Analyze the Risk Implications of Virtual Currency

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Step 8: Analyze the Risk Implications of Virtual Currency

Based on what you have learned about risk management, dust off your competitive research spreadsheet, add a final column, and address the cybersecurity risk in each alternative and how to manage it. Address the application of virtual currency and encryption to other aspects of the institution’s cybersecurity. Where do they fit?

Virtual currency could expand the attack vectors of cyber criminals. Include information on this expansion of cyberattack technologies.

Summarize the risk implications that were found during your research in a one-page summary for the category of risk from your research. The next step will focus on managing the potential risks.

Step 9: Classify Technical and Policy Risks

As you better define the information to be delivered in the final report, the Virtual Currency Applicability Report, you recognize the need to distinguish between the technology and policy issues that are involved. As an update to your ongoing analysis, categorize the risk as technical or policy.

The classification is based on risk, not the solution. In other words, you might have documented what appears to be a technical condition or change that actually triggers a policy risk. As such, for the purpose of this reporting, it would be classified on the policy risk side of the ledger.

Record the findings and proceed to the next step, in which you will come up with a strategy to mitigate risk.

Step 10: Develop a Virtual Currency Risk Mitigation Strategy

Now that you have categorized the risks, it’s time to consider risk management for virtual currency. Begin the process of addressing those risks from a strategic response perspective. What direction will be taken in the event of one or more of the identified risks occurring?

This brief, two- to three-page report is an integral part of the Virtual Currency Applicability Report. It is not intended as a play-by-play procedures manual in the event of a breach. It is intended, as is the final report, as an overview of a strategic response should risk mitigation be required.

Submit the Virtual Currency Risk Mitigation Strategy for approval and proceed to the final series of steps to complete the Virtual Currency Applicability Report.

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