The IT Security Risk Assessment Policy is essential for organizations operating in England and Wales to systematically identify and manage information security risks. This document is particularly crucial given the increasing frequency and sophistication of cyber threats, coupled with stringent regulatory requirements. The policy ensures compliance with relevant legislation while providing a structured approach to risk management. It should be implemented when organizations need to establish or formalize their approach to IT security risk assessment, particularly in response to regulatory requirements or as part of a broader security management system.
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1. Purpose and Scope: Defines the objectives and boundaries of the policy, including regulatory compliance requirements
2. Roles and Responsibilities: Outlines who is responsible for risk assessment activities, including key stakeholders and their duties
3. Risk Assessment Methodology: Details the systematic approach and framework for conducting risk assessments, including frequency and triggers
4. Risk Evaluation Criteria: Defines how risks are measured, categorized, and prioritized, including impact and likelihood scales
5. Compliance Requirements: Lists all applicable laws, regulations, and standards that must be considered during risk assessment
6. Reporting and Documentation: Specifies how risk assessments should be documented, reported, and maintained
7. Review and Monitoring: Establishes the process for ongoing monitoring and periodic review of risk assessments
1. Industry-Specific Requirements: Additional requirements for regulated sectors such as financial services, healthcare, or critical infrastructure
2. Cloud Security Assessment: Specific guidelines and requirements for assessing cloud-based systems and services
3. Third-Party Risk Assessment: Procedures for evaluating and managing risks associated with vendors, suppliers, and other third parties
4. Data Protection Impact Assessment: Specific requirements for assessing risks related to personal data processing under GDPR/DPA 2018
1. Risk Assessment Template: Standardized template for documenting risk assessments including threat identification, vulnerability analysis, and control evaluation
2. Risk Matrix: Standard risk evaluation matrix showing impact vs likelihood scales and risk categorization
3. Control Framework: Comprehensive list of security controls, their effectiveness ratings, and implementation status
4. Assessment Schedule: Annual timeline for regular risk assessments and review cycles
5. Incident Response Procedures: Detailed procedures for handling and escalating security incidents identified during risk assessment
6. Regulatory Compliance Checklist: Checklist of regulatory requirements and compliance status tracking
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