Cyber Security

CIR RAR-BIA Risk Analysis and Review and Business Impact Analysis

Written by Moh Heng Goh | Nov 12, 2022 1:26:55 PM

Overview of Risk Analysis and Review and Business Impact Analysis for Cybersecurity Incident Response (CIR)

This is the introductory blog for implementing Risk Analysis and Review (RAR) and Business Impact Analysis (BIA) with Cybersecurity Incident Response (CIR).

It discusses the importance of knowing what information assets within an organization require protection against cyber security threats. It is part of the Risk Analysis and Review phase.

This includes the understanding of the types of cyber security threats and the assets that are affected. It also provides an understanding of the cyber criminals' techniques utilized to exploit vulnerabilities within the organization that sabotaged the assets, affecting the smooth continuity of business functions.
Guidelines are provided on how organizations can plan for appropriate response and mitigation strategies through the following processes to recover the Critical Business Functions or CBFs quickly and efficiently during CIR. The business function categorisation and its impact are further discussed in the Business Impact Analysis phase.
In the current situation, organizations begin to feel worried about cyber security threats as technology becomes increasingly sophisticated. Cybercriminals can utilize myriad ways to attack an organization, making them suffer huge losses. It is challenging for an organization to recover from a critical cyber security attack, and many feel that although they have a cyber security plan, due to the high likelihood of a cyber security attack and their unpreparedness, they are panicking about how to deal with this issue.

According to a BCI annual report, 88% of respondents mentioned they are either “extremely concerned” or “concerned” about the possibility of a cyber security attack.

Evolution of Cyber Threats

As technological development progresses, the likelihood of cyber security issues intensifying continues to grow. Some areas (BCI, 2010) organizations are concerned about are as follows.

1. Complexity of IT System

IT systems and networks are becoming increasingly complex, creating more issues and challenges for organizations utilizing them.

2. Converging Telecommunication Infrastructure

As the telecommunications infrastructure evolves, the traditional phone system and IT networks converge into a more unified structure.

3. Boundary-less Network

Difficulty in establishing physical and logical boundaries of the network as wireless connectivity continues to expand, increasing an organization’s exposure to cyber security attacks

Drivers for Cyber Security Risk Concerns

Here are a few reasons why organizations are so worried about cyber security attacks:

1. Pervasive Technology
  • Sharing platforms (Pundmann & Juergens, 2015) such as the Internet, cloud, mobile and social are the mainstream tools organizations currently use; and
  • Accessibility by employees to information anytime and from anywhere.
2. Changing Business Models
  • Organizations are beginning to change their mode of operations, such as outsourcing, offshoring, contracting, and remote workforce;
  • The increased amount of data to protect; and
  • Changing customers’, employees’, and organization’s information.
3. Compliance with Legislation
  • The increased regulatory requirement to comply concerning data protection.
4. Cyber Criminals with Different Agendas
  • Hackers to nation states;
  • Continuously innovating and subverting; and
  • Not tied down by the country’s law enforcement.

Overall Process

The detailed step of the RAR and BIA phases using the BCM planning methodology for Cybersecurity Incident Response (CIR) is shown below, together with the RAR and RAR Process for Cyber Security Risk.

Related Topics to CIR RAR and BIA
RAR and BIA process for Cybersecurity Incident Response (CIR) Guidelines for CIR Risk Analysis and Review (RAR) Guidelines for CIR Business Impact Analysis (BIA) Risk Treatment Strategy Back To: Overview of RAR and BIA

 

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Goh, M. H. (2017). A Manager's Guide to Business Continuity Management for Cyber Security Incidents, 2nd Edition. GMH Pte Ltd.

Reference: Chapter 6 Risk Analysis and Review and Business Impact Analysis 6.1 Introduction to 6.5 Overall Process 

Note: This version was the draft 2nd Edition being updated in 2022. The numeric in the square bracket [X-X] cross-refers to the actual chapter and section in the 1st Edition.

 
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