Information Security Risk Assessment: Full Definition

What is an information security risk assessment? And how does it work?

Information Security Risk Assessment

A security risk assessment finds out what security controls they can apply in applications. Moreover, it blocks defects and risks.

Thus, an information security risk assessment is important to an organization. It can help them store their resources in the right place. Also, it can help them get the right security tools.

Hence, making an information security risk assessment can help in the risk management process.

How an information security risk assessment works

The level of risk assessments depends on the following:

• size
• resources
• growth rate
• asset portfolio
• budget
• timeline
• connected threats
• risks and impact

Steps of an information security risk assessment

The four steps of a good security assessment are:

1. Identify. First, we should know the information we should protect. These are considered our assets. Then, classify them.
2. Assess. Secondly, we should apply the security plans. It will assess the risks of our identified data.
3. Mitigate. Third, we should plan for a way that will lessen the impact of a risk. Next, we apply security controls for every risk.
4. Prevent. Lastly, we should prevent the same risk from happening again. We can use tools and processes. It will reduce the threats and risks from surfacing.

Effects of a risk assessment

An effective risk assessment will help you:

• Know your private data.
• Protect your assets by making risk profiles.
• Learn the stored and transferred data.
• Evaluate our information. The more we value it, the more it gives a good impact on our company. It will improve our sales, reputation, and security.
• Apply methods that will decrease the chance of a threat.

Moreover, it helps us get valuable insights into the following:

• Application portfolio. It includes the applications and tools that we use.
• Security documents. It includes requirements, rules, and ways.
• Collection of system’s assets. It includes the architecture and network diagrams. Also our stored data and external vendors.
• Inventory of assets. It includes hardware, network, and other parts.
• Operating systems information. It includes our PC and servers.

Furthermore, we can learn about the ways we can store our data. It usually involves the database and files. Also, it includes the company’s management systems.

Besides, it can help us identify the best security controls, such as:

• access control systems
• antivirus
• authentication systems
• spam controls
• monitoring of networks
• firewalls
• prevention systems
• intrusion detection

Plus, if we apply risk assessment of information. It can help us improve the way our company operates. And we can know how to follow security policies. Thus, we can obey the GDPR rules.

Additionally, we can fight the threats and risks if we experience them. We can also lessen their impact. And we can decrease the chance of happening.

The information involved

Besides, almost all companies have their customers’ information. It can be personal health information (PHI). Or it can be personally identifiable information (PII).

So, this private information can contain:

• social security numbers
• TIN or tax identification number
• birthdates
• license number
• passport details
• medical history

Thus, companies and businesses should apply a security risk assessment.