cyber security risk assessment

All About The Cyber Security Risk Assessment

Learn how about the importance of a cyber security risk assessment. Also, know what are related questions that need to be considered.

Cyber Security Risk Assessment, What Is It?

A cyber security risk assessment has a definition based on NIST. It defines the following

  •  to identify
  • to estimate
  • to prioritize risk.

These apply to the company’s operations, assets, individuals, and many more. So it will be used for operational and use of the information systems.

Moreover, supporting proper risk responses and helps inform the decision-makers are the primary purpose. It will be a big help also to the executives.

Executives will have an executive summary for making the decision. The concerns will cover the following questions.

  • What are the important information technology assets?
  • What is the result of the data breaches?
  • How many threats and external risks are present?

As the list goes on.

How Do I Execute A Cyber Security Risk Assessment?

So before doing anything else like a cyber risk assessment, you should know your own data.

Such as, what infrastructure you have. Also, what is the value of the data that you want to protect?

You may start with a simple audit. By just answering the following question.

  • What are the data that we able to collect?
  • How we will shield the data and is there any way of documenting it?
  • What is the timeline for storing the data?
  • How we will store the data? Also, where are we going to store it?
  • Who will have access to inside and outside data?

These questions may be helpful however do not limit your audit with this.

Why The Needs To Execute The Cyber Security Risk Assessment?

Actually, there are so many reasons to perform cyber risk assessments. But let us list down some of this.

  • In order to lose the long term cost. Knowing the potential threats or risks can help you to prevent it. So it can no longer damage your company. Then you are free from losing your money.
  • You will have a cyber security risk assessment template for continuous assessment. 

Always put in mind that assessment is not a time process. Because threats will always be there. So you better always come prepared.

  • You will have a much better knowledge of your company. Because you will have clear data about your company risks. Also, knowing the things that need to improve. 
  • You will able to avoid data breaches. We all know that data breaches are a serious matter. That results in serious damage.
  • Avoid data loss. As data breaches, data loss is also a serious matter. That can bring an advantage to your competitors.

Steps For Your Implementation Of Cyber Risk Assessment

Step 1: Prepare the information value

Step 2: Classify and prioritize your information or data assets.

Step 3: Identify threats and risks. It could be the following

  • natural disasters
  • human error
  • system failure

Step 4: Recognize the possible weak points

Step 5: Study the controls and apply new methods

Step 6: Estimate the probability and impact of a different situation.

Step 7: Prioritize information value vs the uncertainties based on the cost of opposition.

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