• Journal of Information Processing Systems
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• v.16 no.1
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• pp.61-82
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• 2020

The security risk management used by some service providers is not appropriate for effective security enhancement. The reason is that the security risk management methods did not take into account the opinions of security experts, types of service, and security vulnerability-based risk assessment. Moreover, the security risk assessment method, which has a great influence on the risk treatment method in an information security risk assessment model, should be security risk assessment for fine-grained risk assessment, considering security vulnerability rather than security threat. Therefore, we proposed an improved information security risk management model and methods that consider vulnerability-based risk assessment and mitigation to enhance security controls considering limited security budget. Moreover, we can evaluate the security cost allocation strategies based on security vulnerability measurement that consider the security weight.

• Journal of Korean Institute of Industrial Engineers
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• v.28 no.1
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• pp.44-56
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• 2002

For the risk analysis and risk assessment techniques to be effectively applied to the field of information technology (IT) security, it is necessary that the required activities and specific techniques to be applied and their order of applications are to be determined through a proper risk management model. If the adopted risk management model does not match with the characteristics of host organization, an inefficient management of security would be resulted. In this paper, a risk management model which can be well adapted to Korean domestic IT environments is proposed for an efficient security management of IT. The structure and flow of the existing IT-related risk management models are compared and analysed, and their common and/or strong characteristics are extracted and incorporated in the proposed model in the light of typical threat types observed in Korean IT environments.

• Industrial Engineering and Management Systems
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• v.13 no.1
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• pp.87-100
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• 2014

Risk management is recognized as a significant element in Information Security Management while the failure mode and effects analysis (FMEA) is widely used in risk analysis in manufacturing industry. This paper aims to present the development work of the Information Security FMEA Circle (InfoSec FMEA Circle) which is used to support the risk management framework by modifying traditional FMEA methodologies. In order to demonstrate the "appropriateness" of the InfoSec FMEA Circle for the purposes of assessing information security, a case study at Hong Kong Science and Technology Parks Corporation (HKSTP) is employed. The "InfoSec FMEA Circle" is found to be an effective risk assessment methodology that has a significant contribution to providing a stepwise risk management implementation model for information security management.

• Journal of Digital Convergence
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• v.17 no.1
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• pp.141-148
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• 2019

The advancement of digital technology accelerates intelligence, convergence, and demands better change beyond traditional methods in all aspects of business models and technologies, infrastructure, processes, and platforms. Risk management is becoming more important because of various security risks, depending on the changing business environment and aligned to business goals is emerging from the existing information asset based risk management. For business aligned risk management, it is essential to understand the risk appetite for achieving business goals, which provides a basis for decision-making in subsequent risk management processes. In this paper, we propose a framework for analyzing the risk management framework, pre - existing risk analysis, and protection motivation theory that influences decisions on security risk management. To examine the practical feasibility of the developed risk appetite framework, we reviewed the applicability and significance of the proposed risk appetite framework through an advisory committee composed of security risk management specialists.

• Journal of the Korea Society of Computer and Information
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• v.24 no.11
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• pp.99-107
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• 2019

The "Risk management" and "Security monitoring" activities for cyber security are deeply correlated in that they prepare for future security threats and minimize security incidents. In addition, it is effective to apply a pattern model that visually demonstrates to an administrator the threat to that information asset in both the risk management and the security system areas. Validated pattern models have long-standing "control chart" models in the traditional quality control sector, but lack the use of information systems in cyber risk management and security systems. In this paper, a cyber Security Risk Monitoring (SRM) system that integrates risk management and a security system was designed. The SRM presents a strategy for applying 'security control' using the pattern of 'control charts'. The security measures were integrated with the existing set of standardized security measures, ISMS, NIST SP 800-53 and CC. Using this information, we analyzed the warning trends of the cyber crisis in Korea for four years from 2014 to 2018 and this enables us to establish more flexible security measures in the future.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.11 no.2
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• pp.703-708
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• 2010

Various information sources and the increasing vulnerabilities of information systems could increase the risks of a business. The successful management of business risks depends on appropriate level of risks in business. Business risk management would be conducted in terms of financial risk management and information security management. The financial management and the information security management could not achieve an integrated business risk management. For developing the integrated business risk management, this study analyzes the various information security management systems such as ISMS, EA, ISO27001, COBIT, SPICE, Auditing. This study analyzes information security systems, which could be utilized in developing business risk management.

