Security Risk Assessment
Cybersecurity Risk Assessment

How to do a Site Security Risk Assessment?

A site security risk check finds weak spots in property, people, and assets ‒ helping to reduce harm. This check involves spotting weaknesses, judging threat levels, and making a plan to fix issues. A Security Risk assessment helps keep places safe ‒ whether homes, businesses, or factories. In this blog, we will guide you through key steps for a detailed site security risk check. What Is a Security Risk Assessment? A Security risk assessment identifies, evaluates, and ranks all the risks for different information assets (i.e.systems, hardware, applications, and data) and then ranks various risk scenarios that those vulnerabilities may cause. The results of these risk assessments aim to alert organizational decision-makers of the vulnerabilities in their systems so that they can develop responsive defensive measures as well as effective risk responses.  The assessment also provides a summary for the executive to guide executives in making decisions regarding continuing efforts in security. Security risk assessment also point to management areas where employees require training to help minimize attack surfaces. Risk Assessment vs Risk Management While these concepts appear to be common sense, they are important differences that executives and management should appreciate. Why are Security Risk Assessments Important? The answer is simple: successful attacks cause massive financial and reputational damage. 23% of small businesses suffered at least one attack in 2020; their average annual financial cost was higher than $25,000. And the estimate above is still lower than many others. However, the initial financial costs of dealing with breaches are just one aspect of the damage. Companies also can experience loss of customers, loss of reputation, loss of intellectual property, and premium insurance, among others. The cost of cyber security assessment is very low compared to the damage caused by a successful attack. And the benefits associated with it more than offset those costs. Identify Security Gaps Numerous organizations just lack awareness of even the simplest parts of cybersecurity ‒ they don’t know what they don’t know. Risk assessments ‒ e.g., evaluations ‒ discover security holes at all levels, from physical safety to advanced malware spotting and removal. They also prevent unnecessary spending by focusing on the top security controls and prioritizing security risks. Reduce Long Term Costs This goes far beyond comparing the cost of the security risk assessment to the cost of a later breach. Risk assessments also show companies how to prioritize their security spend to minimize long-term costs. Just take a look at the HIPAA risk analysis chart again. Many company executives would not think that A/C maintenance is a cyber security risk. But a $3,000 investment in updating the air conditioner might save the company $10s of thousands down the road. And the quicker companies act, the more their efforts can pay off. Mitigate & Protect Against Breaches The web security assessment report must be action-oriented to be effective. This means that there must be precise recommendations for remediation activities within the report. Assessment reports must inform firms on how they can harden their systems to fill security gaps. It should also be equally critical that reports bring out issues that, at a glance, might appear problematic but are so unlikely to require any action. Help Budget Future Security Initiatives Security risk assessments set the baseline for a company’s ongoing cybersecurity efforts. By prioritizing identified gaps, they help companies create detailed plans for corrective actions. With detailed plans in place, companies can then set realistic budgets for their IT and cyber security teams. They can also take rapid steps to address staffing shortages, which can take time, given the current cybersecurity talent gap. Increases Employee Security Awareness The employees’ poor security practices create the biggest vulnerabilities for businesses. The development of a corporate culture based on cyber security awareness is crucial. Risk assessments point out areas that need training to be provided to employees so as to reduce risk in the future. What are the Different Types of Security Risk Assessments? Comprehensively covers all types of risks, such as location security, infrastructure security, data security, and employees’ potential for misappropriating or damaging data or systems. Physical Security Assessment How hard is it for people to gain physical access to your systems? Do you have security at the entrances to the building? Do you log visitors? Are there security cameras in sensitive locations? Do you have biometric locks in your server room? Physical security assessments, such as penetration testing, will measure how easily a malicious actor can access your critical systems. IT Security Assessment What is the state of your IT infrastructure? What network-level security protocols do you have in place? How are you ensuring compliance with shared security responsibilities in cloud services? IT security assessments investigate the overall health of your IT infrastructure and communications pathways. They present general system weaknesses that are not application-specific or in terms of the data storage itself and misconfiguration issues that often provide loopholes that lead to companies being attacked. Data Security Assessment Is company data under least privilege and/or zero trust access controls? Do you use network segmentation as a method of access limit for data? Do you have strong identity management processes? Data security assessments take into account the simplicity and width of corporate data access. They identify areas where companies should apply new controls to limit access to data on an as-needed basis. Application Security Testing Do company applications comply with security-by-design and privacy-by-design principles? Have you tested your applications using white and black box testing? Is access to applications subject to least privilege control? Application security assessments include vulnerabilities at all levels, from the code itself down to who has access to the applications. They enable companies to harden their applications and limit access to only that required by employees to perform their jobs. Insider Threat Assessment Many, if not most, attacks originate from insider threats. However, many companies do not realize that insider threats go beyond employees who are intentionally trying to steal information or damage systems. Insider threats are not limited to