Everything You Need To Know About Cyber Security Risk Assessment

Cybersecurity Risk Assessment evaluates and codifies the risk of your organization undergoing a cybersecurity breach. This is done by analyzing the policies, processes, controls, and assets. A Cybersecurity Risk Assessment is one of the first steps in laying out a proper cybersecurity plan for the entire company. It is a necessity, without which no business with an online presence should continue the business. This blog contains everything you need to know about CyberSecurity Risk Assessment.

Why conduct a CyberSecurity Risk Assessment?

Prevention is always better than cure. Similarly, a Cybersecurity Risk Assessment helps companies to gauge what possible threats they should look out for. With this assessment, companies could better equip themselves, when a security breach happens. A risk assessment will also help better allocate the resources for efficient functioning. Furthermore, in some countries, a CyberSecurity Risk Assessment is mandatory for legal compliance.

Process of CyberSecurity Risk Assessment

1. Defining Scope

The scope of a Cyber Security Risk Assessment depends on the needs and goals of a company. For example, an entire company risk assessment is not required for finding out vulnerabilities in a service provided by the customer.

2. Identifying Threats

This step involves a review of the assets, policies, and processes of the company to identify the possible threats that could harm the organization.

3. Quantifying the risks

Once the risks are identified, they are ranked in order of likelihood of happening.

4. Documenting Risk

After identifying and quantifying the risks, the vendors will send a report stating the identified risks, the likelihood of them happening, and what controls should be taken to minimize them.

5. Containing Risk

Containing the risk is the last CyberSecurity Risk Assessment process. Some vendors provide risk reduction services, while others don’t. In either case, companies must establish a framework for containing the risk, or the risk assessment would be useless.

How long is a Security Risk Assessment?

Depending on the scope, a Security Risk Assessment could take anywhere from 2 weeks to a month.

Which tools are used for Security Risk Assessment?

Multiple tools are available for Security Risk Assessment, however, the right tools for you depend on the scope of your assessment. The following are some of the common tools used for Security Risk Assessment:

• Framework: Frameworks like FAIR Framework, ISO 27001, ISO, and NIST CSF are commonly used
• Automated Testing tools: These tools include application security tools, network vulnerability assessments, and other tools used to locate vulnerabilities.
• Questionnaires: Vendors figure out vulnerabilities in procedures and processes by asking the employees a set of prepared questions.
• Compliance, Risk and Governance tool: This tool captures all the required data and conducts an assessment of the results.

What is the cost of a Security Risk Assessment?

Although the price of a Security Risk Assessment would vary depending on the scope, some services start from $12,000 and go well beyond six figures.

Are “Free” Risk Assessments worth it?

Risk Assessment is a costly affair requiring time and effort. If a vendor agrees to conduct free risk assessments, then chances are, you wouldn’t derive much value from it.

How to choose the right vendor?

Vendors usually differ from each other based on the Frameworks and Tools used. Follow these simple points while choosing a vendor:

• Clarify Scope and Goals: Check and see if the prospective vendor aligns with the scope and goals of your organization.
• Don’t forget your track record: Take the time to check out your vendors’ reviews and client testimonials to get a better idea.

Evaluate Risk-Taking Method: Check the different parameters on which the vendor assesses the risks.