15. IT Security Risk Assessment
Risk assessment refers to the overall combination of steps of identifying, evaluating, and analyzing risk. Risk identification involves identifying the threats, vulnerabilities, assets, and existing controls. Evaluation, on the other hand, focuses on determining the likelihood and impact if the vulnerabilities are exploited by the threats, resulting in damage to the asset. Risk analysis puts everything together and informs the organization about the real risk involved and helps determine how effective existing controls are and what gaps exist between current and desired states of risk. Security frameworks (NIST RMF, ISO 27005, ISACA Risk IT) use different steps to fulfill the risk assessment process. However, most risk assessment methodologies are still based fundamentally on the two primary ways to assess risk: qualitative and quantitative. Both of these methods have value, depending upon the context of the situation, and often both methods can be combined.
Risk assessment is the essential part of any security standards, framework, or security assurance audit. Cybermatic has been helping organizations in different sectors to build a risk management framework meaningful to their business and manage their risk effectively and efficiently. We can help your organization on this journey by providing the below services:
- Risk Identification: Identifying the threats, vulnerabilities, assets, and existing controls of your organization based on the risk management framework of your company.
- Risk Evaluation: Determining the likelihood and impact of threats exploiting identified vulnerabilities and evaluating the potential damage to your asset.
- Risk Analysis: Determining how effective existing controls are and what gaps exist between current and desired states of risk in your organization.