Business Law Question

1. Risk Management Plan Project Part 1- Previous submission to help give you a reference when developing a risk assessment plan

2. Risk Management Plan Instructions- Instructions and Overview for each step of the project.

Project Part 2: Risk Assessment Plan

After creating an initial draft of the risk management plan, the next step is to create a draft of the risk assessment plan.

For this part of the project:

Research risk assessment approaches.

Create an outline for a basic qualitative risk assessment plan.

Write an introduction to the plan explaining its purpose and importance.

Define the scope and boundaries for the risk assessment.

Identify data center assets and activities to be assessed.

Identify relevant threats and vulnerabilities. Include those listed in the scenario and add to the list if needed.

Identify relevant types of controls to be assessed.

Identify the key roles and responsibilities of individuals and departments within the organization as they pertain to risk assessments.

Develop a proposed schedule for the risk assessment process.

Complete the draft risk assessment plan detailing the information above. Risk assessment plans often include tables, but you choose the best format to present material. Format the bulk of the plan similar to a professional business report and cite any sources you used.

1
Risk Management Plan.
August 25, 2024
2
Risk Management Plan
Introduction
Health Network is a leading provider of healthcare services located in
Minneapolis, Minnesota, with additional major facilities in Portland, Oregon, and
Arlington, Virginia. These strategically placed locations are adjacent to third-party
managed co-location data centers, which play a crucial role in ensuring the reliability
and accessibility of the company’s essential production systems. The data centers,
which house around 1,000 servers, are integral to Health Network’s operations and
product offerings. The company’s infrastructure is designed to meet the high standards
of availability and security required in the healthcare industry.
HNetPay, HNetConnect, and HNetExchange are the company’s three main
products. The organization’s primary source of income is HNetExchange, which
manages secure electronic medical transmission between clinics and hospitals.
HNetPay is an online gateway that helps with the administration of invoicing and
payment procedures. It integrates with companies that handle credit card processing to
make transactions easier. On the other hand, HNetConnect functions as an online
directory that assists users in finding physicians, clinics, and other healthcare facilities.
Purpose and importance of the risk management plan.
Protecting Health Network, Inc.’s operations, property, and data against risks that
would lead to economic loss, interruption of services, or harm to the company’s
reputation is the main aim of the risk management plan. A robust risk management
approach is essential in the healthcare enterprise, in which retaining essential services
3
and safeguarding touchy patient statistics are critical (Gibson & Igonor, 2020). The plan
aims to understand, compare, and alleviate viable risks, for the company to continue
offering services up to its high standards while adhering to laws. The company can
avoid costly mishaps, reduce downtime, and protect its clients by mitigating the risks.
This plan’s significance goes beyond short-term risk reduction. It also
guarantees Health Network, Inc.’s long-term stability and resilience. The risk
management strategy provides a framework for ongoing improvement and model
because the healthcare quarter changes in response to complicated technical
challenges and escalating regulatory necessities (Gibson & Igonor, 2020). The
organization’s knowledge of the critical function risk management performs in
preserving business growth, upholding regulatory compliance, and safeguarding the
company’s brand in a fiercely competitive market is verified by senior management’s
determination to this undertaking.
Scope of the plan.
This risk management plan encompasses Health Network, Inc.’s locations,
assets, and systems, including its Minneapolis, Portland, and Arlington sites, critical
data centers, and approximately 1,000 servers. It also covers mobile devices and
business computers used by staff, ensuring protection against theft, loss, and
unauthorized access. Additionally, the plan addresses risks associated with key
products—HNetExchange, HNetPay, and HNetConnect—which handle sensitive data
and are integral to the company’s operations.
Risks associated with IT security and operational aspects of Health
Network. Inc.
4
Health Network, Inc. faces significant risks including data corruption, system
malfunctions, and hardware theft, which could disrupt operations and damage its legal
