Risk Assessment Procedure (SEC-PROC-002)
1. Purpose
The purpose of this procedure is to describe the systematic process for identifying, analyzing, and evaluating information security risks that could impact [Company Name]’s video streaming platform, user data, and business operations, ensuring appropriate risk treatment decisions are made.
2. Scope
This procedure applies to all risk assessment activities conducted for the video streaming platform, including assessments of new technologies, system changes, vendor relationships, and emerging threats. It covers risks to platform availability, user data protection, content security, and regulatory compliance.
3. Overview
This procedure provides a structured approach to risk assessment that enables informed decision-making about security investments and risk treatment options. The process includes risk identification, likelihood and impact analysis, risk evaluation against tolerance levels, and documentation of assessment results for stakeholder review.
4. Procedure
| Step | Who | What |
|---|---|---|
| 1 | Risk Assessment Team | Define assessment scope including systems, processes, geographic regions, and time period to be evaluated. |
| 2 | [Security Department/Team Name] | Gather current threat intelligence, vulnerability data, and security incident history relevant to assessment scope. |
| 3 | Business Stakeholders | Identify critical business assets including user data, algorithms, infrastructure, and platform capabilities within scope. |
| 4 | Risk Assessment Team | Identify potential threats including traditional cyber threats, platform-specific risks (harmful UGC, algorithmic bias, DDoS attacks), regulatory compliance risks, and DSA Systemic Risks. DSA Systemic Risks include: (1) the dissemination of illegal content across the platform, (2) negative effects on fundamental rights including freedom of expression, privacy, and non-discrimination, (3) negative effects on civic discourse, electoral processes, and public security, and (4) negative effects on public health and the protection of minors. |
| 5 | Technical Teams | Assess existing security controls and their effectiveness in mitigating identified threats and vulnerabilities. |
| 6 | Risk Assessment Team | Analyze likelihood of threat scenarios using quantitative methods where possible, considering threat actor capabilities and motivations. |
| 7 | Business Stakeholders | Evaluate potential impact of risk scenarios on business operations, user safety, regulatory compliance, and reputation. |
| 8 | Risk Assessment Team | Calculate risk levels using likelihood and impact assessments, applying standardized risk rating methodology and organizational risk criteria. |
| 9 | Risk Assessment Team | Compare calculated risks against organizational risk tolerance levels to determine which risks require treatment. |
| 10 | Risk Assessment Team | Document assessment methodology, findings, assumptions, and limitations in comprehensive risk assessment report. |
| 11 | CISO | Review risk assessment results, validate conclusions, and approve risk treatment recommendations for executive review. |
| 12 | Executive Leadership | Review significant risks, approve risk treatment strategies, and allocate resources for risk mitigation initiatives. |
5. Standards Compliance
| Procedure Step(s) | Standard/Framework | Control Reference |
|---|---|---|
| 1-3 | ISO/IEC 27001:2022 | A.6.1.2 |
| 1-3 | PCI DSS v4.0 | Req. 12.2 |
| 4-5 | NIST Cybersecurity Framework | ID.RA-1 |
| 4-5 | PCI DSS v4.0 | Req. 12.2.1 |
| 6-8 | SOC 2 Type II | CC3.2 |
| 6-8 | PCI DSS v4.0 | Req. 12.2.2 |
| 9-12 | ISO/IEC 27001:2022 | A.6.1.3 |
| 9-12 | PCI DSS v4.0 | Req. 12.3 |
| 4 | EU Digital Services Act | Art. 34 |
6. Artifact(s)
A comprehensive risk assessment report containing identified risks with likelihood and impact ratings, risk treatment recommendations, assessment methodology, and executive approval documentation stored in the risk management system.
7. Definitions
Risk Assessment: The systematic process of identifying, analyzing, and evaluating information security risks.
Threat: Any circumstance or event with potential to adversely impact organizational operations through unauthorized access, destruction, disclosure, or modification of information.
Vulnerability: A weakness in information systems, security procedures, or controls that could be exploited by threats.
Risk Tolerance: The organization’s readiness to bear risk after risk treatment in order to achieve objectives.
Likelihood: The probability that a particular threat will exploit a specific vulnerability.
Impact: The magnitude of harm that could result from unauthorized access, use, disclosure, modification, or destruction of information.
8. Responsibilities
| Role | Responsibility |
|---|---|
| Risk Assessment Team | Lead risk assessment activities, apply methodology consistently, and document findings accurately and objectively. |
| CISO | Provide risk assessment governance, ensure methodology alignment with business objectives, and validate assessment conclusions. |
| Business Stakeholders | Provide business context for risk assessment, validate impact assessments, and support risk treatment decisions. |
| Technical Teams | Provide technical expertise on system vulnerabilities, control effectiveness, and threat landscape assessment. |
| Executive Leadership | Review significant risk assessment results, approve risk treatment strategies, and provide resources for risk mitigation. |