Learn the reasons why conducting an information security risk assessment is crucial to your business. Also, learn the 5 basic steps of conducting an information security risk assessment.
What Do You Mean By An Information Security Risk Assessment?
Information Security Risk Assessment is the process of identifying, assessing, and implement security controls. The main purpose of this process is to inform an entity whether its data is secure and remained private.
But it does more than just the informing because assessments also help prevent future breaches. In addition, assessments can also tell how effective current security controls are.
By the assessment, the company can then decide on some controls to have it fit for the entity’s needs. Perhaps, change, improve, or upgrade systems.
Thus, conducting risk assessments is vital in risk mitigation. Although handling these assessments do not necessarily eradicate risks. But these assessments should help an entity smartly decide on matters.
The assessment does so by calling attention to the potential threats. Besides, it also weighs the probability of occurrence. In turn, creates strategies in response.
The 5-Step Information Security Risk Assessment Strategy
Basically, each company does differ in risk assessment strategies. Many factors may cause the difference. Perhaps, due to the nature of the business, the number of employees, or the type of data being handled.
But typically, there should be some common ground among those processes. So here is a 5-step information security risk assessment strategy.
1. Review All Your Assets
First, you should know what you have.
Assets.
These should be anything valuable under your company’s ownership. Perhaps this should include your existing systems and your corporate data.
So gather them. Next, review them according to value.
2. Examine For Vulnerabilities
Next is to look for vulnerabilities.
Vulnerabilities can range from anything that may cause a weak link in your system. In a sense, this can serve as a loophole that may damage your assets.
3. Match Threats to Vulnerabilities
Now, create a ‘risk scenario’.
A risk scenario is the fusion of a vulnerable asset with a potential threat. For example, you have a flaw in your website’s code. This is your weak link or vulnerability. On the other hand, a malicious actor can be a threat.
By doing so, your company is better informed how assets could be in danger.
4. Assess the Likelihood of Risk
Next is to assess the likelihood of the risk happening.
- Is it possible to happen multiple times in a year?
- In case this will occur, what will be the impact of the attack?
- How will the exploitation affect business operations?
5. Design Treatment Strategy
Now your assessment is done, the next thing should be to set solutions.
Again, it is vital to be systematic in this phase. For example, you can set a ranking of the risks according to their severity. Other factors may include, budget requirements and the level of expertise needed to address the risk.
Next to it should be the treatment strategy.
Moreover, treatment strategies can be done in plenty of ways.
- Mitigate risks
- Avoid risks
- Transfer risks
- Accept risks
