Risk Assessments and Vulnerability Testing

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Risk Assessments and Vulnerability Testing

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What Are Risk Assessments?

Failure to conduct regular risk assessments can be costly!

Though it sounds a bit complex, with the right partner by your side, you can run regular risk assessments for your business and prevent a risk from escalating into a full-blown data breach.

Risk Assessment Is A Processthat Helps Identify:

  • Internal and external vulnerabilities
  • Threats to business data, systems, software, clouds and networks
  • Consequences if threat actors exploit vulnerabilities
  • Possibility of harm that may eventually unfold
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Knowing Your Security Risk Environment

Vulnerability Management

If you are responsible for network security, don’t neglect to identify the weaknesses within your IT network. It can expose your business to hackers. Implementing a vulnerability management program can amplify IT security for your business.

Risk Assessments

Only about 40% of owners believe there is sufficient risk assessment conducted in their company. If you don’t know your risk, you can’t fix it.

Cybercrime

Cybercrime has shot up by 40% since the start of the COVID-19 pandemic. Not being alert can make you the next target.

Ransomware

It is predicted that ransomware attack will occur every 11 seconds in 2021. This leaves no room for complacency

Data Breaches

About 70% of organizations faced a cloud data breach in 2020. Do you still believe your cloud data is completely safe?

The Consequences Of Undetected Risks

Organizations that are merely patching and reconfiguring unsecured settings are in for an unpleasant surprise: It is not going to make their network any safer or less vulnerable to a data breach. Below are some of the consequences of insecure risk factors:

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Loss of productivity:

Average downtime is close to two hours.

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Financial loss:

Average total cost of a data breach in 2020 is $3.86 million.

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Reputational damage:

One-third of customers will end their association with a business following a major breach.

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Legal liability:

The OCC fined Morgan Stanley $60 million citing failure to comply with standards and secure sensitive data.

Maintaining Regulatory Compliance

To stay ready and compliant with security requirements of most regulatory bodies, regular risk assessments are essential to identifying and measuring potential business impacts.

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High Impact

High impact risks, if unchecked, could lead to a major breach and have a significant impact on the operations of your business or even result in external monitoring and enforcement.

Medium Impact

Medium impact risks, if unchecked, could adversely affect your business’ cybersecurity posture and lead to demand for operational changes by the external enforcement agency.

Low Impact

Low impact risks, if unchecked, might contribute to failure in accomplishing some of your business objectives.

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Benefits Of Regular Assessments

  • Identifying your risk profile: Detecting threats and sorting risks based on their potential for harm helps you to focus your efforts on urgent pain points
  • Asset discovery & protection: With an up-to-date inventory from your risk assessment, you can determine ways to protect your critical assets and vital data
  • Reduce security spending: Regular risk assessments help you reduce security spending because you know where you need to put money to ramp up security
  • Actionable analytics: Availability of information that gives enough insights into the future helps you take adequate actions that can improve your business’ security
  • Keeps you compliant: When you handle your business assets and data securely through regular assessments, your business can avoid regulatory violations.
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