Chief Information Security Officer (CISO) - IT Risk - Risk Management Assessment answer

Assessment Task:

You have recently been appointed as the Chief Information Officer (CIO) of a newly-established Pharmaceuticals startup which as part of its business model conducts research and development into medical products, manufactures medical products and distributes them. The startup has recently been given significant venture capital money with the requirement to improve organisational risk management and governance.
You have been tasked by the Chief Executive Officer (CEO) to prepare a paper for consideration by the board of directors regarding the need to appoint a chief information Security Officer (CISO). The CEO has expressed the view that other members of the board are sceptical about the need to appoint a CISO, in particular, one that operates at the C-Level within the organisation. Prepare a paper no more than 3 pages outlining your recommendation to the CEO and the
Board regarding the appointment of a CISO. Clearly articulate the case for or against making reference to reporting lines if you believe the appointment is appropriate. In preparing your response to be sure to include referenced examples to substantiate your claims.
Rationale
This assessment task will assess the following learning outcome/s:
be able to justify the goals and various key terms used in risk management and assess
IT risk in business terms.
1. Be able to apply both quantitative and qualitative risk management approaches and to compare and contrast the advantages of each approach.
2. Be able to critically analyse the various approaches for mitigating security risk, including when to use insurance to transfer IT risk.
3. Be able to critically evaluate IT security risks in terms of vulnerabilities targeted by hackers and the benefits of using intrusion detection systems, firewalls vulnerability scanners to reduce risk.

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