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Internal audit « The InfoSec Blog
The InfoSec Blog

The Classical Risk Equation

Posted by Anton Aylward

What we had drilled into us when I worked in Internal Audit and when I was preparing for the CISA exam was the following

RISK is the
THREAT will exploit a
VULNERABILITY to cause harm to an

R = f(T, V, A)

Why do you think they are called "TVAs"?

More sensibly the risk is the sum over all the various ..

This isn't just me sounding off. Richard Bejtlich says much the same thing and defends it from various sources. I can't do better that he has.

Audit Frequency

Posted by Anton Aylward

In one of the forums I subscribe to the question came up "How often should one carry out an internal audit?"  There were variations on this to do with external  audits as well.   Lets suppose you aren't one of the relicrant types that take the attitude that audits aren't necessary or that an audit - or a risk analysis for that mater - needs to be done just the once.

How often?  Yearly?  Ever Six Months?  Every Month?

Maybe. maybe not.
If you are one of a certain set of classes of organizations there are rules that mandate when you get audited. For example, if you process credit cards then the PCI:DSS rules apply to you.

If you are a bank, you should check for Basel II and FFIEC regulations.

And so forth.