Financial cybersecurity risk management Discussion Please read the following material and answer questions below. Also, make sure you have read Chapters 1 | Homework Answers

Financial cybersecurity risk management Discussion Please read the following material and answer questions below. Also, make sure you have read Chapters 1 through 5 of the textbook.will find the material with instructions in one fail and the other will be the textbook. Financial
Cybersecurity Risk
Management
Leadership Perspectives and
Guidance for Systems and
Institutions
Paul Rohmeyer
Jennifer L. Bayuk
Foreword by Dr. Larry Ponemon
Financial Cybersecurity Risk Management: Leadership Perspectives and
Guidance for Systems and Institutions
Paul Rohmeyer
Stevens Institute of Technology,
Hoboken, NJ, USA
Jennifer L. Bayuk
Stevens Institute of Technology,
Hoboken, NJ, USA
ISBN-13 (pbk): 978-1-4842-4193-6
https://doi.org/10.1007/978-1-4842-4194-3
ISBN-13 (electronic): 978-1-4842-4194-3
Library of Congress Control Number: 2018966187
Copyright © 2019 by Paul Rohmeyer, Jennifer L. Bayuk
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This book is dedicated to all the technology risk
managers in the financial industry, with whom the
authors have utmost empathy.
Table of Contents
About the Authors????????????????????????????????????????????????????????????????????????????????xi
Series Editor’s Foreword???????????????????????????????????????????????????????????????????xiii
Foreword???????????????????????????????????????????????????????????????????????????????????????????xix
Acknowledgments?????????????????????????????????????????????????????????????????????????????xxi
Chapter 1: What Are We Afraid Of????????????????????????????????????????????????????????1
Understanding the Threat Environment????????????????????????????????????????????????????????????????1
Overview of the Risk Landscape???????????????????????????????????????????????????????????????????????????2
Understanding the Adversary????????????????????????????????????????????????????????????????????????????????3
Threat Categories for Financial Organizations??????????????????????????????????????????????????????6
That’s Where the Money Is–Theft of Funds?????????????????????????????????????????????????????6
Information Is Power–Theft of Data?????????????????????????????????????????????????????????????????7
Clogging Up the Works–Threats of Disruption?????????????????????????????????????????????????9
Facing the Threats??????????????????????????????????????????????????????????????????????????????????????????????11
Threat Intelligence??????????????????????????????????????????????????????????????????????????????????????????????12
Threat Modeling??????????????????????????????????????????????????????????????????????????????????????????????????13
Implementation???????????????????????????????????????????????????????????????????????????????????????????????????15
Moving Ahead?????????????????????????????????????????????????????????????????????????????????????????????????????17
Notes???????????????????????????????????????????????????????????????????????????????????????????????????????????????????18
v
Table of Contents
Chapter 2: Where Are We Vulnerable?????????????????????????????????????????????????21
Cybersecurity Weaknesses?????????????????????????????????????????????????????????????????????????????????21
Technology Vulnerabilities???????????????????????????????????????????????????????????????????????????????????22
New Technologies???????????????????????????????????????????????????????????????????????????????????????????????27
Human Vulnerability Dimensions????????????????????????????????????????????????????????????????????????29
An Illustration: Business E-mail Compromise?????????????????????????????????????????????????????32
Understanding the Consequences??????????????????????????????????????????????????????????????????????34
Moving Ahead?????????????????????????????????????????????????????????????????????????????????????????????????????46
Notes???????????????????????????????????????????????????????????????????????????????????????????????????????????????????46
Chapter 3: What Would a Breach Cost Us??????????????????????????????????????????49
Risk Quantification??????????????????????????????????????????????????????????????????????????????????????????????49
Scenario Creation????????????????????????????????????????????????????????????????????????????????????????????????54
Scenario Selection??????????????????????????????????????????????????????????????????????????????????????????????58
Cost Estimation???????????????????????????????????????????????????????????????????????????????????????????????????62
Moving Ahead?????????????????????????????????????????????????????????????????????????????????????????????????????70
Notes???????????????????????????????????????????????????????????????????????????????????????????????????????????????????70
Chapter 4: What Are the Odds????????????????????????????????????????????????????????????73
Plausible Deniability????????????????????????????????????????????????????????????????????????????????????????????73
Cybersecurity Risk As Operational Risk??????????????????????????????????????????????????????????????75
Shortage of Sufficient Historical Data?????????????????????????????????????????????????????????????????78
Probabilities Driven by Vulnerabilities?????????????????????????????????????????????????????????????????82
The Next Evolution??????????????????????????????????????????????????????????????????????????????????????????????91
Moving Ahead???????????????????????????????????????????????????????????????????????????????????????????????????100
Notes?????????????????????????????????????????????????????????????????????????????????????????????????????????????????101
vi
Table of Contents
Chapter 5: What Can We Do?????????????????????????????????????????????????????????????105
Risk Treatment Across the Organization???????????????????????????????????????????????????????????106
Avoidance????????????????????????????????????????????????????????????????????????????????????????????????????106
Reduction????????????????????????????????????????????????????????????????????????????????????????????????????107
Transfer???????????????????????????????????????????????????????????????????????????????????????????????????????111
Acceptance??????????????????????????????????????????????????????????????????????????????????????????????????114
Risk Treatment Across the Enterprise Architecture???????????????????????????????????????????115
Executing on Risk Treatment Decisions????????????????????????????????????????????????????????????118
Validating Effectiveness in Execution???????????????????????????????????????????????????????????????121
Moving Ahead???????????????????????????????????????????????????????????????????????????????????????????????????123
Notes?????????????????????????????????????????????????????????????????????????????????????????????????????????????????124
Chapter 6: How Do I Manage This????????????????????????????????????????????????????125
Governance Operating Model????????????????????????????????????????????????????????????????????????????126
Cybersecurity Risk Appetite??????????????????????????????????????????????????????????????????????????????133
Cybersecurity Performance Objectives?????????????????????????????????????????????????????????????140
Moving Ahead???????????????????????????????????????????????????????????????????????????????????????????????????154
Notes?????????????????????????????????????????????????????????????????????????????????????????????????????????????????154
Chapter 7: Should This Involve the Whole Organization??????????????????157
Architectural View?????????????????????????????????????????????????????????????????????????????????????????????158
Enterprise Capabilities?????????????????????????????????…
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