There are a few challenges that come to mind when performing a quantitative information security analysis. Generally, the quantitative approach is expressed in monetary terms which is unnecessary or and arguably, not possible when determining the value of intangible assets. Quantitative risk evaluation may also be impractical when there is insufficient data on hand to be analyzed because it will not lead to a successful risk management strategy. Although quantitative risk assessments are considered to be more subjective, the given perceived risk numerical values are more simplistic in nature; therefore, easier to work with and understand at all administrative levels. Vacca Chapter 1 emphasizes the importance of awareness and ownership at all administrative levels. It is possible that the quantitative information security risk approach overlooks security awareness training for employees that lack IT knowledge and fails to clearly communicate the risk narrative to personnel. Lastly, this type of assessment happens to be the most expensive and time-consuming method which may not be in reach for startups or small enterprises. Not to mention, it would require considerable efforts to build and maintain.
When performing a performing a quantitative information security risk analysis, there are a couple challenges that may arise. The first is a lack of support from management. They may view the risk as negligible, but not really know the extent of the risk because they are more concerned with financials than anything else. Another issue is that quantitative risk uses numerical values to quantify the risk, which could make make the risk very difficult to approach.
Performing quantitative information security risk analysis requires a lot of time, money, or human resources. Generally, companies think that good hardware or software can be resisted. It is a fact that they ignore the most basic security mechanisms. Although a third-party review will allow internal employees to let go of their paranoia, it may lead to worth threats if a conflict of interest arises from a third-party review (for example, Enron). One of the important items is information security risk training for employees, such as setting security passwords.
For a smooth and safe business processes, it’s very important to find all the potential factors that might prevent it. Quantitative risk assessment brings numbers into the equation, with analysis based on the likelihood that particular threats will manifest, and pre-determined measurement scales used to establish the risks or losses associated with those threats. It most thorough method of performing a risk analysis. This also makes it the most expensive and time-consuming method – and therefore not the ideal first choice for cash-strapped or smaller scale enterprises. Organizations requiring legal protection against suits or disclosures, needing to satisfy stringent requirements for regulatory compliance, or having to reconcile budgets with risk analysis findings are most likely to opt for this approach.
There are a few challenges that come to mind when performing a quantitative information security analysis. Generally, the quantitative approach is expressed in monetary terms which is unnecessary or and arguably, not possible when determining the value of intangible assets. Quantitative risk evaluation may also be impractical when there is insufficient data on hand to be analyzed because it will not lead to a successful risk management strategy. Although quantitative risk assessments are considered to be more subjective, the given perceived risk numerical values are more simplistic in nature; therefore, easier to work with and understand at all administrative levels. Vacca Chapter 1 emphasizes the importance of awareness and ownership at all administrative levels. It is possible that the quantitative information security risk approach overlooks security awareness training for employees that lack IT knowledge and fails to clearly communicate the risk narrative to personnel. Lastly, this type of assessment happens to be the most expensive and time-consuming method which may not be in reach for startups or small enterprises. Not to mention, it would require considerable efforts to build and maintain.
When performing a performing a quantitative information security risk analysis, there are a couple challenges that may arise. The first is a lack of support from management. They may view the risk as negligible, but not really know the extent of the risk because they are more concerned with financials than anything else. Another issue is that quantitative risk uses numerical values to quantify the risk, which could make make the risk very difficult to approach.
Performing quantitative information security risk analysis requires a lot of time, money, or human resources. Generally, companies think that good hardware or software can be resisted. It is a fact that they ignore the most basic security mechanisms. Although a third-party review will allow internal employees to let go of their paranoia, it may lead to worth threats if a conflict of interest arises from a third-party review (for example, Enron). One of the important items is information security risk training for employees, such as setting security passwords.
For a smooth and safe business processes, it’s very important to find all the potential factors that might prevent it. Quantitative risk assessment brings numbers into the equation, with analysis based on the likelihood that particular threats will manifest, and pre-determined measurement scales used to establish the risks or losses associated with those threats. It most thorough method of performing a risk analysis. This also makes it the most expensive and time-consuming method – and therefore not the ideal first choice for cash-strapped or smaller scale enterprises. Organizations requiring legal protection against suits or disclosures, needing to satisfy stringent requirements for regulatory compliance, or having to reconcile budgets with risk analysis findings are most likely to opt for this approach.