Risk management is a hot topic across many boardrooms, so much so that the insurance and financial sectors have established frameworks that organizations can use to quantify risks. Across other sectors, however, organizations remain challenged with establishing how to calculate the risks that stem out of developing or using software.
When it comes to software, security cannot trump getting the product to market. Rather, using frameworks to determine potential risks not only pose a threat to enterprise security, but also can negatively impact software operations on both the customer and vendor side. Avoiding the risk all together is the best solution, but highly unlikely. Sometimes the best you can hope for is to minimize risk by trying to quantify the potential impact and degree of risk to software projects and products.
Several folks have put forth frameworks for evaluating risks through the software lifecycle, though there are no established industry standards. Key to any risk assessment strategy, though, is first identifying the likelihood of a vulnerability being discovered and also understanding the impact of that discovery.
In order to reduce and respond to risk effectively, enterprises must rely on some framework to better quantify risk. Here are a few suggested frameworks for how your company can better measure their risks.