Risk Management Overview

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Time
7 hours 50 minutes
Difficulty
Beginner
CEU/CPE
8
Video Transcription
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>> Hi everybody. As you can tell
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from the information we've covered so far,
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risk management is a huge part of information security.
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Let's go ahead and take a closer look at some of
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the processes of the risk management lifecycle.
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What are the steps of the risk management lifecycle?
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We start by identifying risks
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and determining where threats meet vulnerability,
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then we assess the risks.
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We use qualitative or quantitative analysis
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to determine what potential is for loss.
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In order to do that, we're
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going to look at the probability
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of the risk event and multiply that times its impact.
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This gives us value of the risk so we can prioritize it.
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Then we mitigate the risks.
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The value of the risk that we assessed in
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Step 2 will drive our mitigation strategy.
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If it's a high probability,
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high impact risk,
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will have a very active strategy.
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If it's a low-probability,
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low-impact risk, will probably have a passive strategy.
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Our options for mitigating risks are by reducing,
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transferring, or accepting risk.
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Then we monitor the risks because
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we know we can't eliminate risks completely.
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We must continue to monitor.
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If someone asks, "When are
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you done with risk management?"
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The answer is never because you
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have to continue to monitor for risks.
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First step, risk identification.
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There are three parts to risk identification we
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have: identify assets,
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identify threats, identify vulnerabilities.
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Frequently when we talk about assets and
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information security, we mean data.
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We have to identify the data we
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want to protect and the value of the data.
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Then the next part is to ask, what are the threats?
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Again, threats are those elements that
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can exploit weaknesses or vulnerabilities.
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You have to identify the vulnerabilities.
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Now, one of the ways we can
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identify risk is to use threat modeling.
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STRIDE is a common threat model
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that we'll look at in a second.
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Another type of threat model is use misuse cases.
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You could also include
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risk scenarios as a type of threat model.
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The STRIDE threat model is
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a very common model that is
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used with software development.
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It includes six primary security threats
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and the mitigation strategies for each of those threats.
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The first letter of each threat spells the word STRIDE.
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Spoofing is the S in STRIDE and it means impersonation.
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It could be IP address spoofing,
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caller ID spoofing, MAC
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address spoofing, or email spoofing.
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The best way to mitigate against
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spoofing is strong authentication,
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which is proving your identity.
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Usually, we want to use
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multiple factors of authentication.
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This typically includes asking
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you for something you know,
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something you have, and something you are.
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Recently, we've added somewhere you are using
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GPS and we've also added something you do.
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This could be patterns that you
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swipe on your smartphone and so forth.
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Tampering is the next threat and it's the T in STRIDE.
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This involves some modification.
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The best way to mitigate against
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this threat is the reform of
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integrity verification such as message digests.
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Another word for message digest is a hash.
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We'll talk more about that in just a bit.
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Another older mitigation strategy is
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CRCs, cyclic redundancy checks.
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Another strategy is checksums.
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Repudiation is the next threat in
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this model and it's the R in STRIDE.
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This means that a sender of
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an email disputes that they sent
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the message or they could say that they sent the message,
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but it was tampered within transit.
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The mitigation strategy is non-repudiation.
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This means using something that provides authenticity and
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integrity such as a digital signature and keys.
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We'll talk more about this in
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our section on cryptography.
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Information disclosure is the I in STRIDE.
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This means the disclosure of sensitive information.
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We mitigate this through confidentiality and encryption.
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Denial of service is
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the next threat and this is the D in STRIDE.
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Denial of service attacks are about
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rendering a service or server unavailable.
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This might be where you flood a server with
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illegitimate reasons so that it
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is so busy dealing with
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those requests it can't handle legitimate requests.
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Another example is where an attacker uses
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unsuspecting networks that we refer to
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as botnets or zombies to launch
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a much larger scale attack on the target.
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The mitigation strategy for
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this type of threat is high availability,
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redundancy, and fault tolerance.
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If web server 1 is attacked that's okay
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because web server 2 can handle this remaining traffic.
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Escalation of privilege is the E in STRIDE.
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This threat means an attacker accesses a system as
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a regular user and escalates his privileges,
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that way he has an admin account,
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for example, and can give more permissions.
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The mitigation strategy for this is to
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have strong authorization measures.
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To recap, STRIDE is a great start to threat modeling.
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It looks at six of the most common threats
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and how to mitigate them.
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