Importance of IT Risk Assessment
An IT risk assessment finds security risks, threats, and vulnerabilities affecting technologies, IT processes, and compliance status. Identifying risks, and how to mitigate them, supports longstanding sustainability, resiliency, and agility within the IT environment.
If done by an independent third party, a risk assessment can also instill confidence in clients, vendors, and stakeholders. Most importantly, a risk assessment helps define vulnerable intellectual assets, involved business processes, potential threat events, and which technologies to prioritize in your security or risk management plan.
After having an IT risk assessment performed by a competent professional, your organization will gain insight into:
- Your risk profile
- Which threats and vulnerabilities are most prominent
- How to best allocate risk management resources
- How to meet regulatory and framework compliance goals
Understanding Your Risk Profile
A risk profile explains each risk, the threat sources and vulnerabilities involved, the likelihood of occurrence, and the potential impact of exploitation. Understanding your organization’s risk profile allows you to Rank risks in order of severity, prioritize risk management tasks, and distribute resources appropriately, as you work toward robust long-term security.
IT risk assessments evaluate external and internal threats to your organization, the vulnerabilities that leave you susceptible, and the security controls you have in place. The results allow you to compare residual risks to your business goals and determine where you need improvements in security.
Reduce Unnecessary Spending
IT risk assessments help your organization reduce unnecessary security costs. Naming the most urgent risks allows you to direct limited resources wisely, conduct an informed cost- benefit analysis, and align investments with your cyber risk appetite.
Meet Compliance Goals
Compliance and information security are not the same, but they typically go hand in hand. In most business verticals, enterprises must demonstrate adherence to government and/or industry standards— and non-compliance can lead to hefty fines, lost business, and degraded customer trust. Not only can an IT risk assessment reveal compliance gaps, but many regulations, such as the Payment Card Industry Data Security Standards, require regular risk assessments. Other regulations your organization may need to follow include the Cybersecurity Maturity Model Certification (CMMC), Health Insurance Portability and Accountability Act (HIPAA), Gramm-Leach-Bliley Act (GLBA), America’s Water Infrastructure Act (AWIA), and National Electric Reliability Corporation Critical Infrastructure Protection (NERC CIP).
Follow Common Control Frameworks
Evolving cyber threats, government regulations, and industry standards need strong controls and IT processes aligned with best practices. For that reason, a framework-based risk assessment reviews people, processes, and technologies against one or more risk management, security, or control frameworks, such as:
- NIST SP 800-53
- NIST SP 800-30
- ISO 27001/27002
- CIS 20
In summary, IT risk assessments are critical to ongoing risk management. Further, an IT risk assessment can hep strengthen your cybersecurity practices, compliance, and alignment with your cyber risk appetite.
Securance’s IT risk assessment identifies technical risks, vulnerabilities, threats, and mitigation strategies to keep your business secure. Executives with more than 20 years of experience in IT security, risk management, and compliance personally lead each project—from planning to reporting. Contact us today to set up a free consultation.