and reputational standing. To mitigate data loss, the organization must implement
strong backup systems, encryption, and access controls. Unauthorized access, whether
from internal or external sources, poses a serious threat, requiring robust
authentication, system monitoring, and staff training. Additionally, production outages
due to software bugs, natural disasters, or poor change management could impact
client services and revenue. The company must ensure that its external data center
providers adhere to stringent availability and disaster recovery standards.
Explanation of the risk management framework being utilized.
Health Network, Inc. will use the NIST SP 800-30 risk management framework.
This framework offers a way to recognize, evaluate, and lessen risks. It provides
comprehensive guidelines for assessing the possible effects of different threats and
vulnerabilities on the company’s assets, guaranteeing that the best steps are taken to
manage and reduce risks (Gibson & Igonor, 2020). NIST SP 800-30 is a popular option
for dealing with the intricate risk landscape of a healthcare enterprise because of its
thorough methodology and compliance with organizational quality practices in IT
security.
Risk assessment processes, risk mitigation, and continuous monitoring are
included in the NIST SP 800-30 framework. These procedures are essential for
preserving the Health Network’s security and operational resilience (Smith & Merritt,
2020). The business can ensure all facets of its services and infrastructure are
safeguarded by methodically addressing possible operational and security threats
5
through this approach. This approach assists the company in maintaining regulatory
compliance, protecting sensitive data, and guaranteeing the availability of vital services.
Roles and responsibilities.
Senior management: They provide the risk management plan’s overarching
strategic direction.
IT security team: They are responsible for locating, evaluating, and reducing risks
associated with IT. They put security rules into place, look for system flaws, and handle
incidents (Ismagilova, Hughes, Rana, & Dwivedi, 2022).
Employees: They should follow established security protocols, report
questionable actions or security lapses.
Risk assessment.
Risk assessment involves identifying potential threats, estimating their likelihood,
and evaluating their impact on Health Network, Inc.’s assets and operations. Using the
NIST SP 800-30 framework, the process includes categorizing assets, identifying
vulnerabilities, and assessing risk scenarios. By prioritizing risks based on severity and
likelihood, the organization can allocate resources effectively and develop targeted
mitigation strategies to address the most critical issues.
Risk mitigation.
To mitigate risks, Health Network, Inc. will implement advanced encryption and
multi-factor authentication to enhance data security and prevent unauthorized access.
The company will also establish robust backup and disaster recovery processes to
ensure system availability and comply with legal requirements. Additionally, regular
6
security audits, employee training, and collaboration with third-party vendors will be
conducted to address insider threats and external cyber risks, maintaining a stable and
secure infrastructure.
Business impact analysis.
The company can prioritize its resources and recovery efforts to the Business
Impact Analysis (BIA). The BIA allows organizations to analyze the feasible
consequences of numerous risks like data breaches, system failures, and natural
catastrophes (Ismagilova, Hughes, Rana, & Dwivedi, 2022).
Business continuity plan.
Health Network, Inc.’s Business Continuity Plan (BCP) outlines procedures for data
backup, system restoration, and disaster recovery to ensure the continuity of essential
services like HNetExchange, HNetPay, and HNetConnect during disruptions.
Developed using insights from the Business Impact Analysis (BIA), the plan includes
designated crisis roles, communication procedures, and regular testing to maintain
resilience against emergencies such as hardware failures, cyberattacks, and natural
disasters. The BCP aims to minimize downtime and ensure uninterrupted operations
through proactive risk management and preparedness.
7
References
Gibson, D., & Igonor, A. (2020). Managing risk in information systems. Jones & Bartlett
Learning.
Ismagilova, E., Hughes, L., Rana, N. P., & Dwivedi, Y. K. (2022). Security, privacy, and
risks within smart cities: Literature review and development of a smart city
interaction framework. Information Systems Frontiers, 1-22.
Smith, P. G., & Merritt, G. M. (2020). Proactive risk management: Controlling
uncertainty in product development. Productivity press.
1
Risk Management Plan.
August 25, 2024
