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InstructionsAsset Management Life CycleThe three most well-known information security risk assessment methodologies are Operationally Critical Threat, Asset and Vulnerability Evaluation (OCTAVE) developed at the CERT Coordination Center at Carnegie Mellon University, Factor Analysis of Information Risk (FAIR), and the NIST Risk Management Framework (RMF).Using APA format, write a three-five page paper that:Discusses the pros and cons of each of the mentioned methods,Identifies if they are in the public domain or if there is a licensing cost, andOutlines the different training options available.
Answer
Risk Management MethodologiesIntroductionEffective risk management starts with the identification of risks relative to key assets and organizational goals. OCTAVE, FAIR, and NIST RMF are aimed at taking guessing out of assessing IT risk. Almost all companies consider the evaluation and management of risk a high priority. Given the turbulent state of cyber security, organizations need to adopt a risk management framework that suits their business goals to help guide risk management executives through the challenging process. OCTAVE and FAIR frameworks have a licensing cost while NIST RMF is in the public domain. This paper examines the pros and cons of these commonly used risk management methodologies. OCTAVEThe OCTAVE method for risk evaluation provides a self-directed, context-driven asse...
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