In this digital era, as organizations use automated information technology (IT) systems to process their information for better support of their missions, risk management plays a critical role in protecting an organization’s information assets, and therefore its mission, from IT-related risk. A cyber security risk assessment is important for the companies to understand, manage, control and mitigate cyber risk in their organization. Security efforts should address risks in an effective and timely manner where and when they are needed.
It is a paramount activity in any company to protect their clients’ sensitive data and ensure that there is no misuse of that data by risk management strategy and data protection efforts. Risk Assessments are processes depending on the type of business. The primary objective of cyber risk assessment is to make sure that decision-makers know the security of their system and platform. It also helps them to take necessary actions to prevent any future cyber attacks.
An effective risk management process is an important component of a successful Security Program. The principal goal of an organization’s risk management process should be to protect the organization and its ability to perform their mission, not just its IT assets. Therefore, the risk management process should not be treated primarily as a technical function carried out by the IT experts who operate and manage the IT system, but as an essential management function of the organization.
Information security risk management should be an integral part of all information security management activities and should be applied both to the implementation and the ongoing operations. Risk assessments help to reduce future losses by identifying potential threats and vulnerabilities and suggesting preventive measures which are more economical than post-attack measures. Data breaches have a huge financial and reputational impact on any type of organization. Usually, there are dedicated IT professionals to handle all types of cyber risks however it needs to be assessed by cyber security experts from time to time.
Every company should acknowledge the fact that risk assessment is not a one time project rather it's a continuous process. Risk is the net negative impact of the exercise of a vulnerability, considering both the probability and the impact of occurrence. Risk management is the process of identifying risk, assessing risk, and taking steps to reduce risk to an acceptable level. The objective of performing risk management is to enable the organization to accomplish its missions -
A systematic approach to information security risk management is necessary to identify organizational needs regarding information security requirements and to create an effective Information Security Management System. This approach should be suitable for the organization’s environment, and in particular should be aligned with overall enterprise risk management. SecurWires performs Risk Assessment based on various frameworks and methodologies - ISO 27005, ISO 31000, OCTAVE, CIS RAM, NIST RMF etc.