The first part of creating any type of cybersecurity risk management program to protect business data is understanding what specific risks each individual business faces.

Cybersecurity risk assessment is essential for analyzing a company’s data security and vulnerabilities based on how it uses its IT, as no two businesses are the same nor have the same security challenges.

In doing these security analyses, cyber security risk assessment services recommend following these five steps to identify security risks and what should be done to reduce them to have a more secure IT environment.

1. Determine the Scope

To create an effective cybersecurity risk management plan, companies must first identify the things they need to protect.

An individual cybersecurity risk assessment might focus on one part of a network, a specific business process like securing payment methods, an entire location of a multi-location business, or a specific need to create security based on some industry standard.

Total cyber security risk assessment services might eventually include a complete network, but a step-by-step approach to assessment to identify specific vulnerabilities in certain areas makes the overall assessment more accurate.

2. Identify Cybersecurity Risks

A cybersecurity plan is worthless without first understanding what the present risks are, as identifying those exposures alone involves its own 3-step process.

First a list of identifiable digital and physical assets within the scope of the risk assessment must be identified.
Next the threats that can affect those assets must be identified.
Lastly the consequences of a security breach must be identified.

Collectively, these three points create a picture of what is at risk should vulnerabilities be exploited.

3. Identify the Potential Impact of Those Risks

Not every vulnerability presents the same potential exposure factor for a company’s data.

After identifying the actual risks, cyber security risk assessment must then determine the potential that each of those vulnerabilities will be exploited and how it will affect the organization.

4. Prioritize Risks

After identifying the potential impact of security breaches, all risks must be prioritized by the degree of importance.

Less likely risks may still rate higher in a cybersecurity risk management plan if the consequences are significant enough and vice-versa.

Prioritization must therefore create a balance between likelihood and potential damages.

5. Create A Risk Register

Once the scope, risks, impact, and priority have all been determined, all should be documented in a risk register to facilitate the planning of cybersecurity risk management services moving forward.

This register should be kept updated as new vulnerabilities are discovered and new risk assessments are performed as time goes on.

Cybersecurity Risk Assessment Crucial for Effective Security Management

Whether developing a cybersecurity plan for ten locations, a single location, or even just one portion of a network, the first critical part of the process is understanding what is actually at risk.

With a proper cybersecurity risk assessment, businesses can build a security plan that protects them how and where that protection is needed.

Using this plan that professional cyber security risk assessment services follow, any company can work with their IT professionals to most effectively protect their networks.