What is a Risk Assessment?
Risk Assessments are the building block upon which all compliance activities are implemented and measured. A thorough annual risk assessment is the first step to increased security and less probability of a threat or vulnerability impacting an organization. The overall goal of a risk assessment is to identify the threats that an organization faces, the potential damage they could cause and the preventive measures or controls that can mitigate the likelihood of the threat occurring.
Why Do I Need One?
Organizations may perform risk assessments because they are required to, but the true value of a risk assessment is in the cost-benefit analysis which details what controls should be implemented, how much funding should be allocated (based on the threat levels and asset values), and what protections will be implemented.
What Kind of Risk Assessment Do I Need?
Risk Assessments come in different shapes and sizes but they all do the same thing— identify, prioritize and measure cybersecurity risk. Industry, business strategy and regulatory requirements will determine which type of Risk Assess- ment you need.
What Can I Expect from My Risk Assessment?
Once the Risk Assessment is complete, you’ll have a plan to assist in adequately allocating resources to implement a security program that best meets your specific organizational needs, including:
- Security standards
- Technical safeguards
- Physical safeguards
- Organizational requirements