Technology

Security is very subjective. There is often a balance that must be struck between protection and practicality. Compare and contrast quantitative and qualitative approaches to Risk Assessment. What are the advantagesdisadvantages to these approaches Is one better than another Why or why not

Answer

The qualitative data approach prioritizes risk in the financial aspect, and assets are prioritized by financial values. The results are used in facilitating risk management and the returns on the security investment. Results may be interpreted in the management specific angle wherein the monetary values and probabilities are expressed in a specific percentage value system. The accuracy also increases over time based on the recorded data or history as the organization gains more experience.

Qualitative data on the other hand enables the visibility of data and understanding of risk ranks. It is also a lot easier to reach consensus since it is not focused on quantifying threat frequency. It is also not necessary to determine financial assets values, making it easier to involve non-experts in security or computers.

Quantitative datas drawbacks would be on the subjectivity of the data as it will be based on the opinions of the participants. Also, reaching a credible results and consensus amongst the participants is time consuming, as well as calculations of the results. This type of process will require expertise.

Quantitative datas drawbacks, on the other hand depend on the insufficient differentiation between the important risks. Justifying investments in implementing control may also prove to be difficult because there is not basis for a cost-benefit analysis.

Quantitative data will be better in terms of logicality and practicality. It will not be subjective and will also be cheaper.

How do the evolving motivations of hackers and other information-criminals affect our perception of Risk Mitigation and Contingency Planning

Consider the CheckPoint case of August 2005 where the records of personal private information (PPI) of 145,000 consumers were inadvertantly released. How does the growing sophistication of the criminal influence our Risk Assessment decisions

Answer

The society has become more aware of risk mitigations and realized the importance of contingency planning having realized that being vulnerable may entail liabilities, especially to companies. Due to the sophisticated hacking methodologies nowadays, online purchases and online marketing and banking are developing their own individual systems to protect their consumers. It is also safe to assume that online users are also now more wary in giving away their personal information. Amazingly enough, the more sophisticated hackers are the richer software companies become as they develop software to counterfeit those of the hackers, as the need for it arises and market value increases.