Cybersecurity Risk Assessment: Identify, Prioritize, Protect
Analyze potential threats, assess vulnerabilities, and prioritize risks to safeguard your organization against evolving cyber threats.
A comprehensive and logical approach to cybersecurity risk assessment
Discover a clear approach to risk assessment, starting with macro-level regulatory, industry, and location-specific risks, followed by micro-level risks affecting information assets on-premises and in the cloud.
Step 1
Macro-level cybersecurity risk assessment
Start with a broad analysis of risks affecting your entire organization, including regulatory, industry, location-specific, economic, and cultural factors.
Regulatory risks
Track new and changing cybersecurity laws or standards (e.g., GDPR updates, Singapore’s Cybersecurity Act etc.) and evaluate potential penalties for violations.
Industry risks
Identify attack vectors unique to industries (e.g., ransomware for healthcare, phishing in finance) and evaluate the potential damage to customer trust and reputation due to industry-targeted breaches.
Third party & supply chain risks
Focus on vulnerabilities stemming from external vendors and supply chain dependencies that could compromise your security and assess the risks associated with sharing sensitive data with them.
Geo-political risks
Consider threats tied to international relations, such as cyber espionage or sanctions and address risks from operating in regions with less stringent data protection laws, which may attract attackers.
Culture-specific risks
Environments where trust is emphasized over verification could see higher risks of insider threats or social engineering, leading to higher proliferations of attacks like phishing.
Economic risks
Analyse how financial factors and economic downturns may lead to increased cybercriminal activity, targeting vulnerable organizations.
Technology risks
Assess how emerging technologies can introduce new vulnerabilities and consider risks associated with the convergence of IT (Information Technology) and OT (Operational Technology), especially in industries like manufacturing.
Environmental risks
Assess how natural disasters and environmental factors can disrupt cybersecurity operations. Analyse long-term risks posed by climate change, rising sea levels or extreme weather events increasing in frequency.
Social risks
Evaluate how public backlash or customer dissatisfaction, amplified by social media, can lead to targeted attacks or brand damage.
Step 2
Micro-level cybersecurity risk assessment
Delve deep into risks impacting individual assets such as servers, databases, laptops, and mobile devices, both on-premises and in the cloud.
Asset identification
Create a detailed inventory of all critical assets, including servers, desktops, databases, laptops, mobile devices, and cloud systems.
Vulnerability Assessment
Analyze each asset for vulnerabilities, such as outdated software, misconfigurations, or inadequate access controls.
Threat Analysis
Evaluate potential threats to each asset, such as malware, unauthorized access, or data breaches, based on historical and emerging trends.
Risk Evaluation
Assess the likelihood and impact of identified threats for each asset, quantifying the risk exposure.
Asset Classification
Prioritize assets based on their criticality to business operations and the severity of associated risks.
Mitigation Planning
Develop specific action plans for each high-risk asset to address vulnerabilities and reduce exposure.
Step 3
Cybersecurity Risk prioritization
Consolidate the findings from macro and micro assessments to create a comprehensive risk map. Prioritize risks based on their likelihood, impact, and criticality to business operations.
Likelihood and impact analysis
Assess the probability of each risk occurring and its potential impact on business operations.
Criticality of affected assets
Prioritize risks based on the importance of the assets they impact, focusing on those critical to your business.
Resource allocation strategy
Create a clear plan to direct resources toward addressing the most significant vulnerabilities first.
Step 4
Mitigation plans and recommendations
Develop actionable strategies to mitigate identified risks. Tailor these recommendations to balance security goals, costs, and operational feasibility.
Tailored actions plans
Develop specific, actionable steps to address identified risks and reduce vulnerabilities.
Cost-benefit analysis
Balance security improvements with financial and operational feasibility to maximize impact.
Continuous improvement
Integrate mitigation strategies into your long-term cybersecurity framework for sustained protection.
The benefits of cybersecurity risk assessment
Gain clarity on vulnerabilities, prioritize risks, and align your resources to strengthen your organization’s security and compliance posture.
Enhanced decision-making
Focus on high-priority areas with clear, data-driven insights.
Improved resource allocation
Use your budget effectively by addressing the most critical vulnerabilities first.
Regulatory compliance
Ensure adherence to industry standards and regulatory frameworks.
Strengthened security posture
Minimize potential threats by proactively addressing risks.
Audit preparedness
Be ready for client, regulatory, or certification audits with a clear risk profile.
