Analyze Existing ControlsĪnalyze the controls that are in place to reduce the probability that a threat will exploit a vulnerability. Vulnerabilities can be identified using analysis, audit reports, the NIST vulnerability database, vendor data, information security test and evaluation (ST&E) procedures, penetration testing, and automated vulnerability scanning tools. Identify VulnerabilitiesĪ vulnerability is a weakness that could enable a threat to harm your organization. Examples include outside threat actors, malware, malicious acts by business users and mistakes by insufficiently trained administrators. Identify ThreatsĪ threat is anything that could cause harm to your organization. You can then classify your assets into categories, such as critical, major or minor. Criteria that are commonly used include the asset’s monetary value, role in critical processes, and legal and compliance status standing. You also need to determine the importance of each cyber asset. During this step, be sure to solicit input from all departments and business units that approach helps ensure you get a complete understanding of the systems the organization uses and the data that it creates and collects. IT assets include servers, printers, laptops and other devices, as well as data like client contact information, email messages and intellectual property. Note that while larger entities may task their internal IT teams with this process, organizations without a dedicated IT department could benefit from delegating it to an external specialist. Determine the likelihood of an incident. Now let’s run through the steps in a proper security risk assessment: Informed decision making - The detailed insight provided by a cybersecurity risk assessment will facilitate better decision-making regarding security, infrastructure and personnel investments.Improved customer trust - Demonstrating a commitment to security can increase customer trust, which can lead to improved client retention.Regulatory compliance - Regular security risk assessments can help organizations comply with the data security requirements of mandates such as HIPAA, PCI DSS, SOX and GDPR, and thereby avoid costly fines and other penalties.Cost mitigation - Undertaking a security risk assessment not only safeguards your business from the high cost of a data breach, but it also enables prudent use of budget for security initiatives that deliver the most value.Examples include unpatched software, overly permissive access policies and unencrypted data. Vulnerability identification and remediation - A gap-focused IT risk assessment methodology can help you identify and close vulnerabilities that threat actors can take advantage of.Understanding of risk - By identifying and analyzing the potential threats to your business, you can focus first on the risks that have the highest potential impact and the highest probability.Since what IT assets you have and their value can change over time, it’s important to repeat the risk assessment process regularly. Insight into where your most valuable IT assets resides - Some data stores, machines and other IT assets are more important than others.IT risk assessments and cybersecurity risk assessments provide significant value to the organization. The benefits and procedures explained below apply to both IT risk assessments and security risk assessments. They should be performed on a regular schedule due to the dynamic nature of both IT environments and attack methodologies. It is important to note that both types of risk assessments are not one-time events. Exfiltration of sensitive or important data.The Institute of Risk Management defines cyber risk as “Any risk of financial loss, disruption or damage to the reputation of an organization from some sort of failure of its information technology systems.” Similarly, Gartner defines cyber risk as follows: “The potential for an unplanned, negative business outcome involving the failure or misuse of IT.” IT risk assessments consider not just threats to cybersecurity but a host of cyber risk s. Security risk assessments are a subset of a broader process - IT risk assessment. A careful and thorough risk assessment will help you accurately prioritize your security efforts as part of your broader cybersecurity program. Security risk assessment is the process of identifying vulnerabilities in the IT ecosystem and understanding the financial threat they pose to the organization, from downtime and related profit loss to legal fees and compliance penalties to customer churn and lost business. What Are IT Risk Assessments and Security Risk Assessments? Reduce Risk Through a Just-in-Time Approach to PAM
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