Protecting your assets is easier when you are aware of what you are protecting and the threats you are protecting against. So, you need to assess the threats your organization is facing and the security controls you currently have in place. This is typically done by conducting a cybersecurity risk assessment.
Overall, a security risk assessment covers the following key areas:
Identify critical business functions, data, IT assets, and compliance requirements
Determine the organization’s exposure to threats, vulnerabilities, and attack vectors.
Evaluate the maturity of the security controls, i.e. the efficiency and risk of their security controls.
The risk assessment will help you identify the vulnerabilities across your network and determine the security controls necessary to enhance security. Risk assessments can also be extended to evaluate and address any vulnerabilities posed by third-party vendors. This helps your organization minimize risks across the supply chain.
When prioritizing risks, it is important to not rely solely on financial metrics because often risks to intangibles such as reputation or trust can cause far greater harm to the organization than monetary loss. Nevertheless, you can attach some monetary value to the intangibles so that you can prioritize all risks objectively, at least to some extent.
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