How To Perform A Cyber Security Risk Assessment – Defend, Detect & Deter

Keeping computer systems safe is very important today. Hackers can attack computers and cause big problems for businesses. They can steal private information, lose the company’s money, and ruin the business’s good name. Is that what you want?

Doing regular check-ups on computer safety risks is very important. It helps you find any weak spots or dangers that could let hackers in. It allows companies to put up good defenses to stop the bad people. This guide will show you step-by-step instructions on how to perform a cybersecurity risk assessment.

Understanding Cyber Security Risks

However, there are lots of ways hackers might try to get in. They might send fake emails trying to trick people into giving away passwords. This is called a phishing attack. Hackers might also try to break websites by sending too many visitors at once.

This is called a denial-of-service attack, and it causes the website to crash. Sometimes the trouble comes from inside. An employee might make a mistake or might be angry and do something bad on purpose. Not having good cybersecurity can cause big problems like having information stolen, computers not working right, and losing money.

Everybody needs to care about cybersecurity. Regular people, small businesses, and big companies – they all need it. These days, computers are all over – at homes, schools, hospitals, power plants, and even military bases. Keeping these computers safe from bad hackers and cyber criminals is really important. Good cybersecurity makes sure everything runs well and stops sneaky people from seeing private stuff. It is a really important job in today’s computer world.

Types Of Cyber Security Risks

There are many kinds of cyber risks that businesses need to know about:

Malware: They are basically bad programs that are made by hackers to break computers. They can make computers not work right or let hackers get into computers they are not supposed to. Hackers can then use this information to get access to your stuff.

Phishing: Phishing is a sneaky trick by hackers. These bad people pretend to be someone good, like a bank. They want to trick you. They try to get you to give them your secret stuff, like passwords or money numbers and then they use it for wrong purposes. It is very sneaky!

Distributed Denial-of-Service (DDoS) Attacks: Hackers might send way too many visitors to a website all at once. This overloads the website and crashes it so no one can use it. It is like an online traffic jam! called DDoS Attack.

Data Breaches: Sometimes sneaky people get into systems and steal private information like people’s names, addresses, and card numbers. Or they might steal a company’s secret ideas or financial records.

Insider Threats: Some people who work at the company now, or used to work there before, might still be able to get into the company’s computers and see private information. Even people who help the company, like contractors, might have this access too.

If these people get mad or unhappy, they could use their access in a bad way to hurt the company. It’s like they have the keys to get in, but they use the keys to do bad things instead of good things.

Human Error: Regular employees might make mistakes like falling for phishing scams, using bad passwords, or losing laptops with private data. These accidents let the bad people in.

Establishing A Cyber security risk assessment Framework

Before you start looking for possible dangers to your computer systems, it’s important to have a plan. This plan should explain how your company will:

• Find out what could go wrong
• Look closely at these possible problems
• Figure out how big of a deal each problem is

Take steps to make the problems less likely to happen or less harmful if they do happen

Key Components of cyber security risk assessment framework:

• Risk Management Policy: Write down in a document what the company wants to do about computer cyber security threats and who will do what
• Risk Assessment Methodology: Have a step-by-step way to find, look at, and measure how bad each danger is
• Risk Treatment Plan: Make another plan that says what the company will do to make each danger less of a problem
• Risk Monitoring And Reporting: Keep checking to see if the plans to make dangers less of a problem are working and look out for any new dangers

By doing these things, your company can better protect its computers and information from bad things happening.

Step 1: Asset Identification

The first thing to do when checking for possible computer dangers is to make a list of all the important computer stuff your company has. This includes:

• All the computers (like servers and laptops)
• Things that connect computers together (like routers and firewalls)
• Programs that computers use (like operating systems and databases)
• Information (like customer lists, money details, and special ideas the company came up with)
• Computer help that comes from outside the company (like cloud storage and SAAS)
• Places where the computers live (like data centers and server rooms)

It’s important to write down everything, where it is, and how it all works together. This way, you won’t forget to check anything important for possible dangers.

Step 2: Threat Identification

Did you make a list of all the important computer stuff your company has? Now, the next step is to figure out what kinds of things could cause problems or put your computer stuff in danger. These threats can come from people who are doing bad stuff on purpose, or they can happen by accident. It can come from inside or outside your company.

