For Public Comment

<aside> <img src="https://prod-files-secure.s3.us-west-2.amazonaws.com/c0beec6d-7f49-4bca-9a86-5f22614d487a/e4dc4459-40b8-468e-8a86-da0e533ea052/Waffle_House_Risk_Index_Logo.png" alt="https://prod-files-secure.s3.us-west-2.amazonaws.com/c0beec6d-7f49-4bca-9a86-5f22614d487a/e4dc4459-40b8-468e-8a86-da0e533ea052/Waffle_House_Risk_Index_Logo.png" width="40px" /> The WF Index 1.0 is a quick tool for executives to gauge cybersecurity posture, prioritize responses, and guide strategic planning. It aligns with cybersecurity by helping identify vulnerabilities, mitigate threats, and enhance resilience against cyber attacks. Please provide your commentary on this draft.

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In today's cloud-age environment, identifying and managing cyber risks is crucial to private businesses' stability and future growth. This ensures organizations protect their assets, maintain operational resilience, and retain stakeholder trust. To assess the potential impact of these risks, the Waffle House Risk Index 1.0 (WF 1.0) is designed to simplify the categorization, mapping, and communication associated with the process.

The Waffle House Risk Index adapts the original index's familiar but informal color-coded system to categorize the severity and impact of cyber risks. It consists of three levels: Green, Yellow, and Red, each indicative of varying degrees of risk severity and impact on cybersecurity. This also includes the addition of a new Gray status to indicate unmapped risks that are just emerging.

How it Works

• Green (Low Severity, Low Impact): Indicates routine operations with no immediate threats or disruptions to the organization, its services, or solutions. Security measures are effective, and no significant incidents are detected.
• Yellow (Moderate Severity, Moderate Impact): Highlights challenges affecting organizational operations, such as minor incidents or emerging threats that require attention but are manageable with existing controls.
• Red (High Severity, High Impact): Signals severe disruptions or incidents with significant impact on the organization, such as major data breaches, widespread malware outbreaks, or critical infrastructure failures.

Use and Application

The Waffle House Risk Index 1.0 serves as a quick and intuitive tool for executives and stakeholders to gauge the organization's overall cybersecurity posture. It can be used to:

• Assess the severity of potential cyber risks and their impact on business operations.
• Prioritize resource allocation and response efforts based on the perceived risk level.
• Facilitate communication and decision-making during cyber incidents or crises.
• Guide the development and refinement of cybersecurity strategies and risk management plans.

Methodology

The Waffle House Risk Index 1.10 is developed by adapting the original Waffle House Index to the domain of cybersecurity. The index was created through a collaborative process involving cybersecurity experts, risk management professionals, and executive stakeholders. The following steps were taken to create the index:

Identifying Key Risk Factors: We identified key factors contributing to cybersecurity risks, such as the severity of potential incidents, the impact on business operations, and the effectiveness of existing security measures.

Defining Color-Coded Levels: We established three color-coded levels - Green, Yellow, and Red - to represent varying degrees of risk severity and impact. Each level was defined based on the potential impact of cyber incidents on business operations and the organization's overall security posture.

Mapping to Existing Frameworks: We mapped the color-coded levels of the index to established cybersecurity frameworks, such as ISO/IEC 27001, NIST Cybersecurity Framework, and SOC 2, to ensure alignment with industry best practices and standards.