How to Perform a Security Risk Assessment

Businesses use risk assessments to identify possible and likely security breaches. Businesses conduct these assessments primarily to ensure breaches do not cause a loss of revenue. “Countless security threats exist in the digital world. Even the most traditional businesses use modern information technology (IT) solutions with network connectivity,” states Mihai-Alexandru Cristea of Business Review. Cristea added, “If appropriate steps aren’t taken to protect your business data and systems, your finances, valuable data, and even your company’s future will be at risk.”

Cyber security is one of the most important aspects of using any form of tech. However, it is especially more important for those who run a business that stores sensitive data. A security risk assessment is an audit that can alert you of security risks to your IT infrastructure and then provides useful tools that help reduce breaches. Each individual and company is at risk, and it is important to understand your vulnerabilities.

Your business or a third party can perform a security risk assessment by following the below steps. They can perform these assessments at the office or at home. You cannot eliminate all future breaches, but you can secure your information as much as possible.

Steps to performing a security risk assessment:

1. Identify hazards your business faces. Consider natural disasters, safety hazards, biological hazards, technological hazards, supply chain interruptions, etc.
2. Assess the risks and their impact levels (low, medium, high). Figure out which assets or important documentation are at greatest risk. Then, start creating a plan on ways to keep those risks low.
3. Control the risks by figuring out the precautions your business already takes to prevent hazards. Improve these methods to protect your assets further. Also, figure out practical steps you can take to add extra levels of security. For example, change jobs around, buy up-to-date programs, and implement changes that help eliminate risks whenever possible.
4. Record Your findings. Document areas including hazards, factors that increase risk, and the practical measures you can implement. You can use templates from NIST or make your own. This is especially important if your company is bigger.
5. Review your controls, look at overall risks, and identify areas to fix. Decide if you need to add or remove jobs, calculate the budget needed to improve your security, and implement the permanent changes needed.

More cyber security tips your business can follow:

1. Keep passwords strong by making sure they are impossible to guess. Leave out important personal information like names and dates. Additionally, use unique characters that will make them harder to crack. The longer your passwords are the better. It is also important that you change them as frequently as possible and use different passwords for each account.
2. Create an access control policy to regulate who has access to your business’ data and programs.
3. Know the types of data you keep in your IT systems by using a data inventory.
4. Review the third-party vendors that have access to your sensitive data. Make sure to use a reliable and trustworthy partner that follows standard data security guidelines and your industry’s compliance regulations.
5. Work from home protection is just as important. Consider having your employees use a VPN to protect their privacy while working from home.
6. Conduct security training for all employees. This type of program ensures your business informs everyone on the best ways to protect their devices and the information they work with.

Since there has been a substantial increase in security breaches to businesses within the last several years, it is now more important than ever to prioritize data security. “The year 2020 broke all records when it came to data lost in breaches and sheer numbers of cyber-attacks on companies, government, and individuals,” said Chuck Brooks from Forbes. He added, “In addition, the sophistication of threats increased from the application of emerging technologies such as machine learning, artificial intelligence, and 5G, and especially from greater tactical cooperation among hacker groups and state actors. The recent Solar Winds attack, among others, highlighted both the threat and sophistication of those realities.” While eliminating all cyber threats is impossible, your business can minimize costly damages by performing security risk assessments regularly.

If you are interested in having a third party conduct a security risk assessment for your business, please contact SMS Datacenter by emailing [email protected] or calling 949-223-9240.