Cyber Risk Assessment
Assess your security posture by reviewing your current security technologies, processes, and policies.
Develop a plan to address any gaps or exposures that are present. Determine your overall risk.
- Identify your risks and exposures
- Identify threats
- Compliance requirement assessment
What is Cybersecurity Risk Assessment?
A cybersecurity assessment analyzes your organization’s cybersecurity controls and their ability to remediate vulnerabilities. These risk assessments should be conducted within the context of your organization’s business objectives, rather than in the form of a checklist as you would for a cybersecurity audit.
Why Cybersecurity Risk Assessment Important?
Calculating Cybersecurity Risk
Cybersecurity risk management usually depends upon a risk analysis that calculates cybersecurity risks based on the generic risk equation that states that:
Cyber risk = Consequence of attack x Likelihood of attack
The math behind this calculation tends to be fluid and prone to subjective interpretation because each component is comprised of many variables that are often difficult to measure quantitatively.
For example, consequences of an attack can include impacts to significant business objectives, regulatory impacts, customer churn, and so on. The severity scoring of these potential consequences is also interrelated with the value of the impacted asset to the business mission, business process, or to the customer. Meanwhile, the likelihood of an attack can be influenced by a number of variables such as the attractiveness of an asset to attackers, the vulnerabilities present in the asset, and the existing controls or countermeasures around the asset.
While coming up with risk calculations is never a precise science, engaging in even the most straightforward modeling to calculate cyber risk provides a guidepost for taking a more disciplined approach to setting security strategy. Investments are made to drive down the overall cybersecurity risk exposure of an organization by focusing on improving controls or risk mitigations that reduce the likelihood of attack and/or minimize the potential business impacts of the highest risk threats.
This approach stands in contrast to making reactive investments based on ‘gut’ reactions to vendor marketing that fosters fear, uncertainty, and doubt (FUD) around threats that may not necessarily pose a lot of risk to the business.
Threats vs Vulnerabilities vs Consequences
Threats can include social engineering attacks, DDoS attacks, and advanced persistent threats, to name a few. Threat actors may be associated with nation-states, insiders, criminal enterprises, and are typically motivated by financial gain or political agendas.
In cybersecurity, a vulnerability refers to weakness, flaw, or error that can be exploited by attackers to gain unauthorized access. Vulnerabilities can be taken advantage of in a number of ways, which is why vulnerability management is crucial for staying ahead of criminals.
Typically, an organization will incur both direct and indirect consequences as they work to remediate the problem. Depending on the attack, consequences may impact an organization’s finances, operations, reputation, and regulatory compliance status
What are the Benefits of Cybersecurity Risk Management?
Implementing Cybersecurity Risk Management ensures that cybersecurity is not relegated to an afterthought in the daily operations of an organization. Having a Cybersecurity Risk Management strategy in place ensures that procedures and policies are followed at set intervals,and security is kept up to date.
Cybersecurity Risk Management provides ongoing monitoring, identification, and mitigation of the following threats:
- Phishing Detection
- VIP and Executive Protection
- Brand Protection
- Fraud Protection
- Sensitive Data Leakage Monitoring
- Dark Web Activity
- Automated Threat Mitigation
- Leaked Credentials Monitoring
- Malicious Mobile App Identification
- Supply Chain Risks