Discuss at least three rationales for performing an information systems security risk assessment.

Overview
In order to successfully manage risk, one must understand risk itself and the assets at risk. The way one goes about managing risk will depend on what needs to be protected, and from what to protect it.
Instructions
Write a 3-4 page paper in which you:
Discuss at least three rationales for performing an information systems security risk assessment.
Explain the differences in quantitative, qualitative, and hybrid information systems risk assessment and illustrate the conditions under which each type is most applicable.
Describe the type of information that is collected to perform an effective information systems security risk assessment. Include at least three different types. Fully describe each and justify why you made your selections.
Describe at least five common tasks that should be performed in an information systems security risk assessment.
Use at least two quality resources in this assignment. Note: Wikipedia and similar websites do not qualify as quality resources. The Strayer University Library is a good source for resources.
Your assignment must follow these formatting requirements:
This course requires the use of Strayer Writing Standards (SWS). The library is your home for SWS assistance, including citations and formatting. Please refer to the Library site for all supports. Check with your professor for any additional instructions.
The specific course learning outcome associated with this assignment is:
Evaluate risk analysis methodologies to determine the optimal methodology based on needs, advantages, and disadvantages.
ANSWER
**Information Systems Security Risk Assessment**
**Rationales for Performing an Information Systems Security Risk Assessment**
There are at least three rationales for performing an information systems security risk assessment:
1. **To comply with regulations and standards.** Many organizations are required to conduct regular security risk assessments by law or regulation. For example, the Sarbanes-Oxley Act of 2002 requires publicly traded companies to conduct annual security risk assessments of their information systems.
2. **To identify and mitigate risks to information assets.** An information systems security risk assessment can help organizations to identify and assess the risks to their information assets, such as data, systems, and applications. Once the risks have been identified, organizations can develop and implement mitigation strategies to reduce the likelihood and impact of security incidents.
3. **To improve the overall security posture of the organization.** By conducting regular security risk assessments, organizations can identify and address security gaps and weaknesses. This can help to improve the overall security posture of the organization and make it less vulnerable to cyberattacks.
**Differences Between Quantitative, Qualitative, and Hybrid Risk Assessments**
**Quantitative Risk Assessment**
A quantitative risk assessment is a method of assessing risk that uses numerical values to represent the likelihood and impact of security incidents. Quantitative risk assessments are typically used to assess complex risks, such as the risk of a data breach or a denial-of-service attack.
**Qualitative Risk Assessment**
A qualitative risk assessment is a method of assessing risk that uses descriptive language to represent the likelihood and impact of security incidents. Qualitative risk assessments are typically used to assess simple risks, such as the risk of a lost or stolen laptop or a malware infection.
**Hybrid Risk Assessment**
A hybrid risk assessment is a method of assessing risk that combines elements of both quantitative and qualitative risk assessments. Hybrid risk assessments are typically used to assess risks that are too complex to be assessed using a purely quantitative or qualitative approach.
**Conditions Under Which Each Type of Risk Assessment is Most Applicable**
Quantitative risk assessments are most applicable when:
* The risks being assessed are complex and difficult to quantify.
* The organization has the resources and expertise to conduct a quantitative risk assessment accurately.
* The organization needs to produce a risk assessment that meets the requirements of a specific regulation or standard.
Qualitative risk assessments are most applicable when:
* The risks being assessed are simple and easy to understand.
* The organization does not have the resources or expertise to conduct a quantitative risk assessment accurately.
* The organization does not need to produce a risk assessment that meets the requirements of a specific regulation or standard.
Hybrid risk assessments are most applicable when:
* The risks being assessed are too complex to be assessed using a purely quantitative or qualitative approach.
* The organization wants to combine the benefits of quantitative and qualitative risk assessments.
**Types of Information Collected to Perform an Effective Information Systems Security Risk Assessment**
There are at least three different types of information that should be collected to perform an effective information systems security risk assessment:
1. **Asset inventory:** An asset inventory is a list of all of the organization’s information assets, such as data, systems, and applications.
2. **Vulnerability assessment:** A vulnerability assessment is a process of identifying and assessing vulnerabilities in the organization’s information assets.
3. **Threat assessment:** A threat assessment is a process of identifying and assessing the threats to the organization’s information assets.
**Asset Inventory**
An asset inventory should include the following information for each asset:
* Name of the asset
* Type of asset
* Description of the asset
* Location of the asset
* Value of the asset
**Vulnerability Assessment**
A vulnerability assessment should identify and assess the following types of vulnerabilities:
* Software vulnerabilities
* Hardware vulnerabilities
* Network vulnerabilities
* Configuration vulnerabilities
* Process vulnerabilities
**Threat Assessment**
A threat assessment should identify and assess the following types of threats:
* Internal threats
* External threats
* Natural threats
**Common Tasks Performed in an Information Systems Security Risk Assessment**
The following are five common tasks that are performed in an information systems security risk assessment:
1. **Identify the assets to be protected.** This involves identifying all of the organization’s information assets, such as data, systems, and applications.
2. **Identify the threats to the assets.** This involves identifying all of the potential threats to the organization’s information assets, such as cyberattacks, natural disasters, and human error.
3. **Assess the vulnerabilities of the assets.** This involves identifying and assessing the vulnerabilities in the organization’s information assets.
4. **Calculate the risk to each asset.** This involves calculating the likelihood and impact of security incidents for each asset.
5. **Prioritize the risks.** This involves prioritizing the risks based on their likelihood and impact.
**Conclusion**
Information systems security risk assessments are an important tool for managing risk. By conducting regular risk