Cyber Security Risk Assessments is about understanding, controlling, and mitigating Cyber risk. Also, it is a crucial part of any firm’s risk management strategy.
Cyber Security Risk Assessments First Step: Characterize The System
Its process, function, and application. The characterizing the System, it will help you determine the viable threats. The following question is important factors in Characterizing the System.
- What is it?
- What kind of data does it use?
- Who is the vendor?
- What are the internal and external interfaces?
- Who uses the System?
- What is the data flow?
- Where does the information go?
Second Step: Identify Threats
Some basic threats are going to be in every risk assessment. However, it will depend on the System. Moreover, the additional threats could be includes.
Here are some of the common threat types.
- Unauthorized access is malicious. This could be from a direct tacking attack. Also, compromised malware infection or internal threat.
- Misuse of information and privilege by an authorized user. These could be a result of the unapproved use of data. Also, changes are made without approval.
- Data leakage or unintentional exposure of information. This includes permitting the use of unencrypted USB and or cd-rom. Moreover, these are use without the restrictions of deficient paper retention and destruction practices.
- Loss of data. It can be the result of poor replication and backup processes.
- Disruption of service or productivity.
The Third Step Is To Determine Inherent Risk And Impact.
However, this is done without considering your control environment. Also, by factoring in you characterize the system. Lastly, You can determine the impact to your firm if the threat was exercise.
Examples of impact ratings;
- High Impact. It could be substantial.
- Medium impact. It would be damaging but recoverable and/or inconvenient.
- Low impact. It would be minimal or non-existent.
The Fourth Step Is To Analyze The Control Environment.
However, it need to look at several categories of information. This is to adequately assess your control environment ultimately.
Also, identify threat prevention mitigation detection or compensation. Moreover, controls and the relationship to identify threats.
- Organizational risk management controls.
- User provisioning controls.
- Administration controls
- User authentication controls
- Infrastructure data protection controls.
- Datacenter physical and Environmental security controls.
- continuity of operations controls.
Moreover, the control assessment categories may be defined as satisfactory. It also meets control objective criteria policy or regularity.
The Fifth Step Is To Determine A Likelihood Rating.
You need to determine the likelihood of the given exploit. It also may be done by taking into account. The control environment that your organization has in place.
Examples of likelihood ratings:
- High. The threat source is highly motivated and also sufficiently capable and controls.
- Medium. The threat source is motivated and capable but controls are in place that may impede.
- Low. The threat source is motivates but lacks of capability or controls.
Cybersecurity Risk Assessment is a process that needed to be continual. Moreover, should be reviewed regularly to ensure your findings are still relevant.
Also, risk rating can be calculated as an impact multiplied. Therefore, Regular risk assessments are a fundamental part of any risk management.
Lastly, It helps you arrive at an acceptable level of risk while drawing attention to any required control measures.