Statistics on data breaches indicate that many companies still do not report all of the successful attacks they are exposed to, which could impact their peers. The RMF requires that organizations maintain a list of known risks and monitor known risks for compliance with the policies. At some point in the list, the organization can decide that risks below this level are not worth addressing, either because there is little likelihood of that threat getting exploited, or if there are too many greater threats to manage immediately to fit the low threats into the work plan.
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Organizations take the previous ranked list and start to figure out how to mitigate the threats from the greatest to the least. Once you have identified the threats, vulnerabilities, impact, likelihood, and predisposing conditions, you can calculate and rank the risks your organization needs to address. Predisposing conditions are a specific factor inside the organization that either increases or decreases the impact or likelihood that a vulnerability will come into play.Likelihood is a measurement of the risk factor based on the probability of an attack on a specific vulnerability.Impact is a measurement of how severe the harm to the organization would be if a particular vulnerability or threat is compromised.Vulnerabilities are weaknesses in the IT systems, security, procedures, and controls that can be exploited by bad actors (internal or external).Threats are events that could potentially harm the organization by intrusion, destruction, or disclosure.NIST says, “the typical risk factors include threat, vulnerability, impact, likelihood, and predisposing condition.” During this step, you will brainstorm all the possible risks you can imagine across all of your systems and then prioritize them using different factors:
The first, and arguably the most important, part of the RMF is to perform risk identification. These categories provide a way of working toward an effective risk management system, from identifying the most critical risks you face to how you will mitigate them. When getting started with the RMF, it can be useful to break the risk management requirements into different categories.
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