Risk Management Principles for an Organization-wide Cyber Risk Program: TJMAXX Case Study
Questions
Scenario 1 – TJMAXX Case Study: Please read the attached case study and answer the below questions.
1) Using risk management principles for creating an organization-wide cyber risk program, create the following items:
a. An enterprise-wide cyber risk management policy for all members of the workforce
b. A brief accountability chart that demonstrates who is responsible for which parts of the enterprise risk management process (you may make assumptions about roles if you don’t know exactly what roles TJMAXX has).
c. Give 2 case-specific examples of how to integrate your new risk management process into organization processes (account for resource availability in your response)
d. Identify 2 case-specific communication and reporting mechanisms you would use to actively encourage support, accountability, and ownership of risk.
Scenario 2 - A Risk Audit of a Very Small Business: Please read the attached case study and answer the below questions.
1) Based on all the methodologies and frameworks explored this semester, what approach would you choose to implement for this organization? Provide a case-specific justification for your selection that specifies how your choice fits and is appropriate for this organization.
2) Assume that you have selected a qualitative approach to risk management. You have created a heat map and risk register that prioritize risks. You present the heat map and risk register and are met with the following questions. How would you respond based on the case study?
a. I don’t understand why I need to do risk management – I have a very small business and I don’t find this useful. Why should I spend time and potentially money on this?
b. This risk about vulnerabilities associated with my website and shopping cart says it is red and 20. How is this useful information to my organization, and what can I do with it?
Non-Scenario Questions
1) Please describe the merits and drawbacks of OCTAVE Allegro, NIST, and FAIR. Describe 1 merit and 1 drawback for each method/framework.
2) When would you recommend using each of the above methods/frameworks? Give at least two recommendation criteria for each method/framework.
3) When looking at risk management and cyber security for any given organization or company, how do you know when you have “enough security”? What pushback might you receive on your response from the first part of this question, and how would you respond to it?
Risk Management Principles for an Organization-wide Cyber Risk Program: TJMAXX Case Study
Introduction
In today’s digital age, organizations are increasingly vulnerable to cyber threats. Developing an effective cyber risk management program is crucial for organizations to protect themselves from cyber attacks and safeguard their sensitive data. This essay will outline the risk management principles for creating an organization-wide cyber risk program using the TJMAXX case study as a basis.
Enterprise-wide Cyber Risk Management Policy
A. An enterprise-wide cyber risk management policy for all members of the workforce should include the following elements:
Clearly defined objectives and goals of the cyber risk management program.
Roles and responsibilities of employees in identifying, assessing, and mitigating cyber risks.
Guidelines for the secure handling of sensitive data and information.
Procedures for reporting and responding to cyber incidents.
Regular training and awareness programs to educate the workforce about cyber risks and best practices for risk mitigation.
Accountability Chart for Enterprise Risk Management Process
B. A brief accountability chart for the enterprise risk management process at TJMAXX could include the following roles:
Chief Information Security Officer (CISO): Responsible for overall management of the organization’s cyber risk program.
IT Security Team: Responsible for implementing technical controls, monitoring systems, and conducting regular vulnerability assessments.
Human Resources: Responsible for ensuring that all employees receive appropriate training on cyber risk management.
Legal Department: Responsible for ensuring compliance with applicable laws and regulations related to data protection and privacy.
Business Unit Managers: Responsible for identifying and assessing cyber risks specific to their respective departments.
Integration of Risk Management Process into Organization Processes
C. Two case-specific examples of integrating the risk management process into TJMAXX’s organization processes could be:
Conducting regular risk assessments during the software development lifecycle to identify vulnerabilities and implement appropriate security controls.
Integrating cyber risk management into the procurement process by evaluating the security posture of vendors and third-party suppliers before engaging in business relationships.
Communication and Reporting Mechanisms
D. Two case-specific communication and reporting mechanisms to actively encourage support, accountability, and ownership of risk at TJMAXX could be:
Regular cybersecurity awareness campaigns to educate employees about the importance of risk management and reporting any suspicious activities.
Establishing a dedicated reporting channel, such as a hotline or an anonymous reporting system, to encourage employees to report any potential cyber incidents or vulnerabilities they identify.
By implementing these risk management principles, TJMAXX can create a robust cyber risk program that fosters a culture of cybersecurity awareness and ensures proactive identification and mitigation of cyber risks.