There is no cybersecurity panacea. Because security risks vary a cybersecurity risk assessment must be adapted to each organization. 

However, completing a cyber security threat assessment can be challenging, and starting any risk management technique may be the hardest part. We’ll guide you through each step here.

What is a Cybersecurity risk assessment?

Cybersecurity risk assessments analyze your company’s data and IT systems’ vulnerabilities and protection. 

Cybersecurity risk assessments can (and should) assist businesses in identifying and prioritizing information security improvements. Risk assessments help businesses notify stakeholders of potential dangers and allocate security resources. 

Cybersecurity Risk Assessment Procedures 

NIST publishes cyber security best practices, among other resources. These include cyber security risk assessments. It consists of six steps. Here are the six procedures outlined by NIST: 

Locate and Record Potential Exposures to Network Assets 

A cyber security threat assessment begins with identifying and recording an organization’s IT issues. Make a list of all assets and assess them for weaknesses and risks.  

Find and Use Cyber Threat Intelligence 

Cyber threat intelligence comes from internal and external sources that can help identify cyber security issues. Cyber threat intelligence feeds come from CISA, US-CERT, and cyber security firms. Analysis of a company’s security architecture and past hacks can also provide threat intelligence. 

Keep Track of Potential Dangers, Both Internal and External 

Looking for internal and external risks becomes much easier when a company has a complete picture of its IT assets and knows the biggest dangers. Scanning for indications of compromise (IoCs), abnormal activity in log files, and unapproved changes or unsafe settings in configuration files are all examples of what may be included in such an audit. 

Potential Impacts on the Mission 

The possible effects of various cyber security concerns on the company are not uniform. Unlike a desktop attack, a ransomware attack on the company database might have far-reaching effects. To quantify the risk of a cyber threat, one must consider its impact on the firm. 

Assess risk using TIL (threats, vulnerabilities, likelihoods, impacts)

By this point in the assessment, a company understands its risks, vulnerabilities, and potential outcomes. It can also use cyber threat intelligence to determine how likely each attack type is. It is feasible to calculate risk using this data by adding up the probability and effect of each potential danger, 

Locate and Arrange Actions to Address Risks 

 After quantifying risk, an organization can create a prioritized list of threats and vulnerabilities. With this data, remediation activities may be guided to swiftly address critical hazards and maximize return on investment (ROI). 

Reasons Why You Should Conduct a Security Risk Analysis 

Conducting a cyber security threat assessment and building a firm risk management system has many benefits. Listed below are a handful: 

Cut down on security incident expenses 

Data breaches and asset theft can have long-term financial effects, but there are ways to reduce these risks.  

Find out where your company stands in terms of risk 

As you work to reduce your risk level, you can use the results of your initial cyber security threat assessment as a starting point for subsequent evaluations. 

The necessity of a cybersecurity program should be supported 

The chief information security officer (CISO) must first conduct a risk assessment to convince stakeholders that a cybersecurity program is necessary. 

Stop unauthorised access to sensitive information 

You can detect any dangers, lessen their impact, and avoid data breaches. 

Prevent problems with compliance 

Customer data-related regulatory compliance concerns can be circumvented. 

Prevent time wasted 

Preventing interruptions resulting in lost productivity is possible through vulnerability identification and mitigation. 

Prevent the loss of information

You might lose more than money if your most valuable data were stolen. In the long run, it could affect your capacity to run your firm and damage your reputation. 

Stand out to potential business associates 

You may reduce the risk you pose to your business partners as a third party by effectively managing your cybersecurity concerns. 

Conclusion

To strengthen the organization’s future security, time and resources must be allocated to a massive and continuing endeavor: a cyber security threat assessment. If done correctly the first time, it will reduce the likelihood of a cyberattack negatively impacting company objectives and create a repeatable procedure and template for future assessments. However, it must be repeated as new cyber threats emerge and new systems or activities are introduced.