Check Point Research<\/a> revealed that in the third quarter of 2022 global attacks increased by 28%<\/strong> compared to the same period in 2021, and that the number of average weekly attacks per organisation worldwide reached over 1130.<\/p>\n\n\n\n Purplesec<\/a> announced that by 2025 cybercrimes will cost $10.5 trillion annually.<\/strong> Currently, an average malware attack costs a company over $2.5 million.<\/p>\n\n\n\n Every day, bad actors become more skilled and are coming up with always more sophisticated methods to steal money and data. Information security risk assessment <\/strong>is a good way to prevent them from attacking your business.<\/p>\n\n\n\n Information security risk assessment allows you to understand your organisation\u2019s security posture,<\/strong> the risks it is facing every day<\/strong> and the ways of preventing any attacks from happening.<\/strong> It helps you establish which information and systems within your business are most vulnerable, and what is the estimated cost of a potential attack or of a system that goes down.<\/p>\n\n\n As indispensable in creating a safe and sound IT environment, IT security risk assessments should be conducted regularly<\/strong> (for example once a year or every six month) and at times of major changes within your organisation<\/strong> (when you introduce new technologies, merge or re-organise your company).<\/p>\n\n\n\n IT security risk assessment is such a crucial part of every organisation\u2019s security posture, that some security frameworks became<\/strong> mandatory. <\/strong>One of them is ISO\/IEC27001<\/a><\/strong> \u2013 an international standard on how to manage information security. Published by the International Organisation for Standardisation (ISO)<\/a> and the International Electrotechnical Commission<\/a> in 2005, it contains security requirements and best practices<\/strong> for the successful information security management system (ISMS), helping organisations around the world to keep their assets secured. Risk assessment<\/strong> is a very important part of it.<\/p>\n\n\n\n Another good framework that helps organisations better manage their cybersecurity risks and <\/strong>protect their data is NIST<\/strong><\/a> (National<\/strong> Institute of Standards and Technology) Cybersecurity Framework.<\/strong> While IOS 27001 is mandatory, NIST CFS is voluntary.<\/p>\n\n\n\n According to Deloitte<\/a>, there are three main risk factors <\/strong>that can impact security risk management:<\/p>\n\n\n\n All of them should be taken into consideration when creating a successful cybersecurity risk assessment.<\/p>\n\n\n\n There are five steps needed to perform a successful IT risk assessment:<\/strong><\/p>\n\n\n\n To start, you need to know your scope.<\/strong> The goal will rarely be the security assessment of the entire organisation \u2013\u00a0more likely you will be keen to divide the task into smaller chunks,<\/strong> like checking the security of a particular part of the company, a specific location, or an app that you are developing.<\/p>\n\n\n\n Once you know the scope, it is crucial to get all the people involved on board. <\/strong>They should be aware of the importance of such an assessment and should know the steps needed to get it done.<\/p>\n\n\n\n When it comes to identifying your risks,<\/strong> it is crucial to start with mapping your assets. <\/strong>Otherwise, it will be difficult to know how to protect them. Create an inventory of assets, establishing which of them are most important.<\/p>\n\n\n\n Now it\u2019s the time to identify the actual threats:<\/strong> ways cybercriminals can cause harm to your most important assets.<\/strong> To do that, you can use some knowledge bases of tactics and techniques used by cybercriminals and based on real-work observation, like MITRE ATT&CK<\/a>.<\/p>\n\n\n\n Once you know what kind of threats your organisation is facing, you need to consider the likelihood of them happening<\/strong> and their consequences.<\/strong><\/p>\n\n\n\n Already know which risks are most likely to happen? See how you can mitigate them<\/strong> by creating a risk management plan. <\/strong>There are three things you can do to mitigate your risks:<\/p>\n\n\n\n The last task which should always be a part of every IT security risk assessment is the documentation of all identified risks<\/strong> in a risk register. Such a document should be reviewed and updated regularly,<\/strong> so that it constitutes the most current database of risks your organisation is facing every day.<\/p>\n\n\n\n Conducting a cybersecurity risk assessment<\/strong> is a time-consuming and complex task, yet it is one of the most important ones to be done regularly. <\/strong>The lack of it may result in financial and reputational loses, which are extremely difficult to make up for.<\/p>\n\n\n\n If your organisation does not have enough resources allocated to the risk assessments, it is best to consult your situation with<\/strong> experienced cybersecurity partners<\/strong> that can help you kick-start the process and improve your security posture as soon as possible.<\/p>\n\n\n
What is information security risk assessment?<\/h2>\n\n\n\n
What is an ISO 27001 risk assessment?<\/h2>\n\n\n\n
What are the major risk factors in information security?<\/h2>\n\n\n\n
How to perform a successful IT risk assessment<\/h2>\n\n\n\n
1. Determine the scope and get everyone on board<\/h3>\n\n\n\n
2. Identify your risks: security threats and vulnerabilities<\/h3>\n\n\n\n
3. Analyse the risks<\/h3>\n\n\n\n
4. Evaluate the risk<\/h3>\n\n\n\n
5. Document<\/h3>\n\n\n\n
Choosing the right partner<\/h2>\n\n\n\n![\"Cybersecurity_Consulting_Future_Processing\"](\"https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2022\/12\/Cybersecurity_Consulting_Future_Processing.png\")
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