Assignment 7 Cloud Security Governance for a Multinational Corporation | CSIS 343 - Cybersecurity

3. Propose a framework for conducting cloud risk assessments and managing risks

associated with cloud services. Discuss how the corporation can identify, prioritize, and mitigate potential risks in its cloud environment. Creating a robust framework for conducting cloud risk assessments and managing risks associated with cloud services is crucial for organizations leveraging cloud technologies. Below is a proposed framework along with key steps to identify, prioritize, and mitigate potential risks

in a cloud environment:

Cloud Risk Assessment and Management Framework:

Define Objectives and Scope:

Clearly outline the objectives of the risk assessment. Define the scope, including the cloud services, applications, and data to be assessed.

Asset Inventory and Classification:

Identify and classify all assets within the cloud environment. Categorize data based on sensitivity and criticality.

Threat Modeling:

Identify potential threats and vulnerabilities specific to the cloud environment. Use threat modeling techniques to understand attack vectors and potential risks.

Compliance and Regulatory Requirements:

Ensure compliance with industry regulations and legal requirements. Understand the implications of data residency, privacy laws, and other regulatory constraints.

Conclusion:

A well-defined cloud risk assessment and management framework help organizations systematically identify, prioritize, and mitigate potential risks associated with cloud services. Regular updates and continuous improvement are essential to address emerging threats and maintain a secure cloud environment. Additionally, collaboration with the cloud service provider and other stakeholders is crucial for a holistic approach to cloud security.