A cybersecurity risk assessment is about understanding, managing, controlling, and mitigating cybersecurity risks across your Club. It is an important part of any organization’s risk management strategy and data protection efforts.
Risk assessments are nothing new and whether you like it or not, if you work in data protection, you are in the business of risk management. Companies rely heavily on information technology and information systems to do business, increasing the underlying risks, risks that were not present before
The National Institute of values and Technology (NIST) has developed a cybersecurity skeleton to provide a base for best practice.
The Cybersecurity Assessment (CSA) identifies gaps in your safety posture and provides a roadmap based on identified security risks, prioritizing the performances needed to improve your overall posture. Using our singular top-down and bottom-up method, our masonry team reviews security configurations, policies, and controls while our ethical hacking team gets along with applicable policy and technology controls.
To confirm that security strategies and strategies support your business objectives and goals, CSA responds to the following critical questions:
- What exactly do we need to protect ourselves?
- Why do we need to protect it?
- How do we best protect it?
- What if we don’t protect it?
- What are cyber risks?
The risk is respectable or the probability of financial loss and can be measured from zero, low, medium to high. The three factors that feed into the assessment of risk vulnerabilities are:
What is a threat?
How weak is the system?
What is the nominal or financial loss if it is violated or unavailable?
It gives us as cyber risk: cyber risk = threat x vulnerability x data value
Imagine that you have compromised with a particular operating system to assess the risk associated with a cyber attack. This operating system has a familiar backdoor in version 1.7 of its software that is physically easy to use and stores high-value data. If you have no physical security in your office, your risk is higher.
However, if your IT staff can detect vulnerabilities and they update the operating system to version 1.8, your vulnerabilities are lower, data quality is still higher because the back was patched to version 1.8.
There are very few things in a business process or information system with zero risks that need to be kept in mind and the risk refers to uncertainty. If something is guaranteed to happen, it is not risky. It’s part of normal business operations.
Why do cyber risk assessments?
There are a few reasons you want to assess cyber risk and you need a few reasons. Let’s go through them:
Long-term cost reduction: Identifying potential threats and vulnerabilities, then working to mitigate them, has the potential to prevent or reduce security incidents that save your organization money and/or respectable loss in the long run.
Provides a cybersecurity risk assessment template for future assessment: Cyber risk assessments are not one of the processes, you need to update them constantly, a good first turn will ensure repeatable processes even with employee turnover
Better organizational knowledge: Knowing organizational weaknesses gives you a clear idea of where your organization needs to improve.
Avoid data breaches: Data breaches can have huge financial and reputable effects on an organization
Avoid regulatory issues: Customer data that was stolen because you unsuccessful to get along with HIPAA, PCI DSS, or APRA CPS 234
Avoid downtime application: Staff and customers need to have internal or customer-facing systems available and they need to work
Data loss: Theft of business privacy, code, or other key information means you can lose business to competitors
Beyond that, the cyber risk assessment information is inseparable from the risk management and comprehensive risk management strategies of any organization.
What is a cyber risk assessment?
Cyber risk assessments are defined by the NIST because they are used to identify, inventory and prioritize risk assessments for organizational activities, organizational funds, individuals, other organizations, and nations, as a result of the management and use of information systems.
The primary motive of a cyber risk assessment is to inform the decision-creator and support proper risk responses. They also provide an executive short to help executives and directors make informed judgments about security. The data security risk assessment process involves answering the following questions:
- What are the most important information technology resources of our organization?
- Any data breaches from malware, cyber-attacks, or human error will have a big impact on our business? Think customer information.
- What are the relevant threats and threat sources for our organization?
- What are the internal and external weaknesses?
- If those weaknesses are exploited, what will be the effect?
- What are the chances of exploitation?
- What cyber attacks, cyber threats, or security incidents can affect a business’s ability to perform?
Does my organization feel comfortable taking risky levels?
If you can answer this question, you will be able to make a firm decision about what protection you will provide. This means you can develop IT security controls and data protection strategies to reduce risk. However, before you can do this, you need to answer the following questions:
- Am I reducing the risk?
- Is this the highest priority security risk?
- Am I reducing risk in the most expensive way?
This will help you understand the quality of the data you are trying to protect and better understand your data risk management process in order to protect business needs.
How to assess cyber risk
We will start with a high-level overview and drill down to each step of the next sections. Before you can do anything to assess risk and mitigate, you need to understand what data you have, what infrastructure you have, and the value of the data you are trying to protect. You may want to start by auditing your data to reply to the following questions:
- What information will we collect?
- How and where are we storing this information?
- How do we store and document information?
- How long do we keep data?
- Who has access to data internally and externally?
Is the place where we store data properly protected? Many violations come from poorly configured S3 buckets, check your S3 permission or someone else will ask.
After that, you will want to determine the parameters of your assessment. Here are some good basic questions to get you started:
- What is the purpose of the assessment?
- What are the assessment opportunities?
- Any priorities or limitations that I should be aware of that could affect the assessment?
- Who do I need access to get all my information?
- Which risk model does the company use for risk analysis?
Many of these questions are self-explanatory. What you want to know is what you will analyze, who has the skills needed to make a proper assessment, and whether there are any regulatory requirements or budgetary limitations for you to be aware of.
Now let’s see what steps need to be taken to complete a complete cyber risk assessment by providing you with a risk assessment template.
Whose cyber risk should be assessed?
Ideally, your organization has internal staff who can handle it. This means having IT staff with an understanding of how your digital and network infrastructure works, as well as an editor who knows how news flows and any proprietary organizational knowledge that can be effective during evaluation. Organizational transparency is key to a complete cyber risk assessment.
Small businesses may not have the right people in the house to do the whole job and need to outsource the assessment to a third party. Companies are also turning to cybersecurity software to monitor their cybersecurity scores, prevent breaches, send security questionnaires, and reduce third-party risk.
CSA results are relevant to companies in size, type, and industry relative to your business. As part of CSA, we provide you with priority recommendations aimed at helping you improve the overall cybersecurity of your business.
Suitable experience for your organization
The Gossicure Advisory Services team makes hundreds of assessments each year across all industries. From healthcare to financial services infrastructure, Go Secure Cybersecurity Assessment has helped secure leaders understand where they are today and how they can go where they want (or need). Every CSA is unique because every company is unique. The goal of every CSA is to help customers achieve their safety goals.