Information Security Risk Assessment Form Template for United States

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Key Requirements PROMPT example:

Information Security Risk Assessment Form

"I need an Information Security Risk Assessment Form for our healthcare startup that specifically addresses HIPAA compliance and cloud security risks, as we're planning to launch our patient data management system in March 2025."

Document background
The Information Security Risk Assessment Form serves as a critical tool for organizations operating in the United States to assess their cybersecurity posture and compliance with various federal and state regulations. This document is essential when organizations need to identify potential security risks, evaluate their impact, and develop mitigation strategies. It includes sections for asset inventory, threat assessment, vulnerability identification, and risk analysis, all while ensuring alignment with relevant regulatory frameworks such as FISMA, HIPAA, and state-specific data protection laws.
Suggested Sections

1. Organization Information: Basic details about the organization being assessed, including contact information, industry sector, and size

2. Scope of Assessment: Clear definition of systems, processes, data, and organizational boundaries included in the assessment

3. Risk Assessment Methodology: Detailed explanation of risk identification, analysis, and evaluation methods to be used

4. Asset Inventory: Comprehensive list of information assets, including systems, databases, and critical data repositories

5. Threat Identification: Analysis of potential internal and external threats to information security

6. Vulnerability Assessment: Evaluation of weaknesses in current security controls and systems

7. Risk Analysis: Detailed assessment of identified risks, including likelihood and potential impact

8. Current Controls Assessment: Review of existing security measures and their effectiveness

9. Compliance Status: Assessment of compliance with relevant regulations and standards

Optional Sections

1. Industry-Specific Compliance: Additional requirements based on specific industry regulations (e.g., HIPAA, PCI DSS, FERPA)

2. Third-Party Risk Assessment: Evaluation of risks associated with vendors, contractors, and other external parties

3. Cloud Services Assessment: Specific evaluation of risks related to cloud service providers and cloud-based assets

4. Mobile Device Security: Assessment of risks related to mobile devices and BYOD policies

Suggested Schedules

1. Schedule A - Risk Rating Matrix: Framework for scoring and prioritizing identified risks, including likelihood and impact scales

2. Schedule B - Control Assessment Checklist: Detailed checklist of security controls to be evaluated during the assessment

3. Schedule C - Data Flow Diagrams: Visual representations of how data moves through the organization's systems

4. Schedule D - Previous Assessment Findings: Summary of past risk assessments and status of remediation efforts

5. Schedule E - Regulatory Requirements Checklist: Comprehensive list of applicable regulatory requirements and compliance status

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

Relevant legal definitions
Clauses
Industries

FISMA: Federal Information Security Management Act - Sets standards for federal agencies and their contractors to ensure effective information security controls

HIPAA: Health Insurance Portability and Accountability Act - Establishes national standards for the protection of individuals' medical records and other personal health information

GLBA: Gramm-Leach-Bliley Act - Requires financial institutions to explain their information-sharing practices and protect sensitive data

SOX: Sarbanes-Oxley Act - Mandates strict internal controls for financial reporting, including IT systems that affect financial statements

FTC Act: Federal Trade Commission Act - Prohibits unfair or deceptive practices, including companies' failure to maintain reasonable data security

CFAA: Computer Fraud and Abuse Act - Addresses computer-related crimes and unauthorized access to protected computers and data

PCI DSS: Payment Card Industry Data Security Standard - Security standard for organizations that handle credit card transactions

FERPA: Family Educational Rights and Privacy Act - Protects the privacy of student education records in educational institutions

DFARS: Defense Federal Acquisition Regulation Supplement - Cybersecurity requirements for defense contractors

CCPA: California Consumer Privacy Act - Provides California residents with rights regarding their personal information and imposes obligations on businesses

SHIELD Act: New York's Stop Hacks and Improve Electronic Data Security Act - Requires businesses to implement safeguards for NY residents' private information

MA 201 CMR 17.00: Massachusetts data protection regulation that establishes minimum standards for protecting personal information of state residents

GDPR: General Data Protection Regulation - EU regulation on data protection and privacy, affecting organizations handling EU residents' data

NIST CSF: NIST Cybersecurity Framework - Voluntary guidance for private sector organizations to better manage and reduce cybersecurity risk

ISO 27001: International standard for information security management systems (ISMS)

COBIT: Control Objectives for Information and Related Technologies - Framework for IT governance and management

CIS Controls: Center for Internet Security Controls - Set of actions for cyber defense that provide specific ways to stop today's most pervasive attacks

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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