Cybersecurity risk assessment is critical to managing these risks. This will keep your company out of harm’s way. But how do you do it?
In this article, we will list the six steps you need to do. Read on.
Cybersecurity Risk Assessment: 6 Steps
Know the System
Knowing your system will help you see possible threats. The system includes process, function, or application.
Answer these questions and more:
- What is it?
- What data does it use?
- Who is the vendor?
- Who uses the system?
- What is the data flow?
Identify Threats
Next up, you will need to identify the threats. Of course, there are those basic ones. But further threats come with specific systems.
Here are some of the common threat types:
- Unauthorized access. May it be malicious or accidental.
- Misuse of information or privilege by an authorized user.
- Data leakage. May it be intentional or unintentional.
- Loss of data.
- Disruption of service or productivity.
Determine the Impact of Threats
After knowing these threats, list out their possible impact. See what will happen to your company if these threats were exercised.
Here is an example of impact ratings:
- High. Huge impact.
- Medium. Damaging impact but recoverable or inconvenient.
- Low. Minimal or non-existent impact
Analyze Control Environment
To analyze this, you will need to look at various angles. So, you will want to identify:
- threat prevention
- mitigation
- detection
- controls
Here are some controls to consider:
- User Authentication Controls
- User Provisioning Controls
- Administration Controls
- Continuity of Operations Controls
Also, you need to have these categories to assess them:
- Satisfactory. Meets criteria.
- Satisfactory with Recommendations. Meets the criteria but there is room for improvement.
- Needs Improvement. Partially meets criteria.
- Inadequate. Does not meet the criteria.
Make a Likelihood Rating
Then, you will need to see the likelihood of the threats. In this step, you will also consider the control environment. Thus, making it different from the third step.
How do you do this? With the help of this sample ratings:
- High. A threat is most likely to happen. And controls are not enough. Or is ineffective.
- Medium. A threat is more likely to happen. But there are controls to prevent them from being successful.
- Low. A threat is not quite far from happening. Also, controls are in place to block them.
Calculate Risk Rating
This is the last step. You will need to calculate your risk rating. How? There is one formula for that.
Impact x Likelihood = Risk Rating
Here is an example of a risk rating:
- Severe. There is an urgent threat. So, an immediate solution is needed.
- Elevated. A viable threat is present. Thus, a solution is needed in a reasonable amount of time.
- Low. Threats are normal and acceptable but can still cause some impact. So, it is best to enhance security but not in a rush.
Do a Cybersecurity Risk Assessment
So, that is how you do a cybersecurity risk assessment. By following these steps, you can protect your company from harm. Thus, make sure you do one and follow the right steps. Keep away from threats.
