As the digital landscape continues to evolve, cyber security threats are also on the rise. These cyber attackers are developing more sophisticated forms of breaking through your defences, which are hard to detect at times. If you want to protect yourself and your company from such attacks, you need to perform a thorough risk assessment so you can, in turn, strengthen your overall security. Here’s a step-by-step guide on how to perform a cyber security risk assessment.
1. Identify Assets and Information Value
An assessment starts by looking at what you currently have and how to define the scope and limitations of your company when it comes to handling information. If you don’t have a big budget for cyber security, then limiting the scope of the assessment to the most critical business information is important.
Defining the scope means you need to identify and prioritise which data assets to focus on your assessment. Some key areas to look at including your employees, buildings, trade secrets, electronic data, or office devices. To do this, you need to work with the management and your entire team to build a comprehensive list of all your valuable assets.
2. Identify Threats and Vulnerabilities
Once you’ve listed down and prioritised assets that are crucial to your company, the next step is to identify the possible threats that could impact your business. There are a wide variety of threats out there, and your organisation may be vulnerable to some or even all of them. These threats can come in the form of malware, IT security risks, third-party data exchange, insider threats, etc. You can identify these by researching what forms of attacks are being committed to other businesses.
Of course, with threats also comes the vulnerabilities in your security, which could be a target for attackers. These are points in your defence that could be considered a weakness, which can be easily exploited. To identify vulnerabilities, you need to perform audit reports, software security evaluations, vulnerability analysis, etc.
3. Determining the Likelihood and Impact of Threats
Now that you know just how vulnerable you are and what kind of attacks you should expect, you then need to find out how likely you are to become a target. This is where you calculate the risks and how much damage these cyber security threats could do to your organisation. For instance, if you have a database where you store all of your client’s sensitive information, what would happen if these pieces of data were leaked to the public? You need to document these scenarios and come up with ways on how you can prevent them.
4. Implement and Monitor Security Controls
Finally, after a thorough assessment of your assets, information, threats, and vulnerabilities, you must then put these findings into action by implementing the necessary controls and measures to protect yourself. In other words, this is where you mount a defence against these threats. You can seek the help of a cyber security analyst and get recommendations from them on what’s the best security solution to address all your findings based on your risk assessment.
With companies increasingly spending money on cyber security, it’s also time for you to start doing your organisation’s own cyber security risk assessment. By following these steps, you make sure your company is prepared no matter what the threat is.
Rabbon is a leading cyber security consulting firm helping organisations become cyber resilient and protected from digital threats. With our enterprise solutions and cloud security services, you can finally have some peace of mind for your company and not worry about how you can bolster your defences against cyber threats. Get the protection you need by speaking to one of our cyber security analysts today.
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Rabbon is a Cybersecurity company based with offices in Sydney and Melbourne. We lead a team of Cyber security Consultants and GRC Consultants, who help organisations become cyber resilient by providing access to effective and affordable cybersecurity services. We believe that “Cybersecurity is for everyone“
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