Know what is the importance of implementing the information security risk assessment. Also, what are the steps to begin it?
Introduction About The Information Security Risk Assessment
Information security risk assessment is a vital part of any security IT compliance program. Moreover, it will allow you to see the following:
- risk
- vulnerabilities
- and many more
These problems in the cyberworld are upgrading every time. So to put controls in this matter it better to reacts effectively.
Moreover, there are also a lot of information security risk assessment frameworks. Such as the following:
- ISO 27001
- CMMC
These are needs to be part of the risk assessment. Also, part of the compliance.
Information Security Risk Assessment: Why Company Implements It?
So aside from that the information security risk assessment is necessary, it also serves many purposes.
Such as the following:
- cost justification
- productivity
- breaking the barriers
- communication
Cost Justification
This risk assessment will provide you a concrete list of the following vulnerabilities.
- upper management
- leadership
- illustrative needs of additional resources
- budget
- shore up your information security processes
- tools
Moreover, it can be very difficult for leaders to invest in risk assessment. Especially if they see that the company is working just fine.
However, a good result of the risk assessment might change their mind.
Productivity
Consistent performing the risk assessment has the advantage of:
- knowing the performance of your security team
- how they dedicate their time
- if they are effective
Breaking barriers
As the information risk assessment covers the two groups:
- Senior management
- IT employees
The information risk security assessment will bring these two groups into open communication. They are teaming up to bring the best and highest level of security they can have.
Communication
So most importantly, communication and collaboration is one thing that improves by the risk assessment. Why?
Firstly, an open conversation within all departments is needed to understand the operation. Especially on how the employees will use new strategies and systems.
Secondly, is that the assessment will give the compliance team and IT a chance to collaborate. Moreover, they are in charge of how they will deliver the importance of the assessment.
Also, your whole company needs communication and alignment on the way they contribute to their task.
Start Your Risk Assessment
So there are several steps you need to follow in starting your risk assessment.
So here it is.
- List all valuable assets
List all assets that could be prone to threats and loss. So here are just some of it:
- servers
- customer information
- website
- customer credit card data or other financial data
- partner documents
- trade secrets
- Identify the potential consequences
So know what are the possible financial losses. Such as the following examples:
- legal consequences
- data loss
- system or application downtime
- List the possible threats and risks. Categories it by their level
Know that a threat is anything that could bring vulnerability. Moreover, it can breach your security or can cause a loss in your assets.
So here are some of the common threats you might encounter:
- natural disaster
- accidental human error
- system failure
- malicious human actions such as the interception, interference, or it can be impersonification
