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cyber security risk threat assessmentThreat Assessment

Cyber security threat assessments for your business

Businesses face risk every day. It’s a part of getting business done, especially in our digital world. Managing risk is critical, and that process starts with a risk assessment. If you don’t assess your risks, they cannot be properly managed, and your business is left exposed to threats. A successful risk assessment process should align with your business goals and help you cost-effectively reduce risks.

 

 

Every company needs a cyber risk assessment nowadays, here’s everything you need to know. A cyber risk assessment is a crucial part of any company or organization’s risk management strategy. Nowadays, just about every organization relies on information technology and information systems to conduct business. And there are risks inherent in that. Risks that, up until the digital age, companies never had to really contend with.

Risk assessments can be performed on any application, function, or process within your organization. But no organization can realistically perform a risk assessment on everything. That’s why the first step is to develop an operational framework that fits the size, scope, and complexity of your organization. This involves identifying internal and external systems that are either critical to your operations, and / or that process, store, or transmit legally protected or sensitive data (such as financial, healthcare, or credit card). Then you can create a risk assessment schedule based on criticality and information sensitivity. The results give you a practical (and cost-effective) plan to protect assets and still maintain a balance of productivity and operational effectiveness

A cyber security risk assessment identifies the various information assets that could be affected by a cyber attack (such as hardware, systems, laptops, customer data and intellectual property), and then identifies the various risks that could affect those assets

 

Why do we need to perform a cyber risk assessment? There are a number of reasons you might want to perform a cyber risk assessment—and a few other reasons why you need to. Let’s go through them: They can reduce long-term costs – Obviously, identifying potential threats and working to mitigate them has the potential to prevent security incidents, which saves your organization money in the long run. It provides a template for future assessments – Cyber risk assessments aren’t a one-off, you need to continuously update them. By doing a good job on the first one, you create a repeatable process that can be picked up by someone else in the event of staff turnover. They provide your organization with greater self awareness – Knowing where your organization’s weaknesses lie helps give you a better idea of what areas your organization needs to grow and invest in. It helps you avoid breaches and other security incidents – This hearkens back to our first point, a well-done cyber risk analysis can improve your security implementations and mitigate attacks and personal data breaches. It can improve communication – Typically a cyber risk assessment (on that’s done well) requires input from a number of different departments and stakeholders, this can help increase organizational visibility and enhance communication. If that was unconvincing, let’s look at two reasons you NEED to do a cyber risk assessment:

Who should perform a cyber risk assessment? Ideally, your organization would have personnel in-house that could handle this kind of assessment. You’ll need to have IT staff with an understanding of how your digital and network infrastructures are set up, as well as high-level executives that understand various information flows and potentially proprietary organizational information that will be useful during the assessment. Organizational visibility is a major component of a thorough cyber risk assessment. But, sometimes organizations, especially small or medium sized businesses (SMBs), may need to outsource the assessment because they don’t have the right people to do the job in-house. In that case, you’re going to need to find a third party to do it. There are both companies as well as individual consultants that can provide this service.

Read more at: https://www.thesslstore.com/blog/cyber-risk-assessment/



Read more at: https://www.thesslstore.com/blog/cyber-risk-assessment/



Read more at: https://www.thesslstore.com/blog/cyber-risk-assessment/

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