A New Generation Method for Assessing Information Security Risks: OCTAVE Allegro

Abstract

Information system risk assessment, an essential aspect of information security management, assists organizations in identifying and analyzing critical information system assets and reducing potential risks. Internal control and risk management are two systems that complement each other in controlling an organization's activities. As a result, internal control activities, critical for controlling and managing risks, should be carried out with a risk focus. Institutions should first analyze the risks that may emerge in business processes before evaluating the steps that should be taken to secure their information assets. Many risk assessment methods are complicated and expensive, and qualified professionals should only carry them out. The OCTAVE Allegro method is a comprehensive assessment of an organization's operational risk environment to get better results without requiring considerable risk assessment information. Risk assessment can be completed in a short period and at a low cost using this method, and the effectiveness of internal control can be improved. The study's objective is to give information about the OCTAVE Allegro method, which can help prevent the risks of ensuring information security as information technologies advance and explain the method's application areas.