6 Benefits of Conducting a Cybersecurity Risk Assessment

A cybersecurity risk assessment is an all-important process that helps you assess your organisations security risks and prioritise how to fix any exposures.

Firstly, the process starts with a cybersecurity consultant doing a string of interviews, with key members of your organisation. The results are collected and the cybersecurity team with analyse your policies, procedures and controls. In other words, tailoring your assessment to suit the organisations size, industry regulations, business operations and long- term plans. After that the cybersecurity team will outline a- number of potential threats that are common to your industry and business size.

Above all, conducting a cybersecurity risk assessment is extremely useful in helping to identify and prevent of cyber incidents from impacting your organization. It’s one of the main reasons for getting a cybersecurity risk assessment.

We’d all love it to be as simple as ticking off on a “risk checklist.” Unfortunately, there’s no such thing, as the risk is abstract. So, even though we may not be able to reach out and touch your security risk, we are able to measure the risk. Subsequently, we do this by investigating the threats and vulnerabilities. By taking into consideration todays security landscape, your cybersecurity risk assessment results, our assessment experts are able- to pinpoint your most serious, risks, threats and vulnerabilities.

Why do companies conduct cybersecurity risk assessments?

While a cybersecurity risk assessment is not a solution to risk, it will help you understand and plan to mitigate risks to your organization. So, we can see why risk assessments are gaining popularity.

Secondly, they are particularly popular when changes in the business occur such as before acquisitions, divestment, and integrations, to establish if there any increased risks.

Thirdly, industries such as finance and healthcare must complete risk assessments to comply with their industry standards like GLBA, SOX, HIPAA or CMMC, as they are heavily regulated.

And lastly, before and after major systems changes such as switching from on-prem to the cloud, it’s very likely companies will conduct risk assessments. Often companies will do a pre-assessment and post-assessment in- order to compare the reports. It can also ensure a smooth and secure transition.

What do you learn by performing cybersecurity risk assessment?

Firstly, most businesses are unaware of their vulnerabilities, so a cybersecurity risk assessment gives valuable understanding. Such as how to protect vulnerable information assets and where the weaknesses are in their current security.

Depending on various factors like the size of the organisation and the type of data being stored and industry, priority areas in a cyber risk assessment will differ.

Secondly, a risk assessment can highlight potential issues and reveal which areas need to be fortified first.

And lastly, it can protect the business from a potential data breach. Therefore, it’s beneficial for your cybersecurity needs, and understanding your risk management.

Benefits of Conducting a Cybersecurity Risk Assessment

#1: Identify Cybersecurity Vulnerabilities

We’ve all taken a risk at one time or another, such as eating street food while on holidays abroad or speeding down the freeway a 100+ km per hour. But the definition of cybersecurity is a different type of risk, then what we’re used to. The “risk” posed is the potential loss when a criminal exploits a vulnerability, let’s say for example, it’s a weak corporate password policy. The policy invites the risk of network access and sensitive data exposure, by an unauthorised user. To mitigate the risk associated with this type of vulnerability, the organisation might implement a strong password requirement, or blacklist the worst passwords.

#2: Get Security Documentation

Once we’ve finished your cybersecurity risk assessment, it’s means everything has been documented and we have created a report of your risks and current security position.

Our cybersecurity expert will organise a meeting to discuss the report in more detail and answer any of your queries.

Most importantly, as the threat landscape changes constantly as criminals get better at crime, we recommend you perform a cybersecurity risk assessment every year. Moreover, by keeping a up to date with risk assessments and by having everything documented, it shows potential clients, partners and investors that you’re taking cybersecurity seriously.

#3: Gain Insights from a Cybersecurity Expert

The final report is a snapshot of your security and you’ve gained some good insight. But the meeting with your dedicated cybersecurity risk expert is the most beneficial part of the assessment. It’s where you gain the most insight, as it comes with explanations and recommendations from the experts. The risk assessment process allows your head to come out of the sand and your eyes are open. You’re now in touch with your organisation’s security needs. And you ask important questions like

What would we do if a breach happened?

Do we have password policy in place and is it still effective?

Are we backing up our data?

A cyber risk assessor is really a third-party observer, they have the unique perspective and expertise to recognise the gaps that may have been missed in-house.

Firstly, you realise you have outdated or inadequate documented procedures that need revising. Secondly, you understand your environment more fully while the experts have identified the gaps in your security. Making it easier to identify any gaps in future, in-house.

#4: See if You Meet Compliance Regulations

Cybersecurity compliance requirements are various compliance standards that your organisation could be subject to, depending on your industry and the types of data you store. For example, educational institutions must abide by the Australian Privacy Principles (APPs)., and healthcare organisations are subject to The Privacy Act 1988 (Privacy Act) with relevant professional standards and codes outlined by the Australian Health Practitioner Regulation Agency (AHPRA).

Rock IT experts understand the various compliance standards very well. As a result, your risk assessment will clearly highlight the areas where your organization either meets compliance or where your security is lacking.

#5: View an Actionable, Prioritized List of Risks

As previously mentioned, the risk assessment reveals your organisations most critical cybersecurity risk. Therefore, our experts take immediate action on those high- risk areas, for your peace of mind. The whole process which includes the final report with a detailed list of risks means, you now have the insight and tools to create an informed risk-mitigation plan. You understand the critical risks that are most likely to affect your business.

#6: Understand Your Ability to Address a Security Threat

While cybercriminal threat is the main instigator of risk, leaders must also understand non-malicious threats to their business. Such as servers in the instance of a fire or if they’re stored under a water-based fire suppression system.

Certainly, our risk assessment experts are experienced in finding all the non-malicious threats to your business. At Rock IT we have the resources and the experience to find vulnerabilities you may not have considered. For instance, compliance gaps, vendor risks, technical vulnerabilities, outdated software and hardware, inconsistencies in governance, and of course the human factor in your security defence.

Choose Rock IT for Your Next Cybersecurity Risk Assessment

Giving you real-time updates of critical vulnerabilities, our Rock IT risk assessment specialists are engaged with you throughout the entire process. We take the time to walk you through our Cybersecurity Risk Assessment results and help you understand our methods, during the report delivery meeting. In other words, “We’re the IT company that’s removed the tech talk”. And to ensure your business is prepared to deal with cybersecurity threats, we validate both the existence and the quality of your security controls. Contact the cybersecurity experts Rock IT or call our office number on 03 9415 6320 to speak to our cybersecurity experts.

Want insights like this in your mailbox? Join our monthly mailing list

How can we make your business better with IT?