What is a risk assessment and why do you need one?

Have you filled out a cybersecurity insurance application lately? Or had a prospective client ask about your security standards and policies? Maybe laid awake at night thinking about that article you read, and could it happen to your firm? With this in mind, a cyber risk assessment is a great way to methodically work through your cybersecurity profile and develop objective results and an upgrade plan. Although no network is perfect, and there will always be vulnerabilities. Therefore it is essential to understand your cybersecurity risks as the first step toward getting them under control!

Whether expanding to a competitive market, creating a new business infrastructure or even developing leading-edge technology, there are risks associated with every business decision you make.

Defining the cybersecurity risk assessment

In fact, with the growing threat of cyber attacks, many companies prioritize their cybersecurity risk as a first step to create a safe and digitally secure business environment.

Therefore, Cybersecurity risk assessments are a way for companies to:

Analyze current business systems and processes
Identify potential vulnerabilities and compliance issues
Create an actionable plan to address risks

It is important to realize that risk assessments can be performed by an internal resource or through a third-party assessor. The result is a practical and cost-effective way to protect against devastating data breaches and significantly improve operational effectiveness.

Here are three reasons you need one.

1. To shore up any compliance gaps.

Regulatory compliance laws like HIPAA protect clients, customers, and employees’ personal information. Additionally, government-mandated compliance programs like the Defense Department’s Cybersecurity Maturity Model Certification (CMMC) will be standard practice moving forward.

Cybersecurity risk assessments function in a highly regulated business environment. When it comes to identifying gaps in existing security infrastructure, they’re invaluable.

With data storage procedures, transactional processes, and application usage, risk assessments provide companies valuable insights to make better-informed decisions about structuring their business security. In turn, you can prioritize your actions and focus on the most critical tasks.

2. To prevent data loss and downtime.

A key benefit to a risk assessment is that it allows a business to protect its network and devices from data loss and downtime, both of which can be costly and time-consuming.

Getting ahead of any attacks on your network is critical. Be sure to keep your software updated regularly to avoid security vulnerabilities in applications and services.

Risk assessments key you into your network’s status, ensuring the latest firmware and security patches are installed and fully operational on everything that needs to be updated.

In the event of unexpected downtime or data breaches, a thorough assessment will help pinpoint any gaps in the company’s disaster recovery plan.

That helps you get back to operational status as quickly as possible if it happens again.

3. To discover any vulnerabilities.

In today’s digital landscape, protecting your business against security vulnerabilities is necessary for survival.

Without secure networks and strict administrative protocols, businesses expose themselves to external and internal threats to their data. Keeping these threats at bay requires a proactive approach to cybersecurity planning and execution.

Risk assessments help businesses remain agile when combating current and future threats to data security. The earlier they recognize flaws in their system, the sooner they can devote the time, money, and resources to resolve their issues.

Conclusion

Today, many companies use third-party certifications like ISO 27001 to show they have examined their risk posture and put controls in place to protect their data. But, you don’t have to start on that big of a scale. All of our Managed Services clients receive free access to risk self-assessment software. Additionally, we offer customizable templates for all our clients on things like Bring Your Own Device or Internet Use policies. These templates range from robust templates following specific NIST Risk Management Framework, to simple employee policies to get you started. Risk assessments are for every business, and we can help you find the right way to start managing your risk.

Want to know more about how you can improve your security? Check out how to protect your business from phishing attacks.