Risk Assessment
Conduct Cybersecurity Risk Assessment to
identify your top cybersecurity risks and
create a prioritized plan of action.
How to conduct a cybersecurity risk assessment?
The starting point of a cybersecurity risk assessment is identifying and understanding the assets that need to be protected.
This includes identifying the hardware, software, data, and other resources that are critical to the company’s operations and determining their value and importance.
Once the assets are identified, the next step is to identify the potential threats and vulnerabilities that could impact the security of those assets.
This can include threats such as hacking, malware, physical attacks, and natural disasters, as well as vulnerabilities such as outdated software, weak passwords, , and lack of employee training.
After the threats and vulnerabilities are identified, the next step is to assess the likelihood and potential impact of each threat and vulnerability. This helps to prioritize the risks and determine which ones require the most attention.
Based on the assessment, appropriate security controls and countermeasures are implemented to mitigate the identified risks.
What risk management framework should I follow?
The choice of the framework may depend on various factors such as industry, company size, and compliance requirements.
NIST Cybersecurity Framework – Developed by the National Institute of Standards and Technology (NIST), this framework provides a set of best practices, standards, and guidelines to help companies manage and reduce cybersecurity risks. It consists of five core functions: Identity, Protect, Detect, Respond, and Recover.
ISO/IEC 27001 – Is an international standard that provides a systematic approach to managing information security risks. It specifies a set of controls that can implement to help manage and protect information assets.
CIS Controls – The Center for Internet Security (CIS) Controls a prioritized set of actions that companies can take to improve their cybersecurity posture. It provides a structured approach to cybersecurity risk management, focusing on the most critical security controls that can have the greatest impact.
What are the benefits of risk assessment?
The risk assessment process helps in the identification of the risks and assessment of their potential impact and prioritization of the risks based on their likelihood and potential impact.
Along with an evaluation of the cybersecurity posture and weaknesses, it also provides an organization with:
- A detailed inventory of Information assets, including hardware, software, and data.
- An understanding of the company’s cybersecurity threats and vulnerabilities.
- An assessment of the impact of each identified risk on the company’s operations, reputation, and financial position.
- A prioritized list of recommended security controls and best practices to mitigate the identified risks.
- A roadmap for implementing the recommended security controls and best practices, along with a timeline for completion.
A cybersecurity risk assessment process would equip leadership with data needed to make informed decisions about security and resilience of the company’s IT systems and data.
How should I measure risk?
There are various methods and techniques that can use to measure cybersecurity risk, including:
Qualitative risk analysis
Evaluation of cybersecurity risks based on subjective judgments, expert opinions, historical data, and industry best practices to prioritize risks and risk mitigation strategies.
Quantitative risk analysis
Based on quantitative data to provide an objective and data-driven approach to risk assessment, resource allocation, and risk mitigation strategies.
Risk scoring
Evaluates cybersecurity risks based on a predetermined scoring system to provide a standardized and consistent approach to risk assessment.
Threat modeling
Identify potential threats and vulnerabilities based on potential attack vectors.
Cybersecurity maturity assessments
A maturity assessment to evaluate a company’s cybersecurity capabilities and identify areas for improvement.
