Company M designs, manufactures, and sells electronic door locks for commercial buildings. The company has approximately 1,500 employees in three locations around the United States and generates $50 million in annual revenues. Over 5,000 wholesalers and distributors access the Company M business-to-business (B2B) Web site to place orders and track fulfillment. In the past year, Company M experienced 22 information security incidents, most of which involved lost or stolen laptops, tablet PCs, and smartphones. In addition, the company dealt with four serious malware events that originated from an unpatched server, an insecure wireless network used in the manufacturing plant, an insecure remote connection used by a sales person, and a headquarters employee who downloaded a game from the Internet to her workstation. Three of the malware incidents resulted in files that were erased from the company’s sales database, which had to be restored, and one incident forced the B2B Web site to shut down for 24 hours. Explain your risk mitigation strategy that reduces risks for an organization. Include the following: Explain your answers. Submit your initial post (minimum 350 words)

A risk mitigation strategy is a proactive approach aimed at reducing risks and minimizing the negative impact of potential incidents on an organization. In the case of Company M, which has experienced multiple information security incidents, it is crucial to develop and implement an effective risk mitigation strategy to protect the company’s assets and maintain the trust of customers and stakeholders.

The first step in developing a risk mitigation strategy is to assess and analyze the existing risks. In this case, the risk assessment should focus on the information security incidents that the company has experienced. It is evident that many of these incidents are related to the loss or theft of devices such as laptops, tablet PCs, and smartphones. Additionally, the four serious malware events highlight vulnerabilities in the company’s server, wireless network, remote connection, and employee workstations. Understanding the specific vulnerabilities and their potential impact is essential for addressing them effectively.

Based on the risk assessment, the next step is to prioritize the identified risks. This involves evaluating the likelihood and potential impact of each risk to determine the level of attention and resources it requires. In the case of Company M, the risks associated with lost or stolen devices appear to be frequent but relatively low-impact incidents. On the other hand, the malware events have resulted in more significant consequences such as data loss and website downtime. Prioritizing these risks allows the organization to allocate resources accordingly.

Once the risks have been prioritized, the risk mitigation strategy can be designed and implemented. In the case of Company M, a multi-layered approach is necessary to address the diverse risks. The first layer of defense should focus on physical security measures to prevent the loss or theft of devices. This may involve implementing secure storage solutions, such as lockable cabinets, and enforcing strict policies for the handling and storage of devices.

The second layer of defense should involve implementing technical controls to secure the company’s IT infrastructure. This includes patching vulnerable servers promptly, securing the wireless network with strong encryption protocols, and implementing secure remote access solutions. Additionally, the company should establish strict policies regarding the use of personal software and downloads on employee workstations to prevent malware infections.

Moreover, employee awareness and training play a critical role in risk mitigation. It is important to educate employees about the potential risks, such as the importance of physical security and safe browsing practices, and provide them with training on how to recognize and respond to potential security incidents.

Regular monitoring and assessment of the implemented controls are essential to ensure their effectiveness. This may involve conducting regular vulnerability scans, penetration tests, and security audits to identify potential weaknesses and address them promptly.

In conclusion, a comprehensive risk mitigation strategy for Company M should include physical security measures, technical controls, employee training, and regular monitoring and assessment. By addressing the vulnerabilities and implementing proactive measures, the organization can reduce the risks associated with information security incidents and protect its assets effectively.