How to conduct Risk Assessment for your Business?

Your business without a security shield is a breeding ground for malicious activities
A study conducted by Netrika captured the vulnerability of businesses. It reflected that amongst the participating companies, 62% have been vulnerable to an information security breach and suffered a cyber-attack in the form of either ransomware, phishing, or malware attack.

Imagine the impact of these staggering statistics, yet most businesses fail to understand the vitality of IT security services. Adding to the underexplored domain of the systematic evaluation of a company’s security, the inefficient security audit services are a greater threat than leaves a gap for a breach to enter and thrive.

The unrelenting pace at which cybersecurity has taken shape offering resources to battle complex cybersecurity breaches is often hampered by the new and sophisticated cyber-criminal activities. These cybersecurity threats incapacitate the existing measures taken by IT security audit services and push them into exploring its unidentified facets. As time-consuming and monetary challenging as it is to counter these breaches and espionage, manifold attacks are deployed every year by cyber-criminals to the organization’s core.

This is where, a certified risk management professional’s security audit services with cutting-edge technology and constantly evolving methods, enter the business landscape to mitigate the complex framework of threats. The security audit services perform systematic assessment and testing to harden the security infrastructure.

But, what level of risk assessment is the right level of assessment is a question worth attention to! Let’s dive right into how a certified risk management professional, can conduct a risk assessment for your Business.

But first, a glance at what security audit services can offer your company.

Security Audit Services: A Passing Trend or Necessity forever!

A Chain is as Strong as the Weakest Link

Let’s start with accepting that, if you have a business, no matter how small or big, it is most certainly at the vulnerability to malicious activities. And, if a business owner thinks otherwise, they are just living in denial. So, a wise step is to consider the worst while planning for the best and adopt technological methods in impeding the menacing force. And this includes both internal and external threats.

To identify and act against the cyber risks, IT and security audit services check the physical and virtual data security apart from how well the security measures are enforced. To resonate with its principle, security audit services conduct audits that find security gaps in the systems and networks of a company. It forms a great acid test to check a company’s risk assessment and management.

Steps to conduct an organizational risk assessment
A 360-degree loop of risk identification, security policy creation, and solution implementation

When paving for a secured business management system, what better method to adopt than the framework of continuous improvement- the PDCA cycle.
A PDCA cycle of Plan-Do-Check-Act is the pertinent method to perform security audit services in a streamlined and effective manner. Let us understand how:

1. Plan
Planning is considered the most extensive phase of any activity, and why not, it holds the ability to make or break the final result. So, to account for seamless IT & cybersecurity audit services, it becomes pertinent to establish an information security management system (ISMS). This system demonstrates a company’s approach to information privacy and security. Moreover, it helps to identify and address the opportunities around assets that can be valuable data.
The motive behind this system is to create shield your company from security breaches. To reason with the motive, ISMS must incorporate the identification and analysis of:
● Information Assets
● Asset Owners
● Risks to integrity and confidentiality of assets
● Risk Owners
● Impact of Risk

It also incorporates the separate identification of external and internal threats which might relate to the economic, legal, or political requirements in the case of external elements, whereas for internal elements, it accounts for the organizational ethics, structure, infrastructure, resources, etc.

2. Do
Upon identifying the metrics, businesses get the transparency of what to do and where to act to fill the vulnerable cybersecurity gaps. At least if not on their own, then with the help of a specialist such as security audit companies.

3. Check
Once the IT or cyber security audit services company has made the required changes, you as a business owner can measure the effect and impact through the metrics. This step closely monitors and reviews the information security management system to reflect the improved zones.
However, this stage does not necessarily display the success domains, but might also reveal the failure of the entire or partial system.
Fret not!
This is the beauty of a PDCA cycle, that it tends to bring to light both success and failure of the implemented action in a business. This allows the business to make more informed changes.

4. Act
Upon comprehending the result of the Check step, the security audit services company can finalize the most feasible cybersecurity action. It involves the corrective and preventive measures based on the security audit services, that are expected to continue forever, with improvement as per the market disruption. This stage also enables the improvement and maintenance of the ISMS with regular follow-up.

This never-ending PDCA cycle of security audit services becomes a savior for business to safeguard their system and network with the best cybersecurity tools and methods. It provides early identification and prevention of cybersecurity threats that cripple not just the finances of a business but also defame its reputation.

How does Netrika add value to the professional’s career and organizational security?
Netrika offers a comprehensive fleet of training programs to guide professionals through their career journey. We collaborate with RIMS, the only accredited risk management certification globally, to deliver the certified risk management professional certification across industry verticals.

The RIMS-CRMP certification curation from Netrika aims to assist aspiring certified risk management professionals in understanding how to build a robust landscape that oversees the organizational security risks while being a catalyst in their career.