As the cyber threat landscape is constantly evolving, a comprehensive risk management programme must incorporate regular cybersecurity assessments. Your organisation must continuously monitor the cyber sanitation of every member of its ecosystem, including third- and fourth-party service providers. Using a cybersecurity risk assessment, you can determine the cyber threats that have an effect on your security posture. This enables you to make more informed decisions regarding the allocation of funds to implement security controls and protect the network.
Let’s look at some of the most prevalent cybersecurity risk assessments and the steps your organisation can take to conduct a successful assessment.
What is a cybersecurity evaluation?
A cybersecurity assessment, also known as a cybersecurity risk assessment, evaluates the cybersecurity controls in place at your organisation and their ability to resolve issues. As opposed to using a checklist, as you would for a cybersecurity audit, these risk assessments should be conducted in the context of your organization’s commercial objectives. This enables security teams to begin implementing security controls to reduce your network’s vulnerabilities following a high-level analysis of those vulnerabilities.
How to conduct a cybersecurity evaluation.
An effective cybersecurity assessment may vary from one organisation to the next based on their industry or the regional regulations that apply to them, but its fundamental components are always the same. Follow the following procedures when conducting a cyber risk assessment:
STEP 1. Assessing the scope of the risk assessment
Determine the comprehensive scope of the cybersecurity evaluation by compiling a list of all the assets that will be examined. It may be advantageous to begin by focusing on only one type of asset at a time, rather than attempting everything simultaneously. Determine any additional networks, devices, or data that the selected asset classification affects. This will ensure that you obtain a comprehensive picture of your entire digital footprint.
STEP 2: Determine the value of each asset
After deciding which assets will be evaluated for cybersecurity, you must determine the value of each one. It is essential to remember that an asset’s actual value may exceed its purchase price. When conducting a risk assessment, your team must consider qualitative risks associated with each asset as well as intangible elements into account.
STEP 3. Determine cybersecurity concerns
The next step in a cybersecurity assessment is to identify cybersecurity risks, which will enable you to estimate the likelihood of various loss scenarios and use that information to inform future decisions. Consider the asset’s potential uses, the likelihood of its use, and the organization-wide impact of such use. This is a crucial step in ensuring that your organisation adheres to the cybersecurity compliance standards required by your industry.
STEP 4. Compare asset value to preventative cost
Once the value of an asset has been determined, it must be weighed against the cost of safeguarding it. If the cost of preventing such mishaps exceeds the asset’s value, it may be beneficial to pursue an alternative control or preventive approach that makes more financial sense, as determined by analysing various loss scenarios.
STEP 5. Install and supervise security measures
After identifying and analysing the critical assets and vulnerabilities within the network, the next stage is to develop security solutions that can continuously monitor your organization’s cybersecurity. This will ensure that the controls in place continue to protect sensitive data and meet organisational requirements.
Why conduct a cybersecurity assessment?
A comprehensive cybersecurity assessment is necessary for determining whether or not your organisation is adequately prepared to defend against a variety of threats. The goals of a cybersecurity assessment are to identify vulnerabilities and close security gaps. In addition, it aims to keep key stakeholders and board members informed about the company’s cybersecurity posture, allowing them to make more informed decisions about how security initiatives might be incorporated into routine business operations.
Cybersecurity risk evaluations using DataguardNXT
With DataguardNXt, you can monitor and improve the cybersecurity of your organisation and its vendors. The A-F ratings across ten risk factors provided by Security Ratings provide organisations with complete and continuous visibility into the cyber hygiene of their ecosystems. This enables threat mitigation decisions to be based on data.
Keep in mind that the threat landscape and asset risk are ever-changing. A regular evaluation of your company’s cybersecurity can help it remain abreast of new threats and protect its most valuable assets.