2
Risk Management Plan
Introduction
Health Network is a leading provider of healthcare services located in
Minneapolis, Minnesota, with additional major facilities in Portland, Oregon, and
Arlington, Virginia. These strategically placed locations are adjacent to third-party
managed co-location data centers, which play a crucial role in ensuring the reliability
and accessibility of the company’s essential production systems. The data centers,
which house around 1,000 servers, are integral to Health Network’s operations and
product offerings. The company’s infrastructure is designed to meet the high standards
of availability and security required in the healthcare industry.
HNetPay, HNetConnect, and HNetExchange are the company’s three main
products. The organization’s primary source of income is HNetExchange, which
manages secure electronic medical transmission between clinics and hospitals.
HNetPay is an online gateway that helps with the administration of invoicing and
payment procedures. It integrates with companies that handle credit card processing to
make transactions easier. On the other hand, HNetConnect functions as an online
directory that assists users in finding physicians, clinics, and other healthcare facilities.
Purpose and importance of the risk management plan.
Protecting Health Network, Inc.’s operations, property, and data against risks that
would lead to economic loss, interruption of services, or harm to the company’s
reputation is the main aim of the risk management plan. A robust risk management
approach is essential in the healthcare enterprise, in which retaining essential services
3
and safeguarding touchy patient statistics are critical (Gibson & Igonor, 2020). The plan
aims to understand, compare, and alleviate viable risks, for the company to continue
offering services up to its high standards while adhering to laws. The company can
avoid costly mishaps, reduce downtime, and protect its clients by mitigating the risks.
This plan’s significance goes beyond short-term risk reduction. It also
guarantees Health Network, Inc.’s long-term stability and resilience. The risk
management strategy provides a framework for ongoing improvement and model
because the healthcare quarter changes in response to complicated technical
challenges and escalating regulatory necessities (Gibson & Igonor, 2020). The
organization’s knowledge of the critical function risk management performs in
preserving business growth, upholding regulatory compliance, and safeguarding the
company’s brand in a fiercely competitive market is verified by senior management’s
determination to this undertaking.
Scope of the plan.
This risk management plan encompasses Health Network, Inc.’s locations,
assets, and systems, including its Minneapolis, Portland, and Arlington sites, critical
data centers, and approximately 1,000 servers. It also covers mobile devices and
business computers used by staff, ensuring protection against theft, loss, and
unauthorized access. Additionally, the plan addresses risks associated with key
products—HNetExchange, HNetPay, and HNetConnect—which handle sensitive data
and are integral to the company’s operations.
Risks associated with IT security and operational aspects of Health
Network. Inc.
4
Health Network, Inc. faces significant risks including data corruption, system
malfunctions, and hardware theft, which could disrupt operations and damage its legal
and reputational standing. To mitigate data loss, the organization must implement
strong backup systems, encryption, and access controls. Unauthorized access, whether
from internal or external sources, poses a serious threat, requiring robust
authentication, system monitoring, and staff training. Additionally, production outages
due to software bugs, natural disasters, or poor change management could impact
client services and revenue. The company must ensure that its external data center
providers adhere to stringent availability and disaster recovery standards.
Explanation of the risk management framework being utilized.
Health Network, Inc. will use the NIST SP 800-30 risk management framework.
This framework offers a way to recognize, evaluate, and lessen risks. It provides
comprehensive guidelines for assessing the possible effects of different threats and
vulnerabilities on the company’s assets, guaranteeing that the best steps are taken to
manage and reduce risks (Gibson & Igonor, 2020). NIST SP 800-30 is a popular option
for dealing with the intricate risk landscape of a healthcare enterprise because of its
thorough methodology and compliance with organizational quality practices in IT
security.
Risk assessment processes, risk mitigation, and continuous monitoring are
included in the NIST SP 800-30 framework. These procedures are essential for
