Why conduct a risk assessment for cyber security?
Cybersecurity poses serious threats to modern businesses. According to a recent report from the FBI, cybercrime increased by 24% in 2017. Businesses need to take a proactive approach and carry out a risk assessment for cyber security. It focuses on figuring out the risks and weaknesses that an organization’s information assets face.
Forces that have the potential to harm organizations and destroy data that is crucial to their missions are called threats. Threats can use vulnerabilities to damage, steal, destroy, or deny the use of information assets. When vulnerabilities and threats meet, risks are realized. There are many different ways that devastating losses can occur.
An understanding of the consequences of unauthorized disclosure of an organization’s confidential or mission-critical information is obtained through a cyber risk assessment. After receiving the results of a cyber risk assessment, a business owner or governing authority can decide whether to accept the risk, develop and implement countermeasures, or transfer the risk.
An incalculable number of vulnerabilities make the enormous asymmetric threat environment in which the world operates possible. Cybercrime is a growing industry with low risks and high rewards. Data breaches have now resulted in losses that exceed the global illegal drug trade in dollars. Unfortunately, cybercriminals cannot stop your business from being attacked by law enforcement. The majority of organizations are independent.
A realistic assessment of a company’s exposure and the implementation of controls that reduce the likelihood of risks being realized are one of the few ways that a company can prevent cyber risks. Cyber security needs to be thought of as a business process that needs precise managerial controls like those in finance and accounting.
How can a company carry out a cyber risk assessment?
It is necessary to first identify information assets. Realistic and objective assessments of threats and vulnerabilities, both internal and external, are required. It is necessary to comprehend the consequences of failing to offset risk. Security best practices should be incorporated into the current policies, procedures, and controls. It is possible to implement risk mitigation strategies based on the priorities of the organization.
Then, businesses would be able to concentrate on improving information security measures.
Inadequate information security measures can cause irreparable harm to an organization, infractions of laws and regulations, fines, lawsuits, and damage to the value of the business and its clientele.
In order to prevent breaches of information security, the directors of both publicly traded and privately traded corporations are obligated to abide by a variety of laws and regulations and take all reasonable precautions. A lack of diligence and irresponsibility can be demonstrated by acting in this manner.
An organization may be able to develop and implement an information security plan that guarantees mission-critical information based on the findings of a cyber risk assessment.
It could be construed as a lack of diligence to not take the necessary steps to address any weaknesses that are discovered.