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CYB-2025-003 - Ransomware Attack Disrupting Business Operations
Background
Owner: CIO

Ransomware attacks have increased 41% year-over-year with our software development sector seeing a 67% increase in targeting. Three direct competitors have been successfully attacked in the past 6 months. Given the commoditization of ransomware-as-a-service and our current security posture, we must assume an attempted attack is inevitable within the next 12-18 months.

Risk statement

Ransomware groups will likely target our organization through phishing, unpatched vulnerabilities, or compromised credentials, potentially encrypting core business systems and exfiltrating sensitive data before demanding ransom payment.

Existing mitigations

- Backup solution with 3-2-1 strategy (daily backups, 48-hour recovery point)
- Cecurity awareness training (87% completion rate, quarterly phishing tests)
- Endpoint protection across all devices
- Firewall with network segmentation (3 security zones)
- MFA enabled for all business-critical applications (94% adoption)
- Monthly patch cycles for servers, quarterly for endpoints
- Documented incident response playbook (last tested 8 months ago)
- Cyber insurance policy ($2M coverage with 4-hour notification requirement)

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Security Risk Assessment
Risk Treatment Options
A: Baseline Security Enhancement B: Managed Security Services Integration C: Zero Trust Architecture Implementation
Advantages
  • Addresses immediate gaps in current controls
  • Budget-friendly implementation over 6 months
  • Leverages existing vendor relationships
  • Quick wins for security metrics
  • 24/7 monitoring and response capabilities
  • Access to threat intelligence and expertise we lack internally
  • Faster mean time to detection/response
  • Shared responsibility model reduces internal burden
  • Comprehensive "never trust, always verify" model
  • Future-proofs against evolving threat landscape
  • Addresses remote work security challenges directly
  • Aligns with long-term digital transformation goals
Limitations
  • Only moderately reduces likelihood
  • Still vulnerable to sophisticated attacks
  • Requires significant internal resource commitment
  • May not satisfy cyber insurance requirements
  • Dependency on third-party provider
  • Integration complexity with existing tools
  • Ongoing subscription costs impact budget flexibility
  • Limited customization for our specific environment
  • Significant organizational change management required
  • 12–18 month implementation timeline
  • High complexity and potential for operational disruption
  • Requires specialized skills we don't currently possess
Cost $185,000 (includes XDR upgrade, backup hardening, additional training) $420,000 year one (implementation + 12 months service) $950,000 implementation + $180,000 annual maintenance
Effort 40 hours/week from IT team for 4 months High initially (3 months integration), then low operational overhead Very High - full-time project team required, impacts all business units
Security Feedback Moves us from "reactive" to "managed" security posture but insufficient against nation-state level threats we've observed in our sector Industry best practice for organizations our size, should reduce attack success probability by 60-70% based on provider metrics Gold standard security model but may be overengineered for our current threat profile and organizational maturity
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Security Risk Assessment
Decision
Date
March 12, 2025
Decision
Recommend implementing Solution B (Managed Security Services) with specific enhancements from Solution A. This approach addresses our most critical gap - lack of 24/7 monitoring capability - while providing expertise we cannot develop internally within acceptable timeframes. The decision factors include our recent security incidents, upcoming compliance audit, and board-level commitment to risk reduction following last quarter's near-miss incident.
Approver(s)
  • Chief Executive Officer (pending board notification)
  • Chief Financial Officer
  • Chief Technology Officer
  • Cyber Risk Manager (recommending)
Additional comments
Internal Risk Assessment Notes: Our current residual risk exceeds board-approved appetite levels. The recent Lockbit 3.0 reconnaissance attempts against our external-facing applications indicate we're already being actively targeted. Recommend accelerated implementation with go-live target of Q2 2025. Will require budget reallocation from planned infrastructure refresh. Post-implementation, we should reassess risk rating with expectation to reduce to MEDIUM within 6 months. Quarterly board reporting on metrics to begin immediately.

Implementation Priority: Critical systems first (customer database, source code repos), followed by financial systems, then general corporate infrastructure.

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Security Risk Assessment
SR-2025-04 - Vendor breach and Customer data exposure
Background
Owner: Jane Smith (CISO)

Our company relies on multiple third-party vendors for customer data processing, including cloud-based CRM and marketing automation platforms. One of these vendors experienced a security breach due to inadequate access controls and outdated security patches. This breach could potentially expose personally identifiable information (PII) of our customers, impacting trust, regulatory compliance, and financial stability.

Risk statement

There is a risk that a third-party vendor with access to customer data may suffer a security breach, leading to unauthorized disclosure of personal information. This could occur due to poor vendor security controls, phishing attacks, insider threats, or unpatched vulnerabilities.

