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IT Security Risk Assessment Policy

IT Security Risk Assessment Policy Template for Malaysia

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Key Requirements PROMPT example:

IT Security Risk Assessment Policy

"I need an IT Security Risk Assessment Policy for a Malaysian financial services company that complies with Bank Negara Malaysia guidelines and includes specific provisions for third-party vendor assessments, with implementation planned for March 2025."

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Document background
The IT Security Risk Assessment Policy serves as a critical governance document for organizations operating in Malaysia, establishing standardized procedures for evaluating and managing information security risks. This policy is essential for ensuring compliance with Malaysian cybersecurity regulations, including the Personal Data Protection Act 2010, Communications and Multimedia Act 1998, and industry-specific requirements. It provides comprehensive guidance on conducting systematic risk assessments, defining assessment criteria, establishing reporting procedures, and implementing control measures. The policy is particularly crucial given Malaysia's increasing focus on cybersecurity governance and the rising complexity of cyber threats facing organizations across various sectors. It incorporates both local regulatory requirements and international security standards, making it suitable for organizations of all sizes operating in Malaysia.
Suggested Sections

1. Purpose and Scope: Defines the objective of the policy and its applicability within the organization

2. Definitions: Key terms and concepts used throughout the policy

3. Roles and Responsibilities: Defines key stakeholders and their responsibilities in the risk assessment process

4. Risk Assessment Framework: Overview of the risk assessment methodology and approach

5. Assessment Frequency and Triggers: Specifies when and how often risk assessments must be conducted

6. Risk Assessment Process: Step-by-step procedures for conducting security risk assessments

7. Risk Evaluation Criteria: Standards for evaluating and categorizing identified risks

8. Documentation Requirements: Required documentation and record-keeping procedures

9. Reporting and Communication: Procedures for reporting findings and communicating with stakeholders

10. Review and Monitoring: Processes for ongoing monitoring and policy review

Optional Sections

1. Industry-Specific Compliance: Additional requirements for specific industries (e.g., financial services, healthcare)

2. Cloud Security Assessment: Specific procedures for assessing cloud-based services and infrastructure

3. Third-Party Risk Assessment: Procedures for assessing risks associated with vendors and third-party service providers

4. Remote Work Security Assessment: Specific considerations for assessing risks in remote work environments

5. Data Privacy Impact Assessment: Additional procedures for assessing privacy-related risks

6. Emergency Response Integration: Integration with emergency response and business continuity procedures

Suggested Schedules

1. Risk Assessment Templates: Standardized templates for conducting and documenting risk assessments

2. Risk Matrix: Standard risk evaluation matrix and scoring criteria

3. Control Checklist: Comprehensive checklist of security controls to be assessed

4. Compliance Requirements: Detailed listing of applicable compliance requirements and standards

5. Reporting Templates: Standard templates for risk assessment reports and communications

6. Asset Classification Guide: Guidelines for classifying information assets and their security requirements

7. Technical Assessment Procedures: Detailed technical procedures for specific types of assessments

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Access Control
Asset
Audit Trail
Authentication
Authorization
Confidential Information
Control Measure
Critical Asset
Cyber Threat
Data Classification
Data Owner
Data Processor
Data Subject
Information Asset
Information Security
Information System
Impact Assessment
Incident
Internal Control
Likelihood
Mitigation
Personal Data
Policy Owner
Risk
Risk Assessment
Risk Level
Risk Matrix
Risk Owner
Risk Register
Risk Treatment
Security Breach
Security Control
Security Event
Security Incident
Sensitive Information
System Owner
Threat
Threat Actor
Vulnerability
Vulnerability Assessment
Clauses
Policy Statement
Scope and Applicability
Governance
Compliance Requirements
Risk Assessment Methodology
Security Controls
Data Protection
Access Control
Asset Management
Incident Response
Documentation Requirements
Audit and Monitoring
Reporting Requirements
Review and Updates
Roles and Responsibilities
Training and Awareness
Enforcement
Exceptions and Deviations
Confidentiality
Third-Party Management
Technical Controls
Physical Security
Business Continuity
Change Management
Penalties and Disciplinary Action
Relevant Industries

Financial Services

Healthcare

Technology

Government

Telecommunications

Education

Manufacturing

Retail

Energy

Professional Services

Defense

Transportation and Logistics

E-commerce

Relevant Teams

Information Security

IT Operations

Risk Management

Compliance

Internal Audit

Legal

Human Resources

Infrastructure

Development

Data Protection

Security Operations

Business Continuity

Relevant Roles

Chief Information Security Officer

IT Director

Risk Manager

Compliance Manager

Information Security Analyst

IT Security Engineer

Data Protection Officer

Systems Administrator

Network Security Engineer

IT Auditor

Security Operations Manager

Privacy Officer

Risk Assessment Specialist

Chief Technology Officer

Chief Risk Officer

Industries
Personal Data Protection Act 2010: Malaysia's main legislation governing the processing of personal data in commercial transactions, including requirements for data security and risk assessment
Communications and Multimedia Act 1998: Regulates the convergence of communications and multimedia industries, including network security and data integrity requirements
Computer Crimes Act 1997: Provides legal framework against cybercrime and unauthorized access to computer systems, relevant for risk assessment and security measures
Digital Signature Act 1997: Regulates the use of digital signatures and provides legal recognition of digital signatures in security systems
Electronic Commerce Act 2006: Governs electronic transactions and includes provisions for security of electronic transactions
Bank Negara Malaysia Guidelines on Risk Management in Technology (RMiT): Central bank guidelines for technology risk management, particularly relevant if the organization deals with financial services
Malaysian Cybersecurity Strategy (MCSS): National framework for cybersecurity risk management and critical infrastructure protection
ISO/IEC 27001: International standard for information security management systems, recognized and widely adopted in Malaysia
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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