Organisations rely on more systems, and carry out more activities, than ever before. However, any system or activity could be unintentionally exposing your organisation to a heightened level of cyber risk.
A Cyber Security Risk Assessment is designed to identify potential cyber risks, whilst providing management with clear guidance around mitigating those risks.
In this blog, we explore the benefits of conducting an assessment, especially when a new system or activity is being planned, and how this differs from a Technical Assessment.
What is a Cyber Security Risk Assessment?
A Cyber Security Risk Assessment is a process that involves identifying, analysing, and evaluating potential risks to an organisation’s information assets. These risks may emerge from systems the organisation has in its digital environment, or from various activities the organisation undertakes.
The goal is to understand the potential business impact of the risks being assessed and to develop strategies for mitigating or managing them effectively.
The assessment aims to ensure management make informed business decisions, and do not inadvertently expose the organisation to unnecessary cyber risk.
Identify, analyse, and evaluate potential cyber risks.
Why is it important to conduct an assessment?
Achieving and maintaining cyber resilience isn’t easy. The cyber threat landscape is constantly evolving. Each day new threats emerge. Cyber resilience demands that organisations become proactive, rather than reactive, when it comes to cyber risk mitigation.
This can only be achieved by ensuring that every system in your digital environment, as well as all policies, processes, and procedures, align with security best practice.
By conducting a risk assessment during the planning stage of any initiative, you will gain a deeper awareness of any potential information security risks that may arise because of the initiative. This will enable you to act pre-emptively to embed security controls into the initiative to mitigate those risks.
Regular security assessments are important for building resilience.
How do Cyber Security Risk Assessments differ from Technical Assessments?
Both Cyber Security Risk Assessments and Technical Assessments are crucial. However, they perform different functions within a comprehensive cyber security strategy.
A Cyber Security Risk Assessment is a broad evaluation of a particular system or business activity. It aims to identify and analyse potential information security risks that may emerge from that system or activity. In other words, the focus of the Cyber Security Risk Assessment is on the potential business impact to the confidentiality, integrity, and availability of your organisation’s data.
In contrast, a Technical Assessment is a more specific evaluation that focuses on the security implications of a particular system that already exists in your environment or is being considered by your organisation. A Technical Assessment focuses on security controls, configurations, and potential technical vulnerabilities in systems, networks, applications, and devices.
Some of the major differences between a Cyber Security Risk Assessment and a Technical Assessment include:
| Cyber Security Risk Assessment | Technical Assessment | |
|---|---|---|
| Scope | The scope extends beyond technical aspects to include organisational processes, policies, personnel, and external factors. It considers the overall risk landscape and business impact. | The scope is limited to technical elements, such as hardware, software, networks, and configurations. It may involve penetration testing, vulnerability assessments, and secure code reviews. |
| Methodology | Uses a holistic approach, often involving qualitative and quantitative analysis of risks. It considers factors like the likelihood of an event occurring, the vulnerabilities present, and the potential impact on business operations. | Employs technical methodologies and tools to identify vulnerabilities and weaknesses in specific systems or applications. |
| Outputs | Provides a comprehensive understanding of your organisation's risk landscape, including prioritised risks, potential impact on business objectives, and recommendations for risk mitigation. | Delivers specific findings related to technical vulnerabilities, misconfigurations, and weaknesses in the security infrastructure. It often includes actionable recommendations for addressing these issues. |
| Stakeholders | Involves a broader set of stakeholders, including executives, managers, compliance officers, and other decision-makers responsible for overall business risk management. | Primarily concerns IT and security teams responsible for implementing and maintaining technical controls. |
When should you undertake a Cyber Security Risk Assessment?
An assessment should be conducted whenever your organisation is considering adopting a new system, or you’re implementing a significant new business activity that involves changes to policies, processes, and procedures.
Moreover, legislative requirements and industry regulations often mandate Cyber Security Risk Assessments. Organisations need to ensure their practices align with a range of compliance standards, such as Essential 8, ISO 27001 and NIST.
How Virtuelle can help?
When you engage Virtuelle to conduct a Cyber Security Risk Assessment, our team of cyber security experts will objectively assess your organisation’s systems and activities to identify and analyse potential cyber risks. We work with you to understand how your practices may impact the confidentiality, integrity, and availability of your information assets, with implementable recommendations to mitigate those risks.
Contact us today and learn how a Cyber Security Risk Assessment by Virtuelle Security can help protect your organisation.