Existing mitigations

  • Vendor security questionnaire and annual compliance review
  • Data minimization: only necessary customer fields shared with vendor
  • Vendor NDA and data protection clauses in contracts

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Security Risk Assessment
Risk Treatment Options
A: Strengthen Vendor Contracts B: Encrypt & Tokenize Vendor Data C: Replace Vendor with Secure Provider
Advantages Enhanced contractual obligations for security controls; easier to implement Strong technical enforcement via encryption & tokenization; reduces breach impact Replace vendor with one that meets higher security standards
Limitations Relies on vendor compliance; may not prevent breach Requires significant technical integration; potential vendor pushback High switching cost; potential disruption to operations
Cost Low to medium (legal & review costs) Medium to high (engineering & implementation) High (RFP process, onboarding, migration)
Effort Medium – contract amendments and review process High – cross-team implementation effort Very high – change management & vendor migration
Security Feedback Improves vendor accountability but still reactive Provides strong data protection regardless of breach Eliminates current vendor risk, improves posture
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Security Risk Assessment
Decision
Date
09-Jul-2025
Decision
Proceed with Implement end-to-end encryption and tokenization for all customer data exchanged with vendors, in parallel with stricter security clauses in vendor contracts.
Approver(s)
  • John Doe (CEO)
  • Jane Smith (CISO)
  • Emily Chen (CFO)
Additional comments
While vendor replacement (Solution C) offers a long-term posture improvement, the cost and disruption are prohibitive in the short term. Approach B will reduce the breach impact significantly and can be deployed within 6 months. Vendor security obligations will still be strengthened to provide an additional safeguard.
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Security Risk Assessment
ITRISK/1001 - Cloud Key Loss Leading to Secrets Compromise and Outage
Background
Owner: CIO

Our company relies heavily on cloud services to store and manage sensitive data, such as customer information, payment details, and proprietary algorithms. Cryptographic keys act like digital locks that protect this data - think of them as the master keys to our virtual safe. If these keys are lost or stolen, it could expose confidential information (secrets compromise) and disrupt our online services (outage), affecting core business operations like customer logins, data processing, and e-commerce transactions. This risk was identified during our annual cloud security audit, highlighting vulnerabilities in how we handle key management in our primary cloud provider.

Risk statement

The specific risk is the accidental loss, theft, or unauthorized access to cryptographic keys stored in our cloud environment, caused by factors such as human error (e.g., misconfiguration by staff), cyberattacks (e.g., phishing or malware), or cloud provider failures (e.g., system glitches).

Possible scenarios include a hacker gaining admin access to delete keys, an employee accidentally revoking keys without backup, or a widespread cloud outage making keys temporarily inaccessible, leading to encrypted data becoming unreadable and services grinding to a halt.

Existing mitigations

  • Control 1: Multi-factor authentication (MFA) enforced for all cloud admin accounts to prevent unauthorized access.
  • Control 2: Automated backups of keys stored in a separate, secure vault, performed weekly with encryption.
  • Control 3: Regular security training for IT staff on key handling, conducted quarterly.

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Security Risk Assessment
Risk Treatment Options
Solution/Approach A: Enhance Software-Based Key Management Solution/Approach B: Adopt Hardware Security Modules (HSMs) for Key Storage Solution/Approach C: Partner with a Key Management Service Provider
Advantages Quick to implement with minimal disruption; improves detection of issues through real-time alerts; cost-effective using existing cloud tools; scalable as our business grows. Provides top-tier physical protection against hacks; keys are tamper-proof and never exposed in software; complies with high-security standards like those for financial services. Reduces internal workload by leveraging experts; includes built-in redundancy and 24/7 support; allows focus on core business rather than tech details.
Limitations Still reliant on cloud provider's infrastructure, so vulnerable to their outages; requires ongoing staff training to manage effectively; may not fully protect against sophisticated insider threats. Higher upfront setup complexity; less flexible for rapid changes in our dynamic environment; potential compatibility issues with current systems. Dependency on a third party introduces vendor risk (e.g., if they fail); slower response times for custom needs; possible data privacy concerns with sharing keys externally.
Cost Low to medium: Approximately $50,000 annually for tools and training. High: Initial investment of $200,000 plus $30,000 yearly maintenance. Medium: $100,000 per year for subscription and integration fees.
Effort Medium: 3-6 months to roll out, involving IT team updates and testing. High: 6-12 months, requiring hardware procurement and specialized expertise. Low: 1-3 months, mostly contract setup and minimal internal changes.
Security Feedback Strong improvement in day-to-day operations but not foolproof against advanced attacks; recommended as a first step. Excellent for maximum protection; ideal if we handle highly sensitive data. Good balance, but audit the vendor's security regularly to ensure alignment with our standards.
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Security Risk Assessment
Decision
Date
March 10, 2025
Decision
Proceed with Solution/Approach A as the primary treatment, with a pilot of Approach C for high-sensitivity areas. This balances cost, effort, and security while allowing quick implementation. Monitor effectiveness quarterly and reassess if incidents occur.
Approver(s)
  • CEO - Jordan Lee
  • CFO - Taylor Kim
Additional comments
Budget approved for immediate start on Approach A. Emphasize cross-department training to ensure non-IT leaders understand the basics of key management. If risks escalate, we can pivot to Approach B in the next fiscal year.
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Security Risk Assessment

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