If you haven’t already done so, make sure you create a cybersecurity self-assessment. In an increasingly digital world cyber-attacks on businesses have become an everyday reality. In 2017 there were countless reports about cybersecurity, including phishing scams, ransomware and new attack methods. For 2018, security experts are predicting even bigger attacks and smarter hacks that could be met with heavy fines on regulated organizations for not preventing or minimizing a breach on their watch. It’s estimated that cybercrime will cost approximately $6 trillion per year on average through 2021.
Managing risk is critical, and that process starts with a risk assessment. If your organization hasn’t completed a self-assessment of its cybersecurity and compliance processes previously or done so recently, now is the best time to follow through with a complete assessment. By initializing a framework, a successful risk assessment process should align with your business goals and help you reduce risks.
Cybersecurity Self-assessment Measures Security Risk Objectively Across Teams and Roles
Most organizations have a variety of clouds, platforms and IT infrastructure, security exposures may not be discovered without a proper risk assessment. Worse, this could cause a traumatic event. By incorporating a self-assessment tool, different views can be had across teams and roles.
Cybersecurity Self-assessment Helps you Quickly Adapt to Regulatory Changes
The everchanging IT environment within as organizations has evolving technology platforms, adoption of new devices, subscriptions and solutions. It is for this reason that enterprises must continually keep up with the reality of everyday routines that ultimately drive business (or slow it down). Practices that may have been efficient a year ago can rapidly diminish and become limiting today. Routine security risk assessments can help organizations stay proactive. With the right cloud tools and controls, enterprises can quickly adapt to the present changes.
In most cases, the biggest threat in an organization is those who work within the organization. Employees within an organization are the main threat to cybersecurity. Those without knowledge have the most opportunity to expose your data, second to vendors with access to your systems. Recognizing phishing mail and proper management of user access and authentication, to recognizing phishing emails, users can make or break your security. Keeping employees educated is key to preventing attacks and responding to them accurately.
Creating a Risk Assessment
85% of business assets are in digital form. Therefore, it is critical that organizations take precautions before it’s too late. Risk assessments can be performed on any application, function, or process within an organization. The first step in creating a risk assessment involves developing an operation that fits the size, scope, and complexity of your organization. This involves identifying internal and external systems that are either critical to your operations, and/or that process, store, or transmit legally protected or sensitive data (financial, healthcare, or credit card information). Then a risk assessment can be created based on criticality and information sensitivity. The results derived from the assessment will give you a practical and cost-effective plan to protect assets and still maintain a balance of productivity and operational effectiveness. It will help you to recognize the missing piece of the puzzle. Where there are gaps and which cybersecurity assets would be most beneficial in patching/mitigating those missing puzzle pieces.
Basic Steps of a Risk Assessment
- Identify: Characterize the system (process, function, or application)
- Protect: Identify Threats
- Detect: Determine inherent risk & impact
- Respond: Analyze the control environment
- Recover: restoration of systems and improvements
For more information refer to the NIST cybersecurity framework section 4.0 for a detailed framework on structuring a risk assessment for your organization.
To get some help to create a Cyber Security Risk Assessment contact Jolera today!