by The Computing Australia Group | Did you know that November 30 is celebrated as International Computer Security Day? Started as a day to commemorate the cyber-attack on ARPANET in 1988, the day is used to raise awareness about cybersecurity. With social media networks and the internet itself blended into the day-to-day lives, cybersecurity is much more significant now than it was thirty years ago. One of the basic prerequisites to an effective cybersecurity strategy is the awareness of how vulnerable or safe your organisation is. How do you do that? Cybersecurity Risk Assessment. Over the years, we have come across many clients in Western Australia who were taken aback when we presented their organisation’s cyber audit results. They were not even aware that they were in a vulnerable position. While a few data security steps can help you, a business needs much more than that to prevent and recover from a security incident. Our cyber ninjas from Perth explain all you need to know about cybersecurity risk assessments and how they help foolproof your cybersecurity strategy.
What are Cyber Risks?
Whether you’re a professional or an employer working and managing employees remotely, there are mainly three potential risks you could be affected by. Let’s see how you can combat them.
Cyber risk is defined as the potential exposure of an organisation’s database, application or operation that could lead to a data breach. They could cause disruptions in the functioning of a business, lead to financial losses and reputation damage. Cyber risks are also called security threats.
The most common examples of such threats include:
- Phishing
- Ransomware
- Malware
- Insider threat
What are Cyber Risk Assessments?
In simple terms, a risk assessment analyses an organisation’s threats and risks. A cybersecurity risk assessment identifies and classifies the vulnerabilities, risks and threats associated with your organisation and implements the necessary security controls. It aims to prevent security vulnerabilities from being exposed. The primary objective of a risk assessment is to gather information on the critical weak points and inform the stakeholders so proper resolutions can be carried out.
Generally, risk assessments answer the following questions:
- What are the critical assets?
- What are the vulnerabilities in the cybersecurity infrastructure?
- Can all sources for potential threats be identified?
- How will the identified threats affect the IT resources?
- What are the cyberattacks the business could face and deal with?
The Benefits of Performing a Cyber Security Risk Assessment
1. Helps you identify vulnerabilities
2. Check if your organisation is compliant
3. Track your progress
4. Gain insights about your ability to deal with threats
The Steps in a Cybersecurity Risk Assessment
1. Determine the value of an asset
- Will losing this asset impact your productivity?
- Will the exposure of this information cause penalties?
- Can the asset be misused by a competitor?
- How long will it take to make this asset again?
2. Identify the risks
Hackers and cyberattacks are just two risks that could affect your business. There are many other potential risks to cybersecurity, including:
- System failure- If your IT systems aren’t made of high-quality equipment or aren’t up-to-date, your cybersecurity could be compromised. A broken system will cause adverse effects on your productivity as well as security.
- Natural disasters- When natural catastrophes such as floods, earthquakes or hurricanes happen, you can lose your servers and equipment. A risk assessment identifies whether your on-premise servers are kept in secure locations. Cloud-based servers are beneficial for businesses that are based on locations prone to natural disasters.
- External and internal threats- This class of threats include suppliers, third-party vendors, insiders and other adversarial threats that could leak sensitive information.
- Human error- Phishing and social engineering tactics often become successful due to human errors. Ensure your employees receive cybersecurity awareness training before they’re integrated into your systems.
3. Analyse vulnerabilities
A vulnerability is a weakness in your cyber systems that can be exploited to modify, delete, or expose sensitive information. Identifying such vulnerabilities is one of the most crucial steps in a cybersecurity risk assessment. For example, is proper patch updates being performed?
4. Create new controls for security systems
5. Calculate the impact of potential annual threats
6. Document the results of the cybersecurity risk assessment
Does your Business need a Cybersecurity Risk Assessment?
If your business uses IT and is connected to the internet, you need a cybersecurity risk assessment. There are multiple reasons why a professional cybersecurity risk assessment is a must for your business. You’ll be able to gain more knowledge about your own organisation’s strengths and weaknesses- through risk assessments. By dealing with the vulnerabilities and threats on time, you’ll be able to reduce long-term costs and reputational damage. Cybersecurity risk assessments reduce the fear of downtime and data loss. When you perform a risk assessment every time there’s a significant change in your business, you can reduce the number of potential threats. A professional cybersecurity team will always be aware of the latest threats and have the experience of assessing multiple businesses in your industry.
Cybersecurity risk assessments are crucial to the smooth working of any digital business. The Computing Australia Group is an industry leader in cybersecurity. Our cybersecurity team offers efficient services to analyse, monitor and safeguard your IT systems. If you are searching for a professional risk assessment team in Perth, contact us today!
Jargon Buster
ARPANET: The Advanced Research Projects Agency Network (ARPANET) was a computer network used by the US ARPA that is considered the predecessor to the internet.
Encryption:It is the process of converting information into a code decipherable only by those who have the authority to do so.
MFA: Multi-factor authentication (MFA) is a technology that allows a user to access an application or system once they pass two or more identity verification tests.
