5 Reasons Why You Need a Cyber Risk Assessment

August 28, 2020

The key to minimize cybersecurity threats and their impact is to achieve and maintain the right security level. Organizations can’t rely on their security strategy unless they conduct a regular cyber risk assessment.

A cyber risk assessment is an essential part of any company’s risk management strategy. It identifies, estimates, and prioritizes information security risks to inform decision-makers and support proper risk responses. NIST Cybersecurity Framework defines it as “The process of understanding, estimating, and prioritizing risk of organizational operations, assets, and individuals.”

Let’s review some of the reasons to perform a Cyber Risk Assessment

Reduce costs

It’s a fact that security breaches are expensive for organizations, and recovery from it is even more. Conducting a cyber risk assessment helps identify and prevent potential threats by providing guidelines and information on how to mitigate it.

It also provides an accurate idea of the organization’s assets, systems, and network, which helps the organization know what it is protecting.

Provides a template for future assessments

The threat landscape is constantly changing, so does the organization’s risk. A single assessment doesn’t provide a realistic view of the companies safety. Thus, Cyber Risk Assessments should be conducted on an ongoing, routine basis and serve as a template that can be used by someone else in the event of staff turnover.

Provide Self-awareness

Cyber Risk Assessments provide a report that explains the scope of all potential risks identified, along with a set of recommendations and prioritization for remediations. Knowing where the organization’s weakness lies helps give a better idea of what areas your organization needs to grow and invest in.

Helps to avoid breaches and other security incidents

A well done Cyber Risk Assessment identifies Internal and external vulnerabilities that help improve security implementations and mitigate attacks and personal data breaches.

Provide Legal compliance

Organizations subject to regulatory compliance have the legal obligation to perform a cyber risk assessment. For instance, those that work under HIPAA (Health Insurance Portability and Accountability Act).

Without a risk assessment, you could waste time, effort, and resources. Likewise, you may underestimate or overlook risks that could cause significant damage to your organization.

About Allari

Allari implements customized service plans for IT Operations & Cyber-security which allow you to complete a higher volume of planned work, gain the capacity to innovate and help your business to win.

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Gabriela Granda

I'm a Software Developer passionate about security who is looking to utilize my skills and knowledge to provide sustainable software solutions, make a change in society, and give back to the community.