Cyber Security Risk Assessment: Components, Frameworks, Tips, and Considerations

As technology advances at a rapid rate, organizations of all sizes must take steps to ensure that their networks and data are secure. A Cyber Security Risk Assessment (CSRA) helps evaluate an organization's ability to protect the information, sensitive data, and network infrastructure from cyber threats. It identifies, prioritizes, and communicates its cybersecurity risks to stakeholders, allowing them to make informed decisions about deploying resources.

In today's world of digital business operations, it is increasingly vital for organizations to possess the proper knowledge and tools when conducting a CSRA. This blog article will dive into the components of Cyber Security Risk Assessment with special tips and considerations from our team of experts at ICU Computer Solutions.

Who Should Perform a Cyber Risk Assessment? 

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Organizations must take the initiative to understand the security posture of their networks and data. An individual or team with IT expertise should perform a cyber risk assessment, which may include Network Administrators, IT Consultants, Computer Forensics Professionals, or Cyber Security Specialists. 

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Cyber Security Audit Checklist 

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A cyber security audit checklist will ensure that all areas of the risk assessment are adequately covered and addressed. It is a comprehensive list of cybersecurity-related items to help assess the organization's IT infrastructure, identify risks, and suggest corrective measures. 

Questions may include:

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- What type of data is stored on the organization's network? 

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- Is there an inventory of all devices connected to the network? 

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- Are passwords regularly changed or updated? 

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- Does the organization have a strategy for responding to a security breach or ransomware attack? 

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- Are there any policies or procedures related to cyber security? 

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Security Risk Assessment Model  

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Risk = Threat + Consequence + Vulnerability  

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The Security Risk Assessment Model (SRAM) is a formula used to help organizations assess the risk of their IT environment. The procedure consists of four components: Identification, Assessment, Mitigation, and Prevention. It helps identify threats, determine the threat level, conduct a vulnerability assessment, calculate the potential consequences of threats, and prioritize risks. 

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Threat Assessments 

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A threat assessment is a tool to determine whether criminals or terrorists may be interested in causing security problems at an organization. It will focus on the Threat portion of the SRAM formula. The goal is to identify all potential threats that could cause harm or damage to the organization's data and systems. 

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Vulnerability Assessment 

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A vulnerability assessment is a process used to identify weaknesses in an organization's information system. It helps organizations uncover security flaws in their networks, applications, and other systems addressed with appropriate countermeasures. A vulnerability assessment should include both, a manual review of the system and an automated scan to detect common vulnerabilities.

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Business Impact Analysis 

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Business impact analysis (BIA) is a process used to assess the potential impacts a cyber attack could have on an organization's business operations. It includes identifying assets, threats, and vulnerabilities and calculating the financial loss that could occur if a security incident happened. Understanding the potential impact of a cyber attack is essential to prioritize and address risks adequately. 

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Security Audits 

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A security audit assesses an organization's IT infrastructure, procedures, personnel, and operations to identify any security vulnerabilities or weak points that could lead to a data breach. During a security audit, organizations should evaluate the effectiveness of their existing security measures and identify any potential areas for improvement.

Types of Cyber Risk Management Frameworks

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1. NIST Cybersecurity Framework

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The NIST Cybersecurity Framework (CSF) is a set of standards, best practices, and guidelines to help organizations manage their cyber security risk. The CSF helps establish the organization's cybersecurity policies and procedures by identifying assets, threats, vulnerabilities, and potential incident responses. It also guides assessing risks and prioritizing mitigation activities based on the organization's risk profile.

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2. ISO 27000

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ISO 27000 is an international information security management system (ISMS) standard. This framework helps organizations develop and implement effective ISMS that will protect their data and networks from threats. It provides best practices for identifying, managing, and mitigating cyber risks and guidance on preventing, detecting, and responding to security incidents.

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3. DoD RMF

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The DoD Risk Management Framework (RMF) is a set of best practices used by the United States Department of Defense (DoD) for evaluating, authorizing, and monitoring information systems. It outlines the requirements for assessing risk, developing security plans, implementing controls, and conducting regular reviews. The RMF also guides how to ensure compliance with DoD regulations.

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4. FAIR Framework

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The FAIR Framework is a risk management methodology based on the Factor Analysis of Information Risk (FAIR). It is a structured and comprehensive approach to quantifying cyber risks so that organizations can understand, manage, and prioritize their security posture. The framework helps organizations determine their acceptable level of risk and develop appropriate strategies for mitigating those risks.

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How to Perform a Cybersecurity Risk Assessment [Step-by-Step] 

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1. Determine the Information Value: Start by assessing the value of all the information stored on your networks, applications, and other systems. It will allow you to prioritize assets according to their importance and sensitivity. 

2. Identify Risks: Conduct a thorough investigation of all potential threats that could impact your organization's data and systems to help you identify risks that need addressing. 

3. Assess Vulnerabilities: Once the risks are identified, assessing any existing vulnerabilities is critical to determine if they could be exploited. It will help you identify areas that need to be addressed and prioritize them according to their potential impact. 

4. Estimate Impact: Calculate the potential consequences of a threat or vulnerability, such as operational disruption, financial loss, reputational damage, or data theft, which will help you understand the importance of addressing the risk and prioritizing it accordingly. 

5. Develop Countermeasures: Establish appropriate security measures to protect against threats and vulnerabilities identified during the assessment process, implement technical safeguards, develop policies and procedures, or train personnel on best practices for cybersecurity. 

6. Monitor & Review: Establish processes to monitor your system for any changes and review your organization's security posture regularly to ensure that new risks are addressed promptly

Cyber Security Risk Assessment (CSRA) is essential for organizations to ensure they do all they can to protect their digital infrastructure's data, networks, and systems. CSRAs identify potential risks across all areas of an organization and prioritize them according to their likelihood of occurrence and the potential impact on operations if they do occur. With the constantly changing cyberattack threats and the need for organizations to protect their information assets, it's more important than ever to conduct regular CSRAs.

At ICU Computer Solutions, our team of experts has years of experience conducting comprehensive Cyber Security Risk Assessments for organizations of all sizes. We assess your security posture and help you identify the best solutions to mitigate cyber risk. Our team takes a holistic approach to your assessment, including identifying threats, vulnerabilities, and potential consequences to prioritize risks relating to the value of your organization's data and information assets.

We understand that CSRAs can be daunting projects for many organizations, so we provide comprehensive guidance. We walk you through the risk identification process, assessing potential threats, and implementing best practices for cyber security. By conducting regular Cyber Security Risk Assessments, organizations can ensure that they are making informed decisions about deploying resources to protect their data from cyber attackers.

Does your organization need help identifying and mitigating cybersecurity and ransomware attack risks? ICU Computer Solutions is here to show you how we can help protect your organization's data and information assets from cyber threats. Contact ICU Computer Solutions for a FREE consultation and schedule your Cyber Security Risk Assessment today!

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( Posted by Andrew Juras on 6/19/23 )