Cyber Security Risk Assessment
Cybersecurity risk assessment is to strengthen an organization’s cybersecurity measures in the prevention of data theft.
By Nicole Milan
Why should companies conduct cybersecurity risk assessments? Companies today must implement cybersecurity risk assessments to protect their data from theft. Not performing risk assessments could result in loss of money, privacy, and information. Cybersecurity risk assessment is the process of identifying security risks and assessing the threat they pose. Cybersecurity risk assessment’s primary focus is to mitigate risks to prevent security breaches and compliance incidences.
Cybersecurity risk assessors assume the role of being a white hat or ethical hacker. An ethical hacker will try and hack into companies’ systems looking for vulnerabilities. This ensures optimal security measures are tested and inspected. Furthermore, a customized approach can be implemented for increasing information security.
Cybersecurity risk assessment enables companies to discover where they’re most vulnerable to lose information. A cybersecurity risk assessment starts with threat analysis. First, determine the assets in the company and how much harm their exposure or loss would cause. For example, is the threat internal or external? Is it risky due to trade secrets, uncontrolled access, permissions?
Next, figure out what processes are dependent upon those assets, and analyze the threat events that could impact those assets and how probable they are to happen. Following this advice, you can establish what the most crucial threats are and how to prevent or alleviate the damage.
Regular risk assessment is also imperative for companies’ compliance with medical privacy regulations (HIPPA), financial disclosure regulations, and consumer privacy standards. It would be an expensive mistake not to comply with these regulations.
In his book, The Art of Invisibility by notorious hacker Kevin Mitnick details why companies should increase cybersecurity awareness among their employees and how can they do it. Humans are easily hacked via social engineering. Kevin demonstrates how a bit of research to acquire field-specific terminology, a manager’s name, or simply implying he was a vendor or employee can open the floodgates of divulged information.
As Kevin points out, well-meaning employees make social mistakes because they’re hurried, tricked, or are ignorant of the protocols on security. Other human errors include files being shared with the wrong vendor, emails sent to the wrong recipient, accidental deletions and not shredding paper documents. Therefore, it’s more imperative than ever to establish cybersecurity awareness training with employees.
Telecommuting and using your device carries security risks for companies today. Phishing scams aim for employees to click damaging links or download materials infected with a virus. These are embedded in emails and look legitimate. Phishing enables cybercriminals to violate databases and steal data.
Malware email attacks cause damage in one click. Malware is sent via an attachment and will create destruction to the databases, files, and server. A modern threat is known as a fileless attack. They do not depend on infected attachments or links. They operate on software, and programs employees use frequently that may be weak due to age or lack of updates.
So, what can be done? Begin by using strong passwords, long phrases with a combination of characters, uppercase, and symbols. A minimum requirement of ten characters is a helpful place to start. Secondly, it would benefit the company to limit access to sensitive files and applications, also known as installing access-only permissions.
Thirdly, software used must be researched with a focus on end-to-end encryption functions. Additionally, the implementation of an organizational whitelist, or the series of approved software all employees can use. This gives departments control over the network and server. Cybersecurity specialists explain, “It monitors end-to-end point security activities, allowing organizations to be more aware of safer everyday operations, from how employees message one another to how third parties receive essential files.”
In conclusion, the purpose of cybersecurity risk assessment is to strengthen an organization’s cybersecurity measures in the prevention of data theft. Using long and strong passwords, limiting access to sensitive data, ongoing training, and selecting encrypted software can increase an organization’s cybersecurity. With a multi-step analysis of cybersecurity vulnerabilities within an organization, the value of data assets, and remaining current with regulations, cybersecurity practices can be advanced to better defend against cyber attacks and critical assets safeguarded.