Identify assets needing protection. Not all are tangible and not all are easy to value
Hardware • Supplies
Software • Data
People • Availability
Documentation • Reputation
Determine Vulnerabilities
Any situation that could cause loss of confidentiality, integrity or availability
Several different approaches may be used
There is no single “right” approach
Estimate likelihood of exploitation by:
Classical probability analysis
Frequency analysis using observed data
Subjective analysis by experts
Compute expected annual loss
Include hidden costs: impacts on business, legal obligations, potential legal costs, future loss of business…
Relative values are more important than absolute values
Identify possible controls and their costs
Map vulnerabilities to controls
Consider both positive and negative effects of controls, and interaction among controls
Project annual savings from applying controls
Consider cost tradeoffs