Question

Regarding Risk Assessment Computer Science

Explain how you would purchase an insurance to protect your organization in case of a security breach.
Explain how we would calculate security risks to organizations to prepare for any contingencies.

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250 Words

Answer 1

Answer)

1) An organization needs to have cyber insurance which can help in protecting the organization from that of the financial costs and any data breach happening. For recovering from such a breach or any security-related incidents cyber insurance is needed for helping the organization to reduce the cyber risks if any and also reduce the costs.

The organization should first understand the below aspects before purchasing any insurance.

• To check as to which module or brand is it going to protect
• What are the intellectual property or the data that one needs to protect
• Is the company having any sensitive information or data that can lead to legal issues if leaked (Mostly applicable for healthcare and financial industry)
• What all are the expenses one is trying to cover in the insurance
• The vulnerability that needs to be covered as part of insurance coverage

After all these intervening questions one can check if a comprehensive package is needed or just the specific portion of the insurance coverage is to be availed

2) There are some of the steps one needs to follow to calculat the security risk for an organization which includes the below:

• To check, identify and list the key risks if any
• To prioritize the risk with regards to the impact
• To make a contigency plan for every event happening
• To sharing as well as maintaining the planning

So, an overplanning is definitely needed prior in advance when there is an unexpected event referred as contigency planning and to check as to how the organizational planning of the organization is to be done so as to prepare, and detect and respond to any threatening events or security aspects wit minimal cost and ability to restore to normal form without much disruption of the normal business activity after any incident.

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