preserving the Health Network’s security and operational resilience (Smith & Merritt,
2020). The business can ensure all facets of its services and infrastructure are
safeguarded by methodically addressing possible operational and security threats
5
through this approach. This approach assists the company in maintaining regulatory
compliance, protecting sensitive data, and guaranteeing the availability of vital services.
Roles and responsibilities.
Senior management: They provide the risk management plan’s overarching
strategic direction.
IT security team: They are responsible for locating, evaluating, and reducing risks
associated with IT. They put security rules into place, look for system flaws, and handle
incidents (Ismagilova, Hughes, Rana, & Dwivedi, 2022).
Employees: They should follow established security protocols, report
questionable actions or security lapses.
Risk assessment.
Risk assessment involves identifying potential threats, estimating their likelihood,
and evaluating their impact on Health Network, Inc.’s assets and operations. Using the
NIST SP 800-30 framework, the process includes categorizing assets, identifying
vulnerabilities, and assessing risk scenarios. By prioritizing risks based on severity and
likelihood, the organization can allocate resources effectively and develop targeted
mitigation strategies to address the most critical issues.
Risk mitigation.
To mitigate risks, Health Network, Inc. will implement advanced encryption and
multi-factor authentication to enhance data security and prevent unauthorized access.
The company will also establish robust backup and disaster recovery processes to
ensure system availability and comply with legal requirements. Additionally, regular
6
security audits, employee training, and collaboration with third-party vendors will be
conducted to address insider threats and external cyber risks, maintaining a stable and
secure infrastructure.
Business impact analysis.
The company can prioritize its resources and recovery efforts to the Business
Impact Analysis (BIA). The BIA allows organizations to analyze the feasible
consequences of numerous risks like data breaches, system failures, and natural
catastrophes (Ismagilova, Hughes, Rana, & Dwivedi, 2022).
Business continuity plan.
Health Network, Inc.’s Business Continuity Plan (BCP) outlines procedures for data
backup, system restoration, and disaster recovery to ensure the continuity of essential
services like HNetExchange, HNetPay, and HNetConnect during disruptions.
Developed using insights from the Business Impact Analysis (BIA), the plan includes
designated crisis roles, communication procedures, and regular testing to maintain
resilience against emergencies such as hardware failures, cyberattacks, and natural
disasters. The BCP aims to minimize downtime and ensure uninterrupted operations
through proactive risk management and preparedness.
7
References
Gibson, D., & Igonor, A. (2020). Managing risk in information systems. Jones & Bartlett
Learning.
Ismagilova, E., Hughes, L., Rana, N. P., & Dwivedi, Y. K. (2022). Security, privacy, and
risks within smart cities: Literature review and development of a smart city
interaction framework. Information Systems Frontiers, 1-22.
Smith, P. G., & Merritt, G. M. (2020). Proactive risk management: Controlling
uncertainty in product development. Productivity press.
Class Project Information: Risk Management Plan
Purpose
Risk management is an important process for all organizations. This is particularly true in information
systems, which provides critical support for organizational missions. The heart of risk management is a
formal risk management plan. This project allows you to fulfill the role of an employee participating in the
risk management process in a specific business situation.
Learning Objectives and Outcomes
You will gain an overall understanding of risk management, its importance, and critical processes
required when developing a formal risk management plan for an organization.
Required Source Information and Tools
Web References: Links to web references in this document and related materials are subject to change
without prior notice. These links were last verified on October 8, 2020.
The following tools and resources will be needed to complete this project:
§ Course textbook
§ Internet access
§ Suggested resources:
o NIST RMF:
https://www.nist.gov/system/files/documents/2018/03/28/vickie_nist_risk_management_framework_over
view-hpc.pdf
o NIST risk assessment guidance: https://nvlpubs.nist.gov/nistpubs/Legacy/SP/nistspecialpublication80030r1.pdf
o NIST contingency planning guidance:
https://nvlpubs.nist.gov/nistpubs/Legacy/SP/nistspecialpublication800-34r1.pdf
o Business Impact Analysis: https://www.ready.gov/business-impact-analysis
o Business Continuity Plan (Ready.gov): https://www.ready.gov/business-continuity-plan
