An IT Risk Assessment is a thorough review of the IT organization. It aims to identify any existing exploitable flaws that undermine the security of your data and network. It is the basis used to determine any countermeasures that may be required to reduce the risk to an acceptable level.
A risk assessment also seeks to unite your IT department and the decision-makers in your company to strengthen your cybersecurity efforts.
My team at Network Outsource on Long Island helps local organizations keep intruders out of their networks. Here are some of our key observations.
A Thorough IT Risk Assessment Comprises Three Main Steps:
- Evaluation: This phase handles outlining critical resources that may be affected by potential threats and risks. It is conducted by identifying essential business processes and assets and then identifying the vulnerabilities.
- Risk assessment: This phase details the possibilities of risks and threats and their magnitude.
- Risk mitigation: It is the measures taken to tackle a potential vulnerability. Your organization should have preventive, mitigation, and recovery actions.
Benefits of Conducting an IT Risk Assessment
- Helps You Identify Vulnerabilities: An IT Risk Assessment will help you identify threats and risks posed to your system. Identification will help your organization understand the downsides of its security policies. Consequently, it grants you the capacity to formulate new measures against the detected risks and threats guaranteeing protection for you and your customers.
- It Will Help You Ensure Compliance with Security Requirements: The risk management process will reveal a list of risks and threats. The report will be the basis for any changes you make to your security policies and the way you address your network risks. The development of strict security controls ensures the protection of your network for a more extended period.
- It Helps You Set a Baseline for Assessments: Undertaking a risk assessment will help you generate a baseline. The evaluation will show whether your current systems and controls are efficient and sufficient. If not, it helps set standards for your company to measure its performance. Receiving early warnings to security breaches and inefficient processes can also be attributed to the set baseline.
- Ensures Your Documents Are Secure: The safety of your clients’ information and data is very crucial. An assessment helps you establish a proper and secure policy that defines the handling of sensitive documents like bank documents. It will, in turn, boost your customers’ confidence in letting you handle their data.
- You’ll Be Able to Save on Cost: Regular assessments help you eliminate unnecessary security spending. You can assess the magnitude of the risks. More critical risks will require that you channel more funds towards it, and take care of less damaging risks through a smaller portion of the budget.
- Ensures Your Organization Is Compliant With Regulations: Various regulations have set up privacy and data security requirements for companies to adhere to for compliance. For instance, HIPAA security rules require healthcare companies to document their safeguards regarding patient data. Regular assessments are also needed to ensure that the technical safeguards are still valid.
- It Helps You Outline Your Inventory: An assessment will let you know the technology you have, what it can do, and other functionalities that it could achieve. Knowing the capabilities of your assets helps you plan optimized ways of protecting essential software and data. Minor changes might be necessary at a small cost, but the benefits will be tenfold.
Does Your Company Need an IT Risk Assessment?
The benefits that accompany an IT risk assessment put you ahead of the curve. Experts recommend a regular assessment to cater to emerging risks and threats. Get your evaluation done and refine your security policies to protect your company against cyberattacks.