ERMOCTAVE: A Risk Management Framework for IT Systems Which Adopt Cloud Computing

Masky Mackita, Soo-Young Shin and Tae-Young Choe
Additional contact information
Masky Mackita: ING Bank, B-1040 Brussels, Belgium
Soo-Young Shin: Department of IT Convergence Engineering, Kumoh National Institute of Technology, Gumi 39177, Korea
Tae-Young Choe: Department of Computer Engineering, Kumoh National Institute of Technology, Gumi 39177, Korea

Future Internet, 2019, vol. 11, issue 9, 1-21

Abstract: Many companies are adapting cloud computing technology because moving to the cloud has an array of benefits. During decision-making, having processed for adopting cloud computing, the importance of risk management is progressively recognized. However, traditional risk management methods cannot be applied directly to cloud computing when data are transmitted and processed by external providers. When they are directly applied, risk management processes can fail by ignoring the distributed nature of cloud computing and leaving numerous risks unidentified. In order to fix this backdrop, this paper introduces a new risk management method, Enterprise Risk Management for Operationally Critical Threat, Asset, and Vulnerability Evaluation (ERMOCTAVE), which combines Enterprise Risk Management and Operationally Critical Threat, Asset, and Vulnerability Evaluation for mitigating risks that can arise with cloud computing. ERMOCTAVE is composed of two risk management methods by combining each component with another processes for comprehensive perception of risks. In order to explain ERMOCTAVE in detail, a case study scenario is presented where an Internet seller migrates some modules to Microsoft Azure cloud. The functionality comparison with ENISA and Microsoft cloud risk assessment shows that ERMOCTAVE has additional features, such as key objectives and strategies, critical assets, and risk measurement criteria.

Keywords: risk management; ERM; OCTAVE; cloud computing; Microsoft Azure (search for similar items in EconPapers)
JEL-codes: O3 (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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