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 that breaches do not cause revenue loss. “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.”

Cybersecurity is one of the most important aspects of using any form of tech. However, it is especially important for those who run businesses that store sensitive data. A security risk assessment is an audit that can identify security risks to your IT infrastructure and provide tools to help reduce breaches. Individuals and companies alike are at risk, and it is important to understand their vulnerabilities.

Your business or a third party can conduct a security risk assessment by following the steps below. 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 risks by identifying the precautions your business already takes to prevent hazards. Improve these methods to further protect your assets. Also, identify practical steps you can take to add additional layers of security. For example, change roles, invest in up-to-date programs, and implement changes to reduce risk whenever possible.
4. Record your findings. Document areas including hazards, factors that increase risk, and the practical measures you can implement. You can use NIST templates or create your own. This is especially important if your company is bigger.
5. Review your controls, assess overall risks, and identify areas for improvement. Decide whether to add or remove jobs, calculate the budget required to enhance your security, and implement the permanent changes.

More cybersecurity tips your business can follow:

1. Keep passwords strong by making sure they are impossible to guess. Leave out sensitive personal information, such as 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 to change them as often as possible and use a different password for each account.
2. Create an access control policy to regulate who has access to your business’s data and programs.
3. Identify the types of data you store in your IT systems using a data inventory.
4. Review the third-party vendors that have access to your sensitive data. Make sure to use a reliable, trustworthy partner that adheres to standard data security guidelines and your industry’s compliance regulations.
5. Work-from-home protection is just as important. Consider requiring employees to use a VPN to protect their privacy when 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.

With a substantial increase in security breaches targeting businesses over the past several years, it is 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 damage by conducting regular security risk assessments.

If you are interested in having a third party conduct a security risk assessment for your business, please contact SMS Datacenter at info@smsdatacenter.com or 949-223-9240.