It makes sense to invest in risk assessment because hackers are incessantly assessing your cyber assets for vulnerabilities. Businesses have often overlooked the benefits of Information Security Risk Assessment and it has costed them in millions. Likes of Yahoo, Quora and Sony failed to identify the hazards and faced scrutiny.
Hackers are continuously assessing your site for vulnerabilities; they will either get inside your system or wait for firewalls to expire and then attack. Most of the times hackers do not wait for firewalls to expire, they either start to steal information or try to bring the system down.
Also Read: The Definitive Guide to PCI DSS Compliance
What is Information Security Risk Assessment?
Information Security Risk Assessment is the study of vulnerabilities that can affect processes or halt the system. Risk assessment is a process of identifying, documenting, resolving and eradicating security concerns. A thorough study of cyber assets allows businesses to ensure that proper security of customer’s information and also ensures compliance at all times.
Organizations with enormous cyber assets need to assess their information security incessantly to ensure that no asset is at risk. Hackers will scrutinize your site inside out. The government urges every enterprise that stores cyber information to conduct a risk assessment to drive moles and unwanted codes out of the system.
Information Security Risk Assessment Checklist
Such assessments are very meticulous and carry information relevant to almost every operation, function and system. The assessment is designed to outdraw the security boundaries of all cyber assets. Any process or system that fails to meet the requisite security benchmark needs immediate attention and additional security.
ISRA is carried out with a checklist. The mentioned checklist includes parameters on which the entire system, process, and systems are measured. Any lacking is reported while all vulnerabilities are discussed in detail. By investing in Information Security Risk Assessment, organizations can safeguard themselves from paying hefty fines & penalties after data breaches.
The ISRA Checklist includes:
The security documentation must include steps to taken in case of a cyber security attack. The literature is designed to control, eradicate or avoid modern-day cyber security attacks.
Security of third party access ensures that other parties are equally attentive towards data security. Through proper documentation, it is ensured that every party is taking requisite steps to ensure proper handling of cyber assets.
Some of the nuanced steps are:
Interesting Read: Biggest Data Breaches in the History of Mankind [Infographic]
Steps to Successful Risk Assessment?
Organizations consider the ISRA Checklist as the most important step to follow, which is true but not the complete truth. It is equally important to ensure that ISRA is implemented properly and the right steps to implement successful risk assessment are:
Things to know before conducting ISRA
Organizations undergo data breaches because they fail to understand the vulnerabilities and risks in real-time. Such lack of attention to detail and security of informational assets have costed businesses in millions. With Information Security Risk Assessment becoming a standard practice, businesses are now finding it easier to move towards a safer environment.
Business is now more concerned because failing security assessment can lead to hefty fines. The fear of fine and penalty has pushed organizations looking for ISRA services but lack of information has hurried them into acquiring the wrong kind of risk assessment. Here are some things every business should concern before opting for ISRA:
The dynamics of cyber security have changed and businesses that are failing to cope up with the changing dynamics will sooner or later lose their cyber assets to hackers. Vulnerabilities are increasing daily and any business that fails to complete the requisite compliances and cover risks will be liable to pay hefty fines.
Through Information Security Risk Assessment, businesses can move towards providing their customers with better security. By rendering all vulnerabilities out of the system, businesses can move towards offering better customer confidence.