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Cybersecurity Risk Assessments

Why carry out a cybersecurity risk assessment?

Risk assessment – the process of identifying, analysing and evaluating risk – is the only way to ensure that the cybersecurity controls you choose are appropriate to the risks your organization faces.

Without a risk assessment to inform your cybersecurity choices, you could waste time, effort and resources – there is, after all, little point implementing measures to defend against events that are unlikely to occur or won’t have much material impact on your organization. It is also possible that you will underestimate or overlook risks that could cause significant damage to your organisation. 

What does a cybersecurity risk assessment include?

A cybersecurity risk assessment identifies the various information assets that could be affected by a cyber attack (such as hardware, systems, laptops, customer data, and intellectual property), and then identifies the various risks that could affect those assets.

A risk estimation and evaluation is usually performed, followed by the selection of controls to treat the identified risks. It is important to continually monitor and review the risk environment to detect any changes in the context of the organization, and to maintain an overview of the complete risk management process.

ISO 27001 and cyber risks

The international standard ISO/IEC 27001:2013 (ISO 27001) provides the specifications of a best-practice ISMS (information security management system) – a risk-based approach to corporate information security risk management that addresses people, processes and technology.

Clause 6.1.2 of the Standard sets out the requirements of the information security risk assessment process.

Organizations must:

  • Establish and maintain certain information security risk criteria.
  • Ensure that repeated risk assessments “produce consistent, valid and comparable results”.
  • Identify “risks associated with the loss of confidentiality, integrity and availability for information within the scope of the information security management system”, and identify the owners of those risks.
  • Analyze and evaluate information security risks, according to the criteria established earlier.

It is important that organizations “retain documented information about the information security risk assessment process” so that they can demonstrate that they comply with these requirements.

They will also need to follow a number of steps – and create relevant documentation – as part of the information security risk treatment process.

IT Governance risk assessment services

Conducting a risk assessment to determine the likelihood and effect of cybersecurity incidents is a complex process that requires considerable planning, specialist knowledge and stakeholder buy-in to appropriately cover all people-, process- and technology-based risks. Without expert guidance, this can only be worked out through trial and error.

IT Governance provides a range of risk assessment and cybersecurity consultancy services to suit all needs:

Cyber Health Check

IT Governance’s fixed-price, three-phase Cyber Health Check combines consultancy and audit, remote vulnerability assessments and an online staff survey to assess your cyber risk exposure and identify a practical route to minimise your risks. Our approach will identify your actual cyber risks, audit the effectiveness of your responses to those risks, analyze your real risk exposure and then create a prioritized action plan for managing those risks in line with your business objectives.

vsRisk™- Risk Assessment Tool

The risk assessment software tool vsRisk™ has been proven to save huge amounts of time, effort and expense when tackling complex risk assessments. Fully compliant with ISO 27001, vsRisk streamlines the risk assessment process to deliver consistent and repeatable cybersecurity risk assessments every time.

Why use IT Governance?

IT Governance specialises in providing IT governance, risk management and compliance solutions, with a special focus on cyber resilience, data protection, the GDPR, the Payment Card Industry Data Security Standard (PCI DSS), ISO 27001 and cybersecurity.

IT Governance is also recognised under the following frameworks:

  • CREST certified as ethical security testers
  • Certified to ISO 27001:2013, the world’s most recognised cyber security standard

Speak to an expert

Please contact our team for more information on how IT Governance can help with your cybersecurity risk assessment.

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