Information System is a set of inter-related components that postulate or retrieve, process, store and distribute information to support decision making.
Risk is the likelihood that a system willing rear an dishonour both from within or placeside a business. Risks usually depend on the exposure of the system to ingrained or external attacks.
Risk assessments whether they pertain to information systems or other types of risks are a means of providing decision- dealrs with information indispensable to understand factors that can negatively influence operations and outcomes and make informed judgements concerning the extent of carry throughs needed to reduce the gravity of attack or completely eliminate it. For example, bank officials may require risk assessments to manage the risk default associated with their loan portfolios. Similarly, UMEME engineers may conduct such assessments to manage risk to public wellness and safety. As reliance on computer systems and electronic selective information has grown, information security risk has joined the array of risks that businesses must manage in rate to promote their continuity.
In carrying out risk assessments, the following elements are always taken into condition; identifying threats such as intruders, criminals, disgruntled employees, terrorists, flood and fire that could harm and, thus, affect the critical operations and assets; estimating the likelihood that such threats will materialise based on historical information and judgment of knowledgeable individuals; identifying and ranking the value, sensitivity and criticality of the operations and assets that could be affected should a threat materialise in order to determine which operations and assets are most important; estimating recuperation costs of the most critical operations and assets; identifying cost-effective action to mitigate the risk and documenting the results and developing an action plan.
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