What Is IT Audit Readiness And Why Should Small Business Owners and Startup Entrepreneurs Pursue It?
The Purpose Of
The ultimate purpose of IT risk assessment is to mitigate risks to prevent security incidents and compliance failures.
What Is IT Risk Assessment And Why Is It Important?
IT risk assessment is the process of identifying security risks and assessing the threat they pose. The ultimate purpose of IT risk assessment is to mitigate risks to prevent security incidents and compliance failures. However, no organization has the resources to identify and eliminate all cybersecurity risks, so IT pros need to use the security risk assessment to provide focus. The more clearly you can articulate your plan to reduce the most critical vulnerabilities across the network given your top threat sources, the better your business case and the more likely you are to get funding for an effective security program.
Components Of An IT Risk Assessment
An IT risk assessment starts with risk intelligence and threat analysis. You need to make three lists:
- The IT assets in your organization and how much damage their loss or exposure would cause
- The business processes that depend on those assets
- The threat events that could impact those assets and how likely those events are
The Top 5 Benefits Of IT Risk Assessment
1. Understanding Your Risk Profile
Identifying threats and ranking risks in a systematic way based on the potential for harm is crucial to prioritizing risk management tasks and allocating resources appropriately. A risk profile describes potential risks in detail, such as the source of the threat, the reason for the risk, the likelihood that the threat will materialize, and the impact analyses for each threat.
Using this data, we can immediately attend to the high-impact, high-probability risks, and then work our way down to the threats that are less likely and would cause less damage.
2. Identifying And Remediating Vulnerabilities
A gap-focused assessment methodology can help us identify and close vulnerabilities. In these risk assessments, cybersecurity, operations, and management teams collaborate to evaluate security from the perspective of a potential attacker. The process may also involve an ethical hacker, who will ensure your security controls and protocols are thoroughly tested.
By comparing your objectives and risk profile to how your IT infrastructure performs during these assessments, we can determine the best steps for improving your information security.
3. Inventorying IT And Data Assets
Unless we know what information assets you have and how important those assets are to your organization, it’s almost impossible to make strategic decisions for IT security. With a complete, up-to-date inventory from your IT risk assessment, we can determine how to protect your most critical software and data assets.
4. Mitigating Costs
Regular IT risk assessment can help your company eliminate unnecessary security spending. Estimating risk accurately enables you to balance costs against benefits. We can identify the most unacceptable risks and channel resources toward them, rather than toward less likely or less damaging risks.
5. Complying with Legal Requirements
Most organizations have to comply with the privacy and data security requirements of various regulations. Any company that does business with European residents, for example, has to regularly evaluate their risk to comply with the GDPR. Healthcare organizations have to comply with HIPAA, which requires documenting their administrative and technical safeguards for patient data and conducting regular risk assessments to ensure that those safeguards are effective. Regular risk assessment is also important for companies that need to comply with consumer privacy standards like PCI DSS or financial disclosure regulations like SOX. Non-compliance with regulations like these can be extremely costly for an organization.
Why You Need Eden Data
Eden Data was built on disruption: disruption of the century-old professional services model. We chose instead to partner with various organizations that have completely dominated their respective industries by creating forward-thinking SaaS tools related to cybersecurity and data protection. We then worked together to enhance the value we bring to organizations by coupling our services and creating holistic solutions that address the classic adage ‘People, Processes, Technology’.
The Eden Data Difference
Eden Data’s long-term vision is to create a future where companies can bring fantastic ideas to fruition using the internet while effortlessly maintaining appropriate data security and privacy. Eden Data focuses on the next generation of businesses that are ready to build security and privacy into their DNA, from their culture to their technologies to their entire operating processes. We are working to make information security a core pillar of every organization we have the pleasure of working with.
Security That Works The Way You Do!
The product or service you provide to your customers is one-of-a-kind, so why shouldn’t your security program be?
Traditional consulting firms have resumés a mile-long… serving corporations that look nothing like your company from an IT perspective. Why not hire a firm that operates just like you and works exclusively with companies just like yours? Call Eden Data today to learn more about IT risk assessment.