management strategies in a real-world scenario involving financial aid for disadvantaged students. This structured approach provides a clear understanding of implementing effective risk management practices.
Key Terms in this Chapter
Target Objective: The purpose of a source of risk, depending on its motivations. Examples: Stealing information for profit or industrial espionage, spreading an ideological message, taking revenge on an organization, generating a health crisis.
Ecosystem: All stakeholders interacting with the subject of the study. Interaction refers to any relationship involved in the normal functioning of the subject of the study. Sources of risk are not considered stakeholders unless they can affect the functioning of the object of study.
Workshop: A set of activities to be carried out as part of the study, in the form of one or more meetings, with preparatory, summary, and feedback work. The term emphasizes the importance of the collaborative and collegiate approach to the study.
Business value: In the context of the study, an important component for the organization in accomplishing its mission. This may be a service, a support function, a stage in a project, and any associated information or know-how.
Interested Party: A person or organization that can affect, be affected by, or perceive itself to be affected by a decision or activity.
Risk Source: An element, person, group of people, or organization likely to generate a risk. A source of risk can be characterized by its motivation, resources, skills, and (preferred) operating methods. Examples: State services, hacktivists, competitors, vengeful employees.
Feared Event: An event associated with a business value that affects a security criterion or requirement of the business value. Examples include unavailability of a service, illegitimate modification of the high temperature threshold of an industrial process, disclosure of classified data, and modification of a database. The feared events to be exploited are those of the strategic scenarios and relate to the impact of an attack on a business value. Each feared event is assessed according to the severity of the consequences, based on a metric.
Support Asset: A component of the information system on which one or more business values are based. A support asset may be digital, physical, or organizational.