They underestimate, however, direct economic links between the elements of the portfolio and therefore the underlying structure of the portfolio.
Keywords applicable to this article: The Opportunities for Academic Dissertations and Thesis Projects The standards and best practices of Information Risk Management have evolved significantly in the recent past with the evolution of cloud computing and the emerging threats to client businesses running their ICT Information and Communication Technologies on the clouds.
Cloud computing infrastructures are massive Internet-enabled data centres having virtualised pools of computing, storage, networking, and platform resources in service-oriented configurations.
Every client organisation gets a personalised Virtual Private Cloud VPC packaged with the desired ICT resources operating within a domain protected by virtualised boundaries. The key challenges in this configuration are the following: The client organisation merely gets access to controls related to users and groups management.
Simply stated, the client organisations do not have access to their respective comprehensive risks registers. If an exploit materialises successfully, thousands of businesses can be taken down by a small group of hackers.
This attack was carried out using hundreds of thousands of compromised Internet Of Things. Despite of such a massive sttack, the client organisations could only wait and watch what DYN and the associated cloud service organisations were doing to implement preventive controls against reoccurence of this risk in future.
It is very difficult for a client organisation to shift the ICT resources back to self-hosted data centres or to other cloud service providers. There is a high risk of data proliferation with no clarity on who shall be responsible.
In addition, the ICT services management and governance standards maintained by companies are diluted because the controls are transferred to cloud service providers. For example, companies do not have much left to manage in the areas of incident, problem, change, release, configuration, availability, service level, disaster recovery, and business continuity management.
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There is a clear shift of power structures of the individual enterprises after they have adopted cloud computing. Perhaps, a roll back from this position to the power of self-hosted ICT services in future will be almost impossible amidst lack of migration platforms, lack of skilled ICT employees, lack of consultancy, and an overall lack of knowledge and expertise.
One may view the current state of the cloud-dependent business organisations as an irreversible shift of organisational inertia; a change without a back-out plan. However, cloud is here to stay as hundreds of thousands of business, government, public sector, and not-for-profit organisations have moved their ICT resources to cloud computing.
Hence, the approach of researchers should not be only to criticise cloud computing but also find out ways to live with it and change the ways businesses have been managing their ICT risks and security.
To explore the research opportunities on cloud computing, a basic understanding of the traditional risk management standards is mandatory. This standard considers Risk Management, Configuration Management and Change Management as an integrated framework to deliver IT security in an organization.
The risk management framework recommended by this standard can be viewed as a "concentric spheres" model with the information assets placed at the core of the model as shown in the figure below. This model was originally part of ISO that represents an environment of threats that change continuously thus changing the risk baselines residual acceptable risk levels of the organizations and hence requires periodic assessment of the effectiveness of controls such that the vulnerabilities are not exploited by the external threats to affect the information assets.
ISO conceptual framework Based on the environment of threats and resulting risks the relationships in risk management, as defined by ISO framework is presented in the figure above.
A close observation of the figure shall reveal that every parameter can be assigned a metric value which can be measured objectively within a given environment. The interrelationships of these parameters will result in a matrix like structure whereby the metrics of these parameters form a relationship and hence control each other.
For example, high asset value and high impact with low probability value may lead to lower threat value and hence lower risk value. Hence, in spite of high asset value and high impact, the risk treatment may not be urgent for this asset.
Typical example may be - impact due to flooding to a Data Centre on the top floor of a building that is many miles away from a river and also has water storage tank located few hundred meters away from the base of the building.
A threat analysis coupled with history of flooding may lead to very low probability of flooding and hence the risk value may arrive to be below the threshold of residual risks.
Now let us imagine that the building authorities decided to install an overhead water tank on the roof top.Master in Economics and Finance - CEMFI, Centro de Estudios Monetarios y Financieros, Spain ().
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