Deliverables
This project is divided into several parts, each with a deliverable. The first four parts are drafts. These
documents should resemble business reports in that they are organized by headings, include source
citations (if any), be readable, and be free from typos and grammatical errors. However, they are not final,
polished reports.
Project Part
Deliverable
Risk Management Plan Outline and Research
Project Part 1
Project Part 2
Project Part 3
Project Part 4
Create an outline of a risk management plan,
complete some sections such as the
introduction, scope etc.; research and
summarize relevant compliance laws; and create
a schedule. Submit a draft of your work.
Risk Assessment Plan
Submit a draft of your risk assessment plan.
Risk Mitigation Plan
Submit a draft of your risk mitigation plan.
Business Impact Analysis (BIA) and Business
Continuity Plan (BCP)
Submit a draft of your BIA and BCP.
Final Risk Management Plan
Project Part 5
Submit the final risk management plan for the
class project.
Note: Your instructor may require that this project be completed in groups. If so, select a team leader
and hold weekly team meetings as a group to be sure the work proceeds on schedule.
Scenario
You are an IT security intern working for Health Network, Inc. (Health Network), a fictitious health services
organization headquartered in Minneapolis, Minnesota. Health Network has over 600 employees
throughout the organization and generates $500 million USD in annual revenue. The company has two
additional locations in Portland, Oregon and Arlington, Virginia, which support a mix of corporate
operations. Each corporate facility is located near a co-location data center, where production systems
are located and managed by third-party data center hosting vendors.
Company Products
Health Network has three main products: HNetExchange, HNetPay, and HNetConnect.
HNetExchange is the primary source of revenue for the company. This service handles secure electronic
medical messages that originate from its customers, such as large hospitals, which are then routed to
receiving customers such as clinics.
HNetPay is a web portal used by many of the company’s HNetExchange customers to support the
management of secure payments and billing. The HNetPay web portal, hosted at Health Network
production sites, accepts various forms of payments and interacts with credit-card processing
organizations.
HNetConnect is an online directory that lists doctors, clinics, and other medical facilities to allow Health
Network customers to find the right type of care at the right locations. It contains doctors’ personal
information, work addresses, medical certifications, and types of services that the doctors and clinics
offer. Doctors are given credentials and can update the information in their profile.
Health Network customers, which are the hospitals and clinics, connect to all three of the company’s
products using HTTPS connections. Doctors and potential patients can make payments and update their
profiles using Internet-accessible HTTPS websites.
Information Technology Infrastructure Overview
Health Network operates in three production data centers that provide high availability across the
company’s products. The data centers host about 1,000 production servers, and Health Network
maintains 650 corporate laptops and company-issued mobile devices for its employees.
Threats Identified
Upon review of the current risk management plan, the following threats were identified:
§ Loss of company data due to hardware being removed from production systems
§ Loss of company information on lost or stolen company-owned assets, such as mobile devices and
laptops
§ Loss of customers due to production outages caused by various events, such as natural disasters,
change management, unstable software, and so on
§ Internet threats due to company products being accessible on the Internet
§ Insider threats
§ Changes in regulatory landscape that may impact operations
Management Request
Senior management at Health Network has determined that the existing risk management plan for the
organization is out of date and a new risk management plan must be developed. Because of the
importance of risk management to the organization, senior management is committed to and supportive
of the project to develop a new plan. You have been assigned to develop this new plan.
Additional threats other than those described previously may be discovered when re-evaluating the
current threat landscape during the risk assessment phase.
The budget for this project has not been defined due to senior management’s desire to react to any and
all material risks that are identified within the new plan. Given the company’s annual revenue, reasonable
expectations can be determined