In today’s technology-centric business environment, where organizations encounter numerous cyber threats, effective IT risk management is crucial. An objective risk assessment—based on information relating to business requirements, human elements, and the security culture within an organisation—can provide a sound basis for informed decision making, effective risk prioritisation, and the implementation of suitable security measures. This paper focuses on asset valuation, supply chain risk, and enhanced objectivity—via a “segregation of duties” approach—to extend and apply the capabilities of an established security culture framework. The resultant system design aims at mitigating subjectivity in IT risk assessments, thereby diminishing personal biases and presumptions to provide a more transparent and accurate understanding of the real risks involved. Survey responses from 16 practitioners working in the private and public sectors confirmed the validity of the approach but suggest it may be more workable in larger organisations where resources allow dedicated risk professionals to operate. This research contributes to the literature on IT and cyber risk management and provides new perspectives on the need to improve objectivity in asset valuation and risk assessment.

To proactively manage information security, enterprises often employ information security risk assessment techniques. Asset value - which is used to calculate the financial impact of possible threats - is one of the key parameters of information security risk. However, assets in a system are rarely independent, and their values are typically interdependent. Asset owners and IT teams may hold different views as regards these values, and there is thus the need to reduce subjectivity in a qualitative risk assessment. The research entails the development of a conceptual framework derived from the literature to minimize subjectivity, and the design of a system based on those concepts. The study uses the Unified Modeling Language as a design tool and puts forward an object-oriented model for defining asset values, in which the relationships between assets, vulnerabilities and related threats are identified. A “segregation of duties” approach is integrated into the risk management system to mitigate against subjectivity and better determine asset values. Survey responses from 16 practitioners working in the private and public sectors confirm the validity of the approach, but suggest it may be more workable in larger organisations where resources allow dedicated risk professionals to operate.