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As an information security risk analyst, you'll play a crucial role in protecting organizations from cyber threats. Your job will be to identify and mitigate potential risks to an organization's digital assets.
You'll need to have a strong understanding of security protocols, threat intelligence, and risk management principles. A bachelor's degree in a related field, such as computer science or cybersecurity, is typically required for this role.
According to the Bureau of Labor Statistics, employment of information security analysts, including risk analysts, is projected to grow 33% from 2020 to 2030, much faster than the average for all occupations.
What Is an Analyst?
An information security risk analyst is a crucial role in an organization, responsible for predicting and mitigating potential cyber threats. They must stay up-to-date on the latest technologies, trends, and news to anticipate future cyberattacks.
To perform their job, information security risk analysts typically work with a team of IT professionals, including network security specialists, software engineers, and other cybersecurity analysts. This team collaboration is essential for identifying potential weaknesses and vulnerabilities.
A cyber risk analyst's primary responsibilities include researching the threat landscape, performing security audits, and monitoring user access to track any signs of a breach. They also install software, including data encryption programs and firewalls, and repair and upgrade security systems as needed.
Key skills for an information security risk analyst include analytical and problem-solving skills, as well as the ability to communicate technical information to non-technical clients and stakeholders. They must also be able to design and train employees on organizational security best practices.
Here are some of the key responsibilities of an information security risk analyst, broken down by the type of analyst:
Analyst Type | Primary Responsibilities |
---|---|
Cyber Risk Analyst | Researches threat landscape, performs security audits, monitors user access, installs software, and repairs security systems. |
Security Control Assessor | Creates test plans, performs security tests, analyzes results, and suggests mitigation plans. |
Cybersecurity Risk Consultant | Supports engagement team, participates in assessment of cybersecurity controls, and assists with NIST Risk Management Framework. |
These different types of analysts all play a critical role in protecting an organization's information security.
Job Description and Responsibilities
As an Information Security Risk Analyst, your role is multifaceted and requires a strong understanding of various aspects of information security, governance, risk, and compliance (GRC).
You'll work closely with the GRC Manager and other team members to identify vulnerabilities in business and customer security systems, and proactively develop solutions to address them.
Your typical duties and responsibilities may include collaborating with business and engineering executives to identify and enhance existing control processes, administering audit and security GRC tools, and maintaining knowledge of key SOX controls and enhancing IT controls and policies accordingly.
Some of the key tasks you may be responsible for include evaluating internal control improvement opportunities, preparing team members and materials for audit meetings, and coordinating testing and validation of IT General Control (ITGC) processes for SOX and internal audit.
Here are some specific job titles related to Cyber Risk Analyst:
- Cybersecurity analyst
- Cybersecurity engineer
- Network security engineer
- Security engineer
- Security architect
Jobs
If you're looking for a job in cybersecurity, there are many options to consider. One job that's in high demand is the Cyber Risk Analyst position, which involves identifying flaws and vulnerabilities in business and customer security systems to proactively develop solutions.
A Cyber Risk Analyst typically collaborates with business and engineering executives to identify and enhance existing control processes. They also administer audit and security GRC tools, such as RSA Archer and OneTrust, to document, maintain, and enhance controls.
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Some of the key responsibilities of a Cyber Risk Analyst include evaluating internal control improvement opportunities, maintaining knowledge of key SOX controls, and managing and maintaining the controls of the IT audit program.
Other jobs related to Cyber Risk Analyst include Cybersecurity analyst, Cybersecurity engineer, Network security engineer, Security engineer, and Security architect.
Here are some job titles that are similar to Cyber Risk Analyst:
- Cybersecurity analyst
- Cybersecurity engineer
- Network security engineer
- Security engineer
- Security architect
Some of the specific job titles that are mentioned as being related to Cyber Risk Analyst include Application Security Engineer, Chief Information Security Officer (CISO), Cloud Security Architect, and Cloud Security Engineer.
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Salary Range
As a cyber risk analyst, you can expect a competitive salary. The median annual wage for cyber risk analysts is $102,600 as of May 2021, according to the U.S. Bureau of Labor Statistics (BLS).
Communication
In a business, communication is key to a successful information security risk assessment. This is because the IT security staff needs to have conversations with all departments to understand their operations, how employees use different systems, and how information flows between systems.
The more people and information sources you can include, the better the output will be. This is because it gives the security team a chance to learn about other people's positions, challenges, and contributions to the information security of the business as a whole.
It's essential to communicate the importance of information security to people throughout the entire organization. This helps each employee understand how they can contribute to security and compliance objectives.
To facilitate communication, the IT security staff will need to have conversations with all departments. This includes operations, employees, and information flow between systems.
Here are the key areas to cover in these conversations:
- The operations of each department
- How employees are using different systems
- How information flows between different systems
By covering these areas, the IT security staff can gain a comprehensive understanding of the business and identify potential risks.
