Interscale Content Hub – Risk assessment IT security is a way of identifying, evaluating and prioritising potential risks that could harm your IT systems, data and operations.
Given the rise in cyber threats, it’s crucial to conduct a structured risk assessment to shore up vulnerabilities and safeguard sensitive data.
The Australian Signals Directorate (ASD) in “ASD Cyber Threat Report 2022-2023,” says there were almost 94,000 cybercrime incidents in the 2022-23 financial year, which is a 23% increase from the previous year.
So, what’s the latest on IT security? How do they change to keep up with cyber threats in your industry? Let’s go into more detail here.
Components of IT Security Risk Assessment
Any solid IT security plan starts with understanding the risks to your digital assets.
So it’s clear why the Australia Department of Health and Aged Care’s “Security Risk Assessment and Risk Management Plan Template” says it’s vital to understand your organisation’s internal and external context.
This means figuring out what your most important assets are, like sensitive data, hardware, and software.
You should also think about potential threats, like malware, phishing attacks, and even internal sabotage.
The “Guide to Getting Started with a Cybersecurity Risk Assessment” by CISA goes into more detail on this, pointing out that you need to document any weaknesses in your network, including hardware, software, interfaces, and vendor access.
On top of identifying your assets and threats, you’ve also got to assess your vulnerabilities.
Milton Kabia’s “Security Risk Assessment Types” presentation notes that this often involves technical scans, penetration testing, and reviews of security policies.
The CISA guide supports this, saying how organisations should describe their network parts and infrastructure to identify potential weaknesses.
It’s also crucial to understand what could happen if there was a security breach.
The “Security Risk Assessment and Risk Management Plan Template” helps you consider the different kinds of risks you might face, such as financial loss, damage to your reputation, or operational disruptions.
The CISA guide also says it’s critical to identify potential impacts on the mission and consider how system dependencies and shared resources could be affected.
IT Security Risk Assessment Process
It’s not just a one-off IT security risk assessment. It’s an ongoing process of evaluation and improvement.
It’s a way of keeping on top of the ever-changing cyber threats your company faces.
The CISA guidelines give you a structured framework for this process, so you can be sure you’re evaluating and mitigating risks thoroughly.
The first thing to do is to identify and document any weaknesses in your network assets.
This phase is all about taking stock of your entire IT infrastructure, from the hardware and software to the interfaces and vendor access.
If you know what’s in your network, you can spot the weak spots that cybercriminals could use to get in.
Next, you need to find out where you can get information about cyber threats.
The world of cyber threats is always changing, so it’s important to keep up with the latest risks and vulnerabilities.
Make the most of national and local resources, like the 2023–2030 Australian Cyber Security Strategy and the CISA Known Exploitable Vulnerabilities Catalog, to stay one step ahead.
The next thing you need to do is identify and document any threats, whether they’re coming from inside or outside your company.
It’s good to remember there are threats coming from both inside and outside your organisation.
If you document both your internal processes and external vulnerabilities, you can anticipate and plan for potential breaches.
Once you’ve flagged up potential threats, it’s time to think about how they could affect your mission.
Think about how a cyber incident could affect your organisation’s operations, as well as any dependencies and shared resources.
This is a big step in stopping breaches and putting together a good response plan.
The fifth step is about using threats, vulnerabilities, likelihoods and impacts to figure out the level of risk.
This is where you work out how risky something is by thinking about how likely it is that a threat will exploit a vulnerability and what the consequences could be.
This ongoing assessment helps you keep up to date with how your organisation is doing in terms of its cyber security.
Finally, you need to flag up the risks and decide which ones to tackle first.
It’s a good idea to have a list of key personnel and their contact details so you can respond quickly to a cyber incident.
It’s also a smart move to figure out how to respond to different cyber threats. That way, you’ll be ready to act quickly when needed.
For info on two main methods of risk assessment, kindly read “Quantitative vs. Qualitative Risk Assessment Methods: Differences, Advantages, & Disadvantages“
Best Practices for IT Security Risk Assessment
The ever-changing nature of cyber threats means we need to keep on top of things with regular updates and continuous monitoring.
The “Security Risk Assessment and Risk Management Plan Template” makes a similar point, suggesting that reviews should be carried out at least once a year or every two years, depending on the type of sensitive biological agents being handled.
