Risk Mitigation Strategy (4 Pages)
Based on what you have learned about risk management, dust off your competitive research spreadsheet, add a final column, and address the cybersecurity risk in each alternative and how to manage it. Address the application of virtual currency and encryption to other aspects of the institution’s cybersecurity. Where do they fit? Virtual currency could expand the attack vectors of cyber criminals. Include information on this expansion of cyberattack technologies. Summarize the risk implications that were found during your research in a one-page summary for the category of risk from your research.
Recognize the need to distinguish between the technology and policy issues that are involved. As an update to your ongoing analysis, categorize the risk as technical or policy. The classification is based on risk, not the solution. In other words, you might have documented what appears to be a technical condition or change that actually triggers a policy risk. As such, for the purpose of this reporting, it would be classified on the policy risk side of the ledger.
Now that you have categorized the risks, it’s time to consider risk management for virtual currency. Begin the process of addressing those risks from a strategic response perspective. What direction will be taken in the event of one or more of the identified risks occurring? This brief three-page report is an integral part of the Virtual Currency Applicability Report. It is not intended as a play-by-play procedures manual in the event of a breach. It is intended, as is the final report, as an overview of a strategic response should risk mitigation be required.
Final Virtual Currency Applicability Report (13 Pages)
These next two steps will prepare you for the final submission of the Digital Currency Applicability Report. This is a separate information from the previous three but should represent as a formal document to stakeholders, additional elements should be present in the final Virtual Currency Applicability Report. This final report should easily reflect all three previous researches and supplemental materials. Provide an executive overview to set the stage and address concerns expressed and implied by the assignment. This will provide senior leadership streamlined information that you have found during the cybersecurity review of virtual currency and related concerns. This should include future opportunities and risks. Finally, a condensed conclusion should be prepared for the mitigation.
Organize the report with an executive overview and conclusion. Provide recommendations on other issues that may have yet to be addressed. As the CISO, the primary issue and area of expertise is cybersecurity. Senior leadership is likely going to want answers to several questions, such as: Can we use an encryption technology without virtual currency? Has a cost-benefit analysis been conducted? What would be the impact on our customers? As you can see, the concerns are not simply technical. The decision includes financial and policy questions that must be addressed.
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