Knowledge, Skills, Abilities
To be a successful information security risk analyst, you'll need to have a solid foundation in several key areas. Advanced knowledge of IT General Controls (ITGC) and SOX controls is essential, as well as expertise in complex business processes and technological risks.
You'll also need to have a deep understanding of security technologies, including firewalls, proxies, SIEM, IDPs, and antivirus software. This knowledge will help you identify potential security risks and develop strategies to mitigate them.
In addition to technical skills, you'll need to be able to communicate complex technical information to both technical and non-technical audiences. This requires superior verbal and written communication skills, as well as the ability to distill complex information into clear, concise language.
Here are some key skills and abilities that are commonly associated with information security risk analysts:
- Familiarity with enterprise IT systems, computer and mobile communication networks, and specific types of cyber threats
- Knowledge of risk management frameworks, government and industry standards for acceptable/responsible levels of risk exposure
- Understanding of the interplay between operational imperatives and exposure to various types of potential threats
- Ability to assess and manage cyber risk exposure
- Familiarity with penetration testing, network security, and common techniques to expose and correct security flaws
Some common certifications for information security risk analysts include:
- Certified Information Systems Auditor (CISA)
- Certified in Risk and Information Systems Control (CRISC)
- GIAC Strategic Planning, Policy, and Leadership (GSTRT)
- GIAC Systems and Network Auditor (GSNA)
- GIAC Critical Controls Certification (GCCC)
These certifications demonstrate a level of expertise and knowledge in the field of information security risk analysis, and can be beneficial in advancing your career.
Job Outlook and Career Advancement
The job outlook for information security risk analysts is looking bright. From 2021 to 2031, the BLS projects an increase of 35% for cyber risk analyst positions, with 56,500 net new jobs expected during that 10-year period.
To advance in this field, you'll typically need to start by gaining experience in technical areas related to IT and cyber systems security. These areas include digital forensics, IT program auditing, malware research, penetration testing, security governance and compliance, systems security administration, and vulnerability analysis.
Cyber risk analysts can advance into risk analysis and management roles, becoming Cyber Risk Consultants, Security Control Assessors, or even Chief Technology Officers (CTOs) in large organizations.
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Job Outlook
The job outlook for many careers is looking bright, and cyber risk analysts are no exception. From 2021 to 2031, the BLS projects an increase of 35% for cyber risk analyst positions.
This growth is expected to create 56,500 net new jobs during that 10-year period. That's a lot of opportunities for professionals looking to break into this field or advance their careers.
Employment Opportunities
Employment Opportunities are plentiful in the field of Cyber Risk Assessment and Management. From 2021 to 2031, the BLS projects an increase of 35% for cyber risk analyst positions, with 56,500 net new jobs expected during that 10-year period.
Cyber risk assessment and management is a team effort, drawing on the knowledge and skills of computer programmers and engineers, IT systems administrators and auditors, operations analysts, penetration testers, procurement specialists, and others who can identify and address cyber vulnerabilities.
There are various job designations for cybersecurity professionals who advance into risk analysis and management roles, including Cyber Risk Analyst, Cyber Risk Consultants, and Security Control Assessor.
To enter and advance in the field, most individuals begin with gaining experience in technical areas related to IT and cyber systems security, such as digital forensics, IT program auditing, malware research, penetration testing, security governance and compliance, systems security administration, and vulnerability analysis.
Here are some job titles in the field of Cyber Risk Assessment and Management:
- Cyber Risk Analyst
- Cyber Risk Consultants
- Security Control Assessor
- Cyber Risk Analyst
- CISO (Chief Information Security Officer)
- Cloud Security Architect
- Cybersecurity Engineer
- Data Privacy Officer
- DevOps Engineer
- Forensics Analyst
- GRC Analyst
- Information Assurance Analyst
- Information Security Manager
- Penetration Tester
- Risk Analyst
- Security Analyst
- Security Architect
- Security Engineer
- Senior IT Security Consultant
- Senior Network Engineer
- Threat and Incident Manager
Security Analysis and Risk Assessment
As an information security risk analyst, conducting a thorough security analysis and risk assessment is crucial to identifying vulnerabilities and potential threats to your organization's sensitive information. This involves identifying the threats your business faces, such as hackers, accidental human interference, and system failure.
To conduct a thorough security analysis, you should identify vulnerabilities in your systems and processes, such as weak passwords, unpatched software, and restricted user access to sensitive information. You can find vulnerabilities through audits, penetration testing, security analyses, automated vulnerability scanning tools, or the NIST vulnerability database.
A risk assessment matrix can be used to prioritize the risks to your information security. Risks that are both likely to happen and would have severe consequences would be mapped as a high priority, while risks that are unlikely to happen and would have marginal consequences would be mapped as the lowest priority.
Here is an example of a simple risk matrix:
Likelihood | Impact | Priority |
---|---|---|
High | High | High Priority |
Medium | Medium | Medium Priority |
Low | Low | Low Priority |
By using a risk matrix, you can quickly and easily identify the most critical risks to your organization's information security and prioritize your efforts to mitigate them.
