Practical implications – The paper presents a new approach to analyzing the risk of low probability, high impact natural disasters that can be readily applied in other low probability, high consequence cases. By exploiting the fact that responsible decision‐makers in public offices cannot claim that human losses today are worse than human losses tomorrow (human lives cannot be discounted, as it were), the alternative approach provides much more realistic decision‐support. Findings – The paper clearly shows the fallacy of using the frequency interpretation of probability in cases where the data are limited because the natural disasters under study appear very rarely. The study is therefore a comparative study. The same case is also reworked using the alternative approach and then a comparison is made. Design/methodology/approach – The common practice is reviewed by using the Åknes case from Norway where an up to 100 million m 3 rock slide is threatening one of Norway's most visited tourist sites, Geiranger. Purpose – The purpose of this paper is to show how the common practice of applying the frequency interpretation of probability in risk analysis of so‐called low‐probability and high‐consequence disasters can prove to be flawed, and to present a possible remedy. A well-planned risk management will help secure your data and save your company from an undesirable down-time.On probability in risk analysis of natural disasters On probability in risk analysis of natural disasters Based on a chosen response, risks can be avoided, mitigated, accepted, or transferred to a third-party.Ĭompanies should be aware of common cyber threats and vulnerabilities in their infrastructure in order to identify and properly respond to all of the risks. It is a never-ending process, which constantly evaluates newly found threats and vulnerabilities. Identifying all potential risks, analyzing their impact and evaluating appropriate response is called risk management. Risk = Threat Probability * Vulnerability Impact. In other words, risk is the probability of a threat agent successfully exploiting a vulnerability, which can also be defined by the following formula: Risk is a combination of the threat probability and the impact of a vulnerability. A vulnerability, to which fix is not yet available, is called a zero-day vulnerability. The process of discovering, reporting and fixing vulnerabilities is called vulnerability management. Vulnerabilities can be physical, such as a publicly exposed networking device, software-based, like a buffer overflow vulnerability in a browser, or even human, which includes an employee susceptible to phishing attacks. VulnerabilityĪ vulnerability is a weakness in hardware, software, personnel or procedures, which may be exploited by threat actors in order to achieve their goals. Our CISOs are highly skilled at establishing, improving, and transforming Cybersecurity Programs focused on maximizing business values by minimizing risks and optimizing opportunities. You can read more about current top five cyber threats and about the steps to mitigate them in our last report: Key Cyber Risks and Threats.ĬISO as a Service LIFARS’ CISO as a Service is designed to address organizations’ information security leadership needs. Information about threats and threat actors is called threat intelligence. Understanding threats is critical for building effective mitigations and helps to make the right decisions in cybersecurity. Threats are manifested by threat actors, who are either individuals or groups with various backgrounds and motivations. Common examples of threats include malware, phishing, data breaches and even rogue employees. ThreatĪ threat is any type of danger, which can damage or steal data, create a disruption or cause a harm in general. However, their understanding is crucial for building effective cybersecurity policies and keeping your company safe from various cyber attacks. Threat, vulnerability and risk are terms that are commonly mixed up.
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