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What Is Security Risk Assessment And How To Conduct It?

by Mic Johnson

Critical security control systems in programs are identified, evaluated, and put into place by an information security risk assessment. Software designed for this can see the utilization of resources holistically—from the viewpoint of an attacker—by conducting a risk assessment. It helps businesses in the careful inspection of the use of assets, technologies, and security measures execution.

A recent study about information security indicates that most businesses have weak cybersecurity procedures, leaving them open to loss of data. Businesses must integrate cybersecurity knowledge, protection, and best practices into their culture to efficiently resist hostile intent. Therefore, completing an assessment becomes a crucial step in the security planning process of a firm.

What Steps Are Involved In A Security Risk Assessment?

The complexity of risk assessment frameworks is influenced by variables including scale, rate of growth, finances, and asset diversification. If an organization is limited by resources and time, it can nonetheless conduct broad assessments.

Follow these steps to start the risk assessment process:

1.   Identification Of All Valuable Assets

Find all essential assets within the company that can suffer financial damages as a result of attacks.

Next, determine whether these assets are producing, storing, or transmitting sensitive data. For each, establish a risk description.

A few examples include the following:

  • Servers
  • websites
  • client phone numbers
  • partner memos
  • company secrets
  • credit card details from customers


2.   Risk Based Assessment

Implement a strategy to evaluate the important assets’ identified security threats. Determine ways to quickly and successfully deploy funds and efforts toward risk management after rigorous monitoring and feedback. The framework or assessment strategy must examine the relationships among assets, risks, liabilities, and preventive controls. Calculate the organization’s potential financial losses if a specific asset is harmed.

The following are a few of the effects to be concerned about:

  • Loss of data
  • Application or system outages
  • Legal repercussions


3.   Determine The Threats’ Nature And Severity

Everything that has the potential to compromise your security and hurt your assets constitutes a danger. Here are a few typical dangers:

  • Natural catastrophes
  • A systemic issue
  • Unintentional human intervention
  • Harassment by people, including impersonating, surveillance, and disruption

4.   Set The Procedures For Mitigating

For every risk, specify a mitigation strategy and implement security controls. Although you can make improvements to your IT security architecture, not all threats can be taken away. When things go bad, you attempt to repair the damage, figure out why it occurred, and either take action to prevent it from happening in the future or at least mitigate the effects

A thorough examination is needed if the findings of the common assessment method don’t show a strong enough association among these aspects.

Who Should Do The Evaluation Of The IT Security Risk?

Finding any cyber vulnerability requires a detailed methodology. Reps from all divisions where problems can be found and addressed should be included in a full risk assessment rather than just a few IT group members. Look for people who are knowledgeable about the company’s usage of data.

Based on the scale of your company, putting together a full IT risk assessment committee could be a challenge. Businesses without an IT department could have to contract the process out to a firm that specializes in IT risk assessment, though bigger enterprises may prefer to have their core IT staff lead the endeavor.

What To Do After A Successful Risk Assessment

Your initial risk analysis is complete. But keep in mind that risk assessment is a continuous process. Since the information security and company IT environment are both dynamic, you should undertake risk assessments frequently. Make a risk assessment guideline that formalizes your technique and outlines how frequently the process needs to be done.

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