The new age calls for proactive countermeasures to stand strong against cyber-attacks.  As information technology and artificial intelligence rapidly evolving and has become part of day-to-day life, cyber threats are also becoming more dangerous. 

Both can improve business productivity and accelerate revenue and generate improved and better user experience. However, this growing technology is at a greater risk of business-destroying cyber threats.

As cyber attackers are also becoming smart and clever. The shift in the artificial intelligence has caused the AI-generated cyber threats like phishing emails and scams, malware and malware targeting mobile applications and smartphone users stealing their online private data, cryptojacking, and new emerging deepfakes attacks, to exploit user data, online business assets, and information globally.

Keeping these threats in mind, companies should enforce protective measures for valuable infrastructure and data. The company should ensure the company data is not vulnerable to cyber threats, evaluate business data to could become a threat to the forthcoming threats. 

Business needs a better insight into the security level s, risks, and vulnerability within the company’s assets by focusing on new digital channels. 

Cybersecurity risks assessments are performed in order to identify evaluate and mitigate the effects of risks effects and monitoring the vulnerabilities. 

How Does Risk Assessment help?

We have seen the rise in company security and promotion of risk assessment o highlight vulnerabilities within and out company’s infrastructure.

As the number of cybersecurity threats has taken its toll, we have seen a large number of data breaches, cryptojacking via crypto mining and deep fakes causing millions of people to become the victim of the threats.

These threatening cybercrimes have intensified the value of risk assessment of network security. In addition, to protect the valuable data, there are many other benefits of conducting risk assessment:

• Highlight the threat and hazard in an organization
  
  
• Cybersecurity risk assessment teaches to identify the threat, what is the source of the threat, how these threats will impact the business and what countermeasures should be taken to secure the company assets and data against impending cyber –attacks
• No matter the amount of security measure put into action, no company can claim that they save from the aftermath after becoming the victim of cyber threats. Therefore, security preparations beforehand can help to mitigate the risk. 
• Enforcing risk assessment plays a vital role in saving time, hard-earned money and business reputation in the industry. 

Today, enterprises are investing more in educating their clients about cyber-threats and how to perform an effective risk assessment for the company. Employees are encouraged to get cybersecurity certifications like CompTIA Security Plus certification or join best cybersecurity bootcamps to learn the skills and have hands-on training to solve cyber problems. 

6 Steps Involve in Cyber Security Risk Assessment:

To reap the best of risk assessments, these should be consistent and continuously performed in order to discover, protects and eliminate vulnerabilities. Risk assessments, for any company, should be an integral part of security strategy and never miss out any step involved in cybersecurity risk assessment:

Step#1- Form a Team

For a robust cybersecurity plan-of-action, there should be a team which should oversee the risks of different levels and in different departments. Senior management support should be taken and roles and responsibilities should be assigned to each member as to cleanly conduct the risk assessments.

The team then should develop strategies, standards, and risk profiling.  

Step#2 -Categorizing the Assets

Identify what business assets matter most and map the next step accordingly. Categorize all business assets, products and sort out each in the order. Understand what asset could be at higher risk and prioritize assessment accordingly.

If the company is using third-party vendors then are at the top of data breach risk. Here are the questions you should ask and gather as much information as possible:

• Where the collected information and data is are being stored?
• What software and technology company is utilizing?
• How the information or data collected is being shared?
• Are we leveraging third-party vendors? What are their access rights?

Moreover, collect as much information as you can on network, servers, data transmission, and databases.

Step#3 - Identification of threat source

First, identify the reason behind the threat, why and who can attack. This will help to stay focus on mitigating the potential threat and the potential threat events and which source could be the target. This step helps to filter out the threat sources vulnerable to cyber-attack. This will help you to grade the asset more likely to become the target and exploit the data.

Step#4 -Identify Vulnerabilities:

This step acquires you to identify and spot the vulnerabilities within the company or company’s assets. The weak spot is an easy target for a hacker to gain access to the vulnerable data and exploit the information. 

Security vulnerabilities can be highlight by carrying out testing. Testing like web application testing, software testing, web, and mobile penetration testing and use of scanning tools can be used.  Enhance business security by carrying out a series of tests and deploying patch management.

Step#5-Analyze the Risk and Impact of the Threat:

After figuring out the vulnerabilities, analyze existing and possible risks. The likelihood of the risk you could come face-to-face with and the impact it will have on the affected company asset. 

Risk analysis the important step in the risk assessment which to calculate the probability of the attack being carried out and its consequences. 

Furthermore, it will aid in minimizing the negative impact by anticipating the problems. 

The sources of threats could be different and analyzing risk help filter out those weak areas.

After risk analysis, determine what will be the impact of the possible or existing cyber-attack and how much it will cost the business. Analyze the risk, understand the impact, and report the level of risk to minimize the threat.

Step#6-Setup Controls and Measure Effectiveness

After the risk analysis, setup controls to safeguard infrastructure. Utilize the technical controls to minimize the vulnerability in the systems. Deploy basic protection controls like firewalls, anti-malware, and unauthorized access mechanisms. Don’t miss out on deploying non-technical controls like security policies and actions.

After placing these controls in action, monitor and report the effectiveness. Reporting mechanism helps companies to distribute the investment and use it wisely in the security sectors.