Cybersecurity risk assessment
Cybersecurity is the focal point of most organizations across the globe. Every business needs to ensure the protection of its assets and intellectual data to continue thriving and growing. Therefore cybersecurity risk assessment becomes a necessity and a condition for a successful business and its continuity. Mobile Computer Services, a managed IT service company, talks about cybersecurity risk assessment.
What is cyber risk?
The Institute of Risk Management defines cyber risk as “any risk of financial loss, disruption or damage to the reputation of an organization from some sort of failure of its information technology systems”. It may include theft of sensitive or regulated information, hardware damage and subsequent data loss, malware and viruses, compromised credentials, and company website failure.
What is cybersecurity risk assessment?
Cybersecurity risk assessment is the process of identifying and evaluating risks for assets that could be affected by cyberattacks. This process requires the identification of both internal and external threats; evaluation of their potential impact on things like data availability, confidentiality, and integrity; and estimation of the costs of suffering a cybersecurity incident. This information can then enable the curation of cybersecurity policies and data security controls that align with an organization's actual level of risk tolerance.
This is an ongoing process that requires constant monitoring and review of the risk environment that is likely to change considering the evolving cybersecurity landscape.
The three pertinent questions that form the foundation of a cybersecurity risk assessment are:
- What are an organization’s critical information technology assets the loss or exposure of which will have a massive impact on business operations?
- What are the key business processes that utilize or require this information?
- What threats could affect the ability of those business functions to operate?
Once these questions are answered, the IT team can build a cost-effective strategy around the identified risks that are high-priority.
The importance of regular IT security risk assessments
A thorough and regular IT security risk assessment helps organizations in the following ways:
- Identify the IT security gaps and vulnerabilities
- Facilitate businesses to review security controls
- Prevent data breaches
- Choose appropriate protocols and controls to mitigate risks
- Prioritize the protection of high-value and high-risk assets
- Evaluate potential security partners
- Meet the industry-related compliance requirements
- Accurately forecast future needs
The key components of an IT risk assessment
- Threat — A threat is any circumstance or event that has the potential to harm an organization’s operations, people, or assets. Natural disasters, website failures, and corporate espionage are some examples of this.
- Vulnerability — A vulnerability is a potential weakness in an information system, system security procedures, internal controls, or implementation that could be exploited by a threat source. A server room in the basement is a vulnerability that increases the chances of a hurricane or flood ruining equipment and causing downtime, for instance.
- Impact — Impact is the measure of the magnitude of harm that an organization would experience if a vulnerability were exploited by a threat. The impact may include hard costs, like damage to hardware, and soft costs, such as lost business and consumer confidence. Other costs can include data loss, system or application downtime, and legal consequences.
- Likelihood — Likelihood in a risk management context is an estimate of the chance that an event will occur resulting in an adverse impact on the organization. This is the probability that a threat will occur. It is usually not a specific number but a range.
Why Mobile Computer Services?
Mobile Computer Services is a professional IT services company that works with small and medium-sized businesses in Wake Forest. The services include:
- Managed IT services - 24x7 proactive monitoring and management of the company's IT infrastructure.
- Network services: Comprehensive care for the network systems provided by certified technicians.
- Business continuity planning: Get the business back on its feet swiftly during and after disasters.
- IT consulting: High-caliber advice from professional consultants to help achieve business goals.
- Security: Safeguard business from malicious hackers and cyber attacks.
- On-demand services: Day or night, the dedicated support staff is always available to assist.
- Office move: Professional office relocation and network cabling services.
- VoIP: Reduce telecom expenses and improve communications with powerful phone systems.
- Email Protection: Protect mail systems from spam and malware.
Contact Mobile Computer Services, Inc. at Wake Forest today at (919) 230-2900 for IT support, services and solutions.
