Information Security Risk Assessment

Learn about the information security risk assessment and its process. Also, know how important it is to your company.

Introduction About The Information Security Risk Assessment

So the information security risk and assessment is a necessary part of the compliance program. Also, with this process, you will determine the following risk and vulnerabilities. 

It could occur within the change of controls. Another thing is there are the following frameworks available.

Such as the following:

  • ISO 2700
  • CMMC

Most importantly, the information security risk assessment is part of the compliance that need to comply. However, other than it is a requirement.

What are the other reasons why a company wants to implements or do the risk assessment? We will know.

Reasons To Have A Information Security Risk Assessment

The following reasons why you need or want to implement the risk assessment? Here are the following reasons:

  • Cost justification

So with the process, you will able to determine the vulnerabilities you need to focus on. Therefore, you will just able to know which one is important and risky.

Then with this, you will able to determine the right tools and resources. Without the trial error.

So you will able to lessen the cost of testing.

  • Productivity

The consistency of doing the risk assessment will let you know where your info team focus. They could have more time and dedication to what is more important.

Also, it will increase their productivity and effectiveness. Moreover, know the vulnerabilities advance is advantageous.

You will able to fix it before it could ruin your systems. As the saying says, prevention is better than cure.

  • Breaking the barriers

So with the risk assessments process, you will able to break the barriers within the company. As it needs to both IT staff and top management.

The assessment could able to bring these two groups in one. How? As the top management dictates the level of security, then the IT staff will implement it.

  • Communication

Also, in the process of the assessment, it could enhance communication. In what way? 

The IT staff and top management need constant updates to the process development. Also, how everything is implemented and that flows.

Also, the security team will able to learn the people’s position. Moreover, what are the following challenges and contributions of each staff?

So how do we start the risk assessment?

Steps To Do To Start The Risk Assessment

Here are the following steps to remember to start your risk assessment:

  • Find All the valuable assets of your company. Especially those are crucial and you can not afford to lose. Such as the following:
    • Website,
    • servers,
    • trade secrets,
    • customers’ financial information.
  • Determine the following results if any financial losses events. Such as the following:
    • Legal consequences,
    • data losses or disruptions, and
    • systems down.
  • Determine all the threat levels in your systems. Such as the following:
    • System failure,
    • Natural disaster,
    • Human errors.
  • Know the following threats, risks, and assess their likelihood.
  • Always take time to evaluate the risk that presents in your systems.
  • Build an advanced risk management plan.
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