Here are some examples of the kinds of things that could be dangerous for your computers:

• Hackers who are really good with computers (they might try to break in and steal information or mess things up)
• People who work for your company but are upset or don’t care about doing things safely
• Other companies or even countries who might try to spy on your company using computers or cause trouble for you
• Things like floods, earthquakes, or fires that can damage your computers
• Times when your computers or programs don’t work right or have problems that bad people can use to break in

To figure out what specific dangers your company might face, it’s a good idea to:

• Read reports about computer dangers that experts have written
• Look at what kinds of problems other companies like yours have had
• Talk to people who know a lot about computer safety and to the people who run different parts of your company

These ways can help you understand if there are any special threats for your company because of the kind of work you do or where your computers are. By looking carefully at all of this, you can make a good list of the things that could cause problems for your computers and your company’s information.

Step 3: Vulnerability Assessment

Did you figure out what kinds of things are dangerous for your computers? Well good, now the next step is to look closely at your company’s computers and programs to see if there are any weak spots. Weak spots are like loopholes or cracks that the hackers could use to get in and cause you trouble. They can steal information or mess things up.

Here are some examples of weak spots:

• When the programs on your computers aren’t up-to-date and don’t have all the latest fixes
• When people use passwords that are easy to guess or the passwords that come with the computer
• When the settings on your computers aren’t set up right to keep them safe
• When there aren’t good rules about who can use which computers and what they can do
• When important information isn’t scrambled up with a special code to keep it secret
• When you have old computers or programs that the company that made them doesn’t help with anymore

To find these weak spots, your company can do different kinds of checks:

• Use special programs to look all over your computers and networks to find loopholes
• Have experts try to break into your computers on purpose to see if they can
• Have people read through the special instructions (called code) that make your programs work to see if there are any mistakes
• Check that the places where your computers are kept are safe and hard to get into
• Test to see if people in your company would accidentally tell secrets or let bad people trick them

It is important to figure out which weak spots are the most dangerous and could cause the biggest problems for your company and the work you do. This way, you can fix the biggest problems first.

Risk Analysis and Evaluation

After you have made your list of important computer things, think about what could go wrong. And also look for weak spots. The next step is to think really hard about how bad each problem could be. To do this, you would need to think about two things: how likely it is that the issue will happen and how much of a mess it would make if it did happen.

When you are trying to figure out how likely a bad thing is to happen, think about:

• How good the bad people or things are at making trouble
• What ways they might try to sneak into your computers
• What kinds of things you already have to keep your computers safe

When you are trying to figure out how big of a mess a bad thing would make, think about:

• How much money your company could lose
• How much it would get in the way of your company doing its work
• If it would make people say bad things about your company
• If it would make your company get in trouble for not following important rules

After you have think about this stuff, you can use a special picture to help you see which problems are the biggest deal. This picture puts the problems into groups based on how likely they are to happen and how much of a mess they’d make. The problems in the “really big deal” groups are the ones you should worry about the most.

When you are doing this then it is really important to talk to the people who know the most about different parts of your company. They can help you understand better how much trouble each problem could cause for your company’s work and for following important rules.

Step 5: Risk Treatment and Mitigation

Once you have figured out and understood the dangers, the next thing to do is figure out how to handle them. Here are some of the choices:

Risk Mitigation: You should take steps to make it less likely that the risk will happen or to make the impact smaller if it actually does. This might actually mean adding security measures and keeping a closer eye on things or training workers.

Risk Acceptance: We think that sometimes it is smarter to just accept the risk if trying to decrease it would cost too much or if the risk isn’t that big of a deal.
Risk Avoidance: Stop doing the things that will cause the risk or get rid of it altogether.
Risk Transfer: In the end, you can try shifting the risk to someone else, like by purchasing insurance or hiring another company to handle the risk part.

Basically, the aim is to pick the best option or mix of options to manage each risk in the most effective  way. 

