Performing a Cybersecurity Risk Assessment

Performing a Cybersecurity Risk Assessment

Your data can be irreparably damaged if it falls into the wrong hands, whether it is in your HR system, payment systems or client databases. A data breach can not only be costly to fix, but could also result in fines and legal settlements. IBM reports that the average cost for a data breach was $4.24 million in 2021, which is the highest recorded figure. To avoid these threats, every organization dealing with digital data must conduct a cybersecurity risk assessment on a regular basis. best cyber security service provider.

What is a Cybersecurity Risk Assessment?

A cybersecurity risk assessment is a review of the threats to your information systems and operational technology systems. The cybersecurity assessment will produce a report that details the risks and possible remediation steps for all network-connected assets. These could be obvious assets like servers and computers, or less-obvious Internet of Things objects like printers and digital thermostats.
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Hackers will attempt to hack into your security systems to steal company data in order to make their money. It doesn’t matter if it’s your credit card information, bank account numbers or personnel files. Hackers can also find a market on the dark internet for stolen data. Information can be sold for as low as a few dollars but can cost large organizations a lot.

This is if they steal your data. Ransomware is another cyber threat that is on the rise. This locks your system until you pay a fee to the hacker. Recovery is not guaranteed even after that. While having a disaster recovery and business continuity plan can be helpful, breach prevention is much more cost-effective and easier.

Regular cybersecurity risk assessments are essential for ensuring that your company is ready for any cyber-risk. It is good for your business relationships as well as your bottom line.

Cybersecurity Risk Assessment Framework

It is important to establish a framework before you commit to a cybersecurity risk assessment. Frameworks are a set of guidelines, standards and best practices that help you identify baseline controls. They also provide a framework for improving cybersecurity. There are many options for frameworks. It is important to choose the right framework, but it is even more important to use it correctly.

NIST cybersecurity risk assessment is one of the most popular. The National Institute of Standards and Technology (NIST) is a government agency that creates standards for government and industry.

NIST offers a broad cybersecurity framework and frameworks for highly sensitive industries like healthcare and financial services. NIST is required to sign many contracts for sensitive industries like defense and election management.

Other cybersecurity standards, such as ISO or HITRUST, have specific use cases. No matter what cybersecurity risk assessment template is used, your cyber-risk management policy can only be as effective if you’re proactive.

How to conduct a cybersecurity risk assessment

No matter what security standard you decide to use, cybersecurity risk assessments follow the same steps. Your cyber assets will be surveyed for vulnerabilities and assessed. You’ll then prioritize your risk remediation strategies.

This is an easy way to visualize it. Think of your company’s technology infrastructure like a house. Cybercriminals can break into your home and steal your personal belongings. Let’s now discuss how to secure your home.

Identify Your Entryways (Assets).

Cybercriminals can gain access to your information and operational technology (IT or OT) just like they do your windows and doors. Before you can begin to secure these entry points, it is important that you know where they are.

First, identify all IT and OT assets. This is the first step in a cybersecurity risk assessment. Start by creating an itemised listing that includes details about the software they use and what part of your network they are connected to.

It is a common practice for many organizations to attach labels to digital assets in order to track them. Businesses with strong cybersecurity are likely to have barcodes placed on their CPU towers, bottoms of mice and projectors. This allows you to track your assets using an ERP or another asset tracking system.

When it comes to updating and installing cybersecurity tools and configurations, it is important that you identify and label your assets. You can make sure that your assets are protected with the right cybersecurity protections by labelling them. It will make it easier for SOC analysts and others to identify devices that are related to SIEM log events.

It can be difficult for organizations that are just starting out to conduct a risk assessment of the entire organization. It’s a smart idea to divide your cyber infrastructure into smaller pieces. This is the security of your front door and windows on the first floor (personal computers, servers and networks).

Identify Your Valuables (Risks)

It’s unlikely that a burglar will be interested in your family photos and cookbook collection if they break into your home. They want high-value items such as cash, technology, or jewels. Cybercriminals will also be more interested in certain items or objectives within your business than others.

Once you’ve identified the entry points, you can start to think like a thief.

This is easy to do by classifying your risks in a systematic manner.

• Magnitude: What would it cost to recover your reputation or to steal this item? This is like stealing a Ferrari or a Matchbox car.
• This is a garage door that opens and poses an immediate danger, or an attic window that remains unlocked?
• Origination: From where does the threat of security breaches come from? Individuals, teams or automated systems. Do you worry about someone who has keys to your house or a shadowy figure holding a crowbar and a key?
• Type of Impact: What type of consequences would a breach have? Do you need to file an Insurance Claim or grab a mop-and-a-broom?
• Your employees, customers or shareholders? A break-in at your home will likely affect you more than you.

All assets and information are not equally at risk. While some risks might not have any adverse consequences, others could cause your entire business to collapse. It is essential to identify the most serious and likely threats in order to develop a sound cybersecurity policy.

A plot of the potential threats and their likelihood is a great way to visualise a risk assessment. This chart shows an example of such a plot. It includes zero-day APTs and DDoS attacks as well as social engineering. The plot is based on the company’s security profile. Your plot could look something like this if your company has DDoS protection but doesn’t deal in government secrets.

Although you may be able to eliminate all the risks you find, it is not a practical way to approach security assessment. It is better to prioritize risks based on their severity and likelihood. This will allow you to fix the most serious vulnerabilities first and protect your business from major damage.

Identify threats

This is the most difficult step, since new threats are emerging every day.

Ransomware, backdoors and social engineering are all increasing in number every day. The shift to remote work makes identity verification more difficult, leading to an increase of cyberattacks and scams.

These are just a few recent examples from the real world:

• Investigators believe that a ransomware attack on Colonial Pipeline Co. resulted from a single compromised password. Hackers were able to implant ransomware and locked their entire network until they paid $4.4 million. The hack led to fuel shortages across the US.
• Ransomware attacks by Russian cybercriminal groups have been rampant in the healthcare sector. These ransomware attacks have led to the death of many patients and cost hospitals millions.

It is difficult to identify threats and there is a lot of room for error. Every day, new threats emerge motivated by politics, greed, and espionage. It’s a smart idea to speak with a cybersecurity expert.

Identify Priorities

Once you have identified your threats, you can start to plan mitigation.

What are the best ways to fix a vulnerability? Although there are many cybersecurity tools available, they don’t offer the same level of security as a comprehensive strategy. 

Cybersecurity Risk Assessment Tools

The first step to a comprehensive cybersecurity strategy is a cybersecurity risk assessment. . It’s likely that you don’t know how many. Your business’s functioning is dependent on the security of these parts.

Cybersecurity risk assessments were once a manual task that required the user to check each device for specific software and hardware configurations. sks and quickly align with security frameworks. ProVision, a comprehensive cybersecurity solution, provides vulnerability assessments, network monitoring and breach response. FIRM makes compliance easy in just days, not weeks, or months. best cyber security service provider