• Management & Information Systems Review
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• v.27
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• pp.149-172
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• 2008

Since the 9/11 terror attack, the event which caused supply chain disruption, supply chain security has becomes more important than ever before. Furthermore, such company's logistics strategies conflicting supply chain security as increased global sourcing, JIT manufacturing are increasing supply chain vulnerability. It could burden for global companies to strengthen supply chain security because not only it requires additional investment cost but also changes of companiy's global logistics strategy. However, on the other hand, supply chain visibility and resilience can be improved through supply chain security. In addition, it allows companies to stabilize supply chain structure as well as rapid and flexible response to market demand. The key issue is balancing between efficiency and supply chain security. To do this, identifying risk elements under the supply chain and assessing vulnerability of each supply chain components should be performed before developing efficient supply chain security management system without obstructing supply chain efficiency.

• Asia pacific journal of information systems
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• v.22 no.1
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• pp.79-101
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• 2012

This study expands the current body of research by exploring multiple scenarios of insufficient and excessive IT security investments caused by interdependent risks and the interplay between IT security investments and cyber insurance. A key finding is that organizations experiencing interdependent risks with different types of cyber attacks (i.e., targeted and untargeted attacks) use different strategies in making IT security investment decisions and in purchasing cyber insurance policies for their information security risk management than firms that are facing independent risks. The study further provides an economic rationale for employing insurance mechanisms as a risk management solution for information security.

• Journal of Korea Society of Digital Industry and Information Management
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• v.6 no.4
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• pp.307-317
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• 2010

The majority of financial and general business organizations have had individual damage from hacking, worms, viruses, cyber attacks, internet fraud, technology and information leaks due to criminal damage. Therefore privacy has become an important issue in the community. This paper examines various elements of the information security management system and discuss about Information Security Management System Models by using the analysis of the financial statue and its level of information security assessment. These analyses were based on the Information Security Management System (ISMS) of Korea Information Security Agency, British's ISO27001, GMITS, ISO/IEC 17799/2005, and COBIT's information security architecture. This model will allow users to manage and secure information safely. Therefore, it is recommended for companies to use the security management plan to improve the companies' financial and information security and to prevent from any risk of exposing the companies' information.

• Korean Security Journal
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• no.10
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• pp.189-213
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• 2005

Risk management should be controlled systematically by effectively evaluating and suggesting countermeasures against the various risks which are followed by the change of the society and environment. These days, enterprise risk management became a new trend in the field. The first step in risk analysis is to recognize the risk factors, that is to verify the vulnerabilities of loss in the security facilities. The second step is to consider the probability of loss in assessing the risk factors. And the third step is to evaluate the criticality of loss. The security manager will determine the assessment grades and then the risk levels of each risk factor, on the basis of the result of risk analysis which includes the assessment of vulnerability, the provability of loss and the criticality. It is of great importance to put the result of risk analysis in mathematical statement for a scientific approach to risk management. Using the risk levels gained from the risk analysis, the security manager can develop a comprehensive and supplementary security plan. In planning the risk management measures to prepare against and minimize the loss, insurance is one of the best loss-prevention programs. However, insurance in and of itself is no longer able to meet the security challenges faced by major corporations. The security manager have to consider the cost-effectiveness, to suggest the productive risk management alternatives by using the security files which contains every information about the security matters. Also he/she have to reinforce the company regulations on security and safety, and to execute education repeatedly on security and risk management. Risk management makes the most efficient before-the-loss arrangement for and after-the-loss continuation of a business. So it is very much important to suggest a best cost-effective and realistic alternatives for optimizing risk management above all, and this function should by maintained and developed continuously and repeatedly.