Identify Threats
Hackers are often the first thing that comes to mind when thinking about threats to data security, but there are many other types of threats to consider. In 2019, data breaches were caused by a variety of threat types, including hackers exploiting weaknesses in firewalls and website security programs.
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Threats to your business's information security can come from malicious human interference, such as employees intentionally deleting information or clicking on malware links. Accidental human interference, like employees accidentally deleting information, is also a significant threat.
System failure is another risk to consider, depending on the quality of your hardware and information systems. Natural disasters and power failures can also have a significant impact on your business, causing just as much damage as human error.
Here are some common types of threats to consider:
- Malicious human interference
- Accidental human interference
- System failure
- Natural disasters
- Power failures
To compile a list of the unique threats your business faces, you should consider all of these potential threats and more. By taking a comprehensive approach, you can ensure that you're prepared for any situation that may arise.
Models for
Models for risk analysis and assessment are numerous, but a few stand out. The FAIR Model is a popular choice, defining risk management as the combination of personnel, policies, processes, and technologies that enable an organization to achieve and maintain an acceptable level of loss exposure cost-effectively.
NIST SP 800-30, or the NIST Risk Management Framework, was originally published in 2002 and updated in 2012. It views an organization's security threats through a risk-based lens, built alongside the gold-standard NIST CSF.
The World Economic Forum Cyber Risk Framework and Maturity Model was published in 2015 in collaboration with Deloitte. It relies on subjective judgments and looks at risk through a lens known as "value-at-risk."
Security Controls and Compliance
Implementing effective security controls is crucial for minimizing or eliminating vulnerabilities and threats. This can be achieved through technical controls like computer software and encryption, or non-technical controls such as security policies and physical controls.
Creating effective controls requires experience and skills, which may not be readily available in-house. In such cases, seeking assistance from professional services firms with deep expertise in IT security is crucial.
To design effective controls, it's essential to involve senior management and IT to ensure that the controls align with the organization's overall risk treatment plan and end goals. A plan to implement new controls should also include resources for training pertinent employees.
Asset Cataloging
To start cataloging your information assets, it's essential to get input from multiple sources, including different roles and departments, to ensure you have a comprehensive list. This will help you identify the most important assets, such as CRM for salespeople or servers for IT.
You should talk to the administrators of all major systems across all departments to get accurate and complete information. This is crucial in identifying all your information assets.
Identify all your information assets, including confidential employee information, which is a high priority for HR. The more you know about your assets, the better equipped you'll be to protect them.
Classify these data assets based on their sensitivity level and strategic importance to the organization. This will help you prioritize your efforts and focus on the most sensitive data.
Analyze Internal Controls
Analyzing internal controls is a crucial step in identifying vulnerabilities and threats to your systems and processes. This involves implementing controls to minimize or eliminate the vulnerabilities and threats.
Controls can be technical, such as computer software, encryption, or tools for detecting hackers or other intrusions, or non-technical, such as security policies or physical controls. They can also be broken down into preventive or detective controls, meaning that they either prevent incidents or detect when an incident is occurring and alert you.
If your firm doesn't have security and compliance subject matter experts on staff, it's essential to seek out assistance from professional services firms that have deep expertise in addressing IT security issues.
To create effective controls, you'll need to involve the people who will be responsible for executing those controls, including senior management and IT. This will ensure that the controls will address risks and align with your organization's overall risk treatment plan and end goals.
Here are some key aspects to consider when designing controls:
- Involve the people responsible for executing the controls
- Ensure controls align with your organization's risk treatment plan and end goals
- Develop a plan to implement new controls and train pertinent employees
- Consult with professional services firms with IT and security expertise if needed
Cost Justification
Having a clear cost justification is crucial to securing the necessary resources and budget for your information security processes and tools. An IT risk assessment provides a concrete list of vulnerabilities that you can take to upper-level management and leadership to illustrate the need for additional resources.
This list helps drive home the point that the risks to your sensitive information are always changing and evolving, so your infosec practices need to evolve with them. An IT risk assessment can be a game-changer in getting leadership on board with investing in information security practices.
The results of an IT risk assessment can be a powerful tool in convincing leadership to allocate more funds for information security. By showing them the concrete list of vulnerabilities, you can demonstrate the need for additional resources and a budget to shore up your information security processes and tools.
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Sources
- https://nexusitgroup.com/job-descriptions/cybersecurity/cyber-risk-analyst/
- https://hyperproof.io/resource/it-risk-assessment/
- https://www.comptia.org/blog/your-next-move-cyber-risk-analyst
- https://cityjobs.nyc.gov/job/cyber-risk-analyst-office-of-chief-information-officer-in-queens-jid-23264
- https://www.cybersecuritydegree.com/careers/cyber-risk-assessment-management
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