Are you implementing cybersecurity risk assessment in your firm? But when to perform cybersecurity risk assessment? So, let’s find out in this post.
What is Cybersecurity Risk Assessment?
Cybersecurity risk assessment is a process of identifying vulnerabilities in your network, devices, applications, and data. It’s also about identifying threats to your assets and assessing the likelihood of these threats against your assets. As well as determining the potential impacts of these threats.
Why Perform Cybersecurity Risk Assessment?
There are many benefits of performing a cybersecurity risk assessment.
Reduce your Cybersecurity Threats
By performing a risk assessment you can reduce the number of cybersecurity threats. It also helps you identify vulnerabilities of your system and assets which can be exploited by hackers.
Once you’ve identified the problem areas it becomes easier for you to fix them.
Improve Cybersecurity Governance
Cybersecurity risk assessment can be used to improve your cybersecurity governance. With the help of risk assessment, you can identify issues and then take appropriate action to mitigate them.
It can also help your organization in compliance and regulatory requirements.
Identify Areas of Improvement for Business Continuity and Disaster Recovery
Cybersecurity risk assessment is an important part of business continuity and disaster recovery plans. You can take the necessary steps to improve your plan based on the results.
Identify Cybersecurity Risks
Cybersecurity risk assessment helps you identify cybersecurity risks. It’s also an important step toward improving cyber security.
How to perform cybersecurity risk assessment?
Step 1: Identify Assets to be assessed
The first step is to identify assets that need to be assessed for cybersecurity risks. Thus, assets could be your systems, networks, applications, and data.
Moreover, identify assets based on the value these assets held for the organization. This includes intangible assets such as reputation, brand recognition, and intellectual property.
Step 2: Perform Cybersecurity Risk Assessment for Each Asset
You need to perform a cybersecurity risk assessment for each asset. Since risk assessment could be a simple exercise or a complex process depending on the number of assets to be assessed and the level of risks associated with them.
Identify the risk items associated with each asset. Risk items include threats, vulnerabilities, and impacts. Buyable assets your organization owns.
Identify the assets which are accessible from outside or by a third party. Assets that have a high value to the business.
Step 3: Identify the Cybersecurity Threats against Each Asset
The next step is to identify cybersecurity threats against each asset. To do so, you need to know about the following:
- What can happen to your assets?
- Who can cause those things to happen?
- Why would they cause those things to happen?
When to Perform Cybersecurity Risk Assessment?
Many factors can affect your cybersecurity risk assessment. Some of them are:
- Change in technology
- Competitors’ activities
- Competitive landscape
- Economic environment
- Industry dynamics
- Legal and regulatory changes
- New business opportunities and practices
So it’s necessary to perform a cybersecurity risk assessment regularly. It’s recommended to do it at least once a year and before any significant change.
Conclusion
Risk Assessment is not something you can do once and be done with it. It needs to be performed periodically so that you can identify changes in your risks and take action accordingly.