But it doesn’t end there. If there’s a major change, like an incident or a shift in procedures, it’s also a good idea to take another look at the situation.
The idea is to make sure you have the latest info on the risks you face, so you can adapt your defences in a proactive way.
Another key part of doing a good risk assessment is getting input from the people affected by it.
The template shows how it’s important to get both internal and external stakeholders involved at every stage.
This way, everyone gets a chance to have their say, which helps to make sure that everyone is on board with keeping things secure.
It’s also important to be clear when you’re communicating and documenting things, so everyone knows where they stand.
The template gives you a way to keep track of the risks you’ve identified, how you’re assessing them, and what you’re doing to deal with them.
This also helps you keep on top of what’s going on and makes it easier to make the right decisions. It also shows that you’re doing what you say you are.
It’s also worth mentioning that using established frameworks like the NIST Cybersecurity Framework can make your risk assessment process a lot more efficient.
These frameworks provide a structured approach and best practices that can be adapted to suit your organisation’s particular needs, ensuring a thorough evaluation.
At the end of the day, training and awareness programmes are key to building a security-conscious culture.
The CISA guide makes a big deal about the need to educate employees about cybersecurity risks and best practices.
Keeping your staff up to date with regular training sessions means they can act as the first line of defence against cyber threats.
Tools and Techniques for IT Security Risk Assessment
How well an IT security risk assessment works depends on the tools and techniques you use.
So, we’ll run through a few options to give your team the tools to conduct thorough and insightful assessments.
Automated Assessment Tools
Tools like CISA’s Cyber Security Evaluation Tool (CSET®) make it easier to assess your cybersecurity.
They give you a detailed report on your cybersecurity setup, pointing out any weaknesses and suggesting ways to fix them.
These tools save you time and effort, so you can focus on the risks that need to be addressed.
Penetration Testing
Penetration testing, or ethical hacking, is a more proactive approach.
By simulating real-world cyber attacks, it finds weaknesses that might not show up in regular assessments.
This hands-on approach gives you a realistic view of how your security defences work in practice.
Vulnerability Scanners
Vulnerability scanners monitor your network and systems for any known vulnerabilities, so any weaknesses are spotted and fixed quickly.
This proactive approach helps you stay one step ahead of potential threats.
Risk Management Software
Risk management software gives you one place to keep track of, assess, and monitor risks.
These solutions make risk management easier, helping you focus on the most important issues and deal with them more effectively.
If you’d like to gain more insights on this topic, kindly read “IT Audit Risk Assessment: Techniques, Tools, & Best Practices.”
Incident Response Planning
When you’re doing a risk assessment, it’s pretty much essential to think about incident response planning.
The CISA guide strongly advocates having a well-defined plan to respond quickly and effectively to security breaches.
This also means working out who’s responsible for what and how we’ll handle different types of incidents.
Ready to Start an IT Security Risk Assessment? Or Still in Doubt?
Given how complex and ever-changing cybersecurity threats are, it’s tough for many companies to put together a solid IT security risk assessment.
This is made worse by a lack of resources and expertise.
That’s where we at Interscale can help you understand the cybersecurity landscape and develop a solid risk assessment strategy.
How can we support your business?
We make sure we understand your business inside out and then put together a solution that’s right for you.
So, we help you spot potential weaknesses and decide which ones are the most important.
We’ll also work with you to put together a full cybersecurity strategy that fits in with your business goals.
And we also run training programmes to give your employees the knowledge and skills they need to identify and respond to cyber threats.
This approach has helped us support our clients like Davey Water Products to beat some big cybersecurity challenges and keep their systems and data safe.
Now, to get a taste of how we can help you, kindly visit our Interscale Cybersecurity Services page for more information.
Or perhaps you’d like to grab a coffee and croissants? Our team would love to catch up with you.
Let’s meet for a one-on-one meeting to discuss your specific risk assessment issues.
We’ll show you why Interscale is the go-to for all things IT risk assessment.
In Closing
If you understand the key components, follow the process and adopt best practices, you can build a strong defence against cyberattacks.
The digital world is always changing, so you need to stay alert and adapt your security.
Making risk assessment IT security a core part of your business strategy will help you navigate the digital landscape and protect your valuable assets.
