Policies and standards are the primary documents that define the organization's expectations and requirements for information security and risk management. They provide the basis for establishing controls, procedures, roles, and responsibilities. Policies and standards should be updated following a change in legislation requiring notification to individuals impacted by data breaches, to ensure compliance with the new legal obligations and to align with the organization's risk appetite and tolerance. Updating policies and standards can also help to communicate the changes to the relevant stakeholders and to provide guidance for implementing and monitoring the controls. References = Risk and Information Systems Control Study Manual, Chapter 1, Section 1.3.2, p. 28-29

According to the CRISC Review Manual1, threat impact analysis is the process of estimating and evaluating the potential effects of a threat event on the organization's objectives, processes, resources, and risks. Threat impact analysis helps to quantify and qualify the severity and likelihood of the threat, and to identify the possible consequences and implications for the organization. Communicating the results of the threat impact analysis is the most effective way to improve stakeholders' understanding of the effect of a potential threat, as it helps to inform and educate the stakeholders about the nature and magnitude of the threat, and to solicit their feedback and input for the risk response. Communicating the results of the threat impact analysis also helps to align the stakeholder expectations and preferences, and to facilitate risk-based decision making and action planning. References = CRISC Review Manual1, page 208.