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Cyber Security Risk Assessment Matrix for Canada

Cyber Security Risk Assessment Matrix Template for Canada

A comprehensive document designed to identify, assess, and prioritize potential cybersecurity risks within an organization operating in Canada. This matrix aligns with Canadian federal and provincial privacy laws, including PIPEDA and provincial privacy legislation, while incorporating industry-standard risk assessment methodologies. It provides a structured approach to evaluating cyber threats, vulnerabilities, and their potential impact on business operations, enabling organizations to make informed decisions about risk mitigation strategies and resource allocation. The document includes detailed scoring mechanisms, control recommendations, and compliance considerations specific to the Canadian regulatory environment.

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What is a Cyber Security Risk Assessment Matrix?

The Cyber Security Risk Assessment Matrix serves as a crucial tool for organizations operating in Canada to systematically evaluate and manage their cybersecurity risks. This document becomes necessary when organizations need to conduct thorough risk assessments to comply with Canadian privacy laws, including PIPEDA, and industry-specific regulations. It provides a structured methodology for identifying potential threats, assessing vulnerabilities, and evaluating the potential impact of security incidents. The matrix includes comprehensive risk scoring mechanisms, mapping of existing controls, and recommendations for risk treatment, all while ensuring alignment with Canadian legal requirements and industry best practices. It should be regularly updated to reflect evolving cyber threats and changes in the regulatory landscape.

What sections should be included in a Cyber Security Risk Assessment Matrix?

1. 1. Introduction: Overview of the risk assessment matrix purpose and scope

2. 2. Assessment Methodology: Detailed explanation of the risk assessment approach, scoring criteria, and evaluation methods

3. 3. Threat Categories: Classification and description of various cyber threat types (e.g., malware, social engineering, DDoS)

4. 4. Vulnerability Assessment: Identification and categorization of system, process, and organizational vulnerabilities

5. 5. Impact Analysis: Assessment of potential business impact of various cyber security incidents

6. 6. Likelihood Assessment: Analysis of the probability of various cyber security incidents occurring

7. 7. Risk Scoring Matrix: Visual representation and explanation of risk levels based on impact and likelihood combinations

8. 8. Current Controls: Documentation of existing security controls and their effectiveness

9. 9. Risk Treatment: Recommendations for risk mitigation, acceptance, transfer, or avoidance

10. 10. Review and Update Process: Procedures for periodic review and updating of the risk assessment

What sections are optional to include in a Cyber Security Risk Assessment Matrix?

1. Industry-Specific Compliance Requirements: Additional section for organizations in regulated industries (e.g., healthcare, finance) addressing specific compliance requirements

2. Cloud Security Assessment: Specific section for organizations heavily utilizing cloud services

3. Third-Party Risk Assessment: Section for organizations with significant vendor/supplier relationships

4. Privacy Impact Considerations: Detailed privacy risk assessment section for organizations handling sensitive personal data

5. Business Continuity Integration: Section linking cyber security risks to business continuity planning

6. Cost-Benefit Analysis: Financial analysis of proposed security controls and mitigations

What schedules should be included in a Cyber Security Risk Assessment Matrix?

1. Appendix A: Risk Assessment Worksheets: Detailed worksheets showing all risk calculations and assessments

2. Appendix B: Control Framework Mapping: Mapping of controls to recognized frameworks (e.g., NIST, ISO 27001)

3. Appendix C: Technical Vulnerability Assessment Results: Detailed technical findings from vulnerability scans and assessments

4. Appendix D: Incident Response Procedures: Detailed procedures for responding to identified high-risk scenarios

5. Appendix E: Risk Treatment Plan: Detailed implementation plan for recommended security controls

6. Appendix F: Compliance Requirements Matrix: Detailed mapping of legal and regulatory requirements to controls

7. Appendix G: Asset Inventory: Comprehensive list of IT assets included in the assessment scope

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Canada

Publisher

Ƶ

Cost

Free to use
Relevant legal definitions
















































Clauses






























Relevant Industries

Financial Services

Healthcare

Government

Technology

Telecommunications

Energy and Utilities

Manufacturing

Retail

Education

Professional Services

Transportation and Logistics

Insurance

Defense

Critical Infrastructure

Relevant Teams

Information Security

IT Operations

Risk Management

Compliance

Legal

Internal Audit

Data Protection

Executive Leadership

Infrastructure

Information Technology

Governance

Business Continuity

Project Management Office

Digital Transformation

Relevant Roles

Chief Information Security Officer (CISO)

IT Security Manager

Risk Manager

Compliance Officer

Security Analyst

IT Director

Chief Technology Officer (CTO)

Privacy Officer

Security Engineer

IT Auditor

Chief Risk Officer

Information Security Analyst

Cybersecurity Consultant

Data Protection Officer

IT Governance Manager

Industries









Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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