Here are some easy ways to make your computer systems and information safer:

• Use special computer programs that help keep bad things out, like firewalls and VPN. These are like gates and guards for your computer.
• Make sure important information is hidden with a special code, like a secret language, so only the right people can see it. This is called encryption. And for this you can use VPN. Not sure where to get the right one? Try VPN.com.
• Only let the right people use certain parts of the computer system. This is like having different keys for different rooms in a building.
• Check your computer system often to make sure there are no weak spots where bad things could get in. This is like checking your house for any open windows or broken locks.
• Make easy-to-follow rules for everyone to keep information safe. These rules are like instructions on how to behave.
• Teach the people who work with you how to follow these rules and what to do if something bad happens. This is like having a fire drill at school.
• Keep your computers and other important things in a safe place where only the right people can go. This is like putting your toys in a special box that only you can open.
• Use cameras and other tools to keep an eye on these places, like how your parents watch over you in the playground.
• Have special things to protect your computers from dangers like fires. This is like having a fire alarm and a sprinkler system in your house.

It’s important to make a big plan that tells you exactly what to do, who will do it, and when they need to do it to keep your computer systems and information safe. This plan is like a to-do list for keeping things secure.

Step 6: Ongoing Monitoring and Review

We suggest that you always check to make sure that your computer and your stuff are safe. It is not something that you can do just once. It is basically like how your parents always watch to keep you safe, even as you get bigger and things change.

Here are some things you should do:

• Make a list of all the important things on your computer. Keep looking at the list to see if anything is missing or not working right.
• Keep learning about new things that can hurt your computer. Listen to people who know a lot about this.
• Use special computer programs to look for any loopholes where bad things could get into your computer.
• Have a friend look at your computer sometimes to see if they can find any problems you didn’t see.
• Keep making your safety plan better when you learn new things. It’s like changing the rules about where you can play as you get older.

Sometimes, even when you are very careful, something bad might still happen to your computer. This is called a “cyber attack.” You need to know what to do if this happens, just like you need to know what to do if you get hurt playing.

To get ready for this, you should:

• Write down what to do if something bad happens to your computer. It is like having a list of who to call for help in an emergency.
• Practice what to do, just like you have fire drills at school.
• Have the right tools and people ready to help you if something bad happens. It’s like having a Band-Aid box and knowing how to use it.

If you always check and are ready then you can protect your computer and the important things on it

FAQ’s

What is cyber security risk assessment?

Cybersecurity risk assessment is the process of identifying, analyzing, and evaluating potential cybersecurity risks to an organization’s computer systems, networks, and data.

Why is cyber security risk assessment important?

Cyber security risk assessment is important because it helps organizations identify and mitigate potential risks to their computer systems, networks, and data, which can help prevent cyber attacks and protect sensitive information.

What are the key components of a risk management framework?

The key components of a risk management framework include a risk management policy,cyber security risk assessment methodology, risk treatment plan, and risk monitoring and reporting.

How do you perform a cyber security risk assessment?

To perform a cybersecurity risk assessment, follow these steps: 1) Identify assets, 2) Identify threats, 3) Assess vulnerabilities, 4) Analyze and evaluate risks, 5) Treat and mitigate risks, 6) Monitor and review.

What are some common types of cyber security risks?

Common types of cyber security risks include malware, phishing, Distributed Denial-of-Service (DDoS) attacks, data breaches, insider threats, and human error.

How can businesses mitigate cyber security risks?

Businesses can mitigate cyber security risks by using special computer programs (firewalls, VPNs), encrypting important information, implementing access controls, regularly checking for vulnerabilities, establishing security rules, training employees, and keeping systems physically secure.

Why is ongoing monitoring and review important for cyber security?

Ongoing monitoring and review are important for cyber security because threats and vulnerabilities are constantly changing. Regular monitoring helps to detect and respond to new threats and vulnerabilities, ensuring the security of computer systems and information.

The Bottom Line

A cyber security risk assessment should be a mandatory business practice for most industries and entities. This measure plays a very important role in the detection of related threats, vulnerabilities and risks that could affect confidentiality, integrity and the availability of the crucial information assets.

By strictly following the steps as outlined – including asset identification, threat recognition, vulnerability assessment, risk analysis and management, and continuous monitoring – organizations can develop a holistic comprehension of their cyber risk environment and institute relevant strategies in preventing and managing the risks.

By that you should know, there is no rest for cybersecurity and regular cyber security risk assessment is a must to adapt to the relentlessly changing risk scenario. Through focusing on cybersecurity and implementing comprehensive risk management methods, businesses can protect their treasures, guarantee the continuity of their business, and increase their level of resilience to cyber dangers.