At CISO Online™, our cutting-edge security solutions meet proactive risk management strategies. In today’s digital age, the stakes are higher than ever, with cyber threats lurking around every corner. That’s why our Cyber Security Risk Assessment stands as your organisation’s first line of defence, offering a comprehensive analysis with a modern approach. From identifying vulnerabilities to aligning cyber capabilities with business objectives, we’re here to transform information risk into your ultimate competitive
Ciso online™ is committed to safeguarding your digital assets and helping you stay ahead of evolving cyber threats. let’s fortify your defences together!
Organisations are constantly under threat from Cyber Attacks, with the average cost of cybercrime per report rose by 14 per cent to $71,600 for large businesses, $97,200 for mid-size businesses and $46,000 for small businesses.
Additionally, with the rise of AI tools, criminal hackers are using AI to exploit vulnerabilities in threat detection models, posing an evolving and persistent threat to organisations, particularly those without significant investments in defensive cybersecurity technology.
It is critical for organisations to understand the POTENTIAL RISKS AND VULNERABILITIES in their systems and networks so they can implement measures to mitigate these risks.
Failing to conduct a cyber security risk assessment can have serious consequences for your organisation. Without a proper risk assessment, your organisation may not be aware of the severity of vulnerabilities within its systems and networks, leaving them exposed to potential cyber-attacks. The impacts of such oversight could include:
1. Data Breaches
2. Financial Losses
3. Reputational Damage
4. Operational Disruption
5. Legal and Regulatory Consequences
6. Intellectual Property Theft
7. Damage to Stakeholder Relationships
8. Long-term Business Impacts
It is critical for organisations to understand the POTENTIAL RISKS AND VULNERABILITIES in their systems and networks so they can implement measures to mitigate these risks.
Failing to conduct a cyber security risk assessment can have serious consequences for your organisation. Without a proper risk assessment, your organisation may not be aware of the severity of vulnerabilities within its systems and networks, leaving them exposed to potential cyber-attacks. The impacts of such oversight could include:
1. Data Breaches
2. Financial Losses
3. Reputational Damage
4. Operational Disruption
5. Legal and Regulatory Consequences
6. Intellectual Property Theft
7. Damage to Stakeholder Relationships
8. Long-term Business Impacts
Find all the answers you need with our free consultancy session. you’re just one step away from superior security.
CISO Online’s cyber risk assessment is a thorough analysis of your organisation’s preparedness to prevent, detect, contain, and respond to threats targeting your information assets.This assessment transcends traditional approaches by not only evaluating technical readiness but also by taking a comprehensive view of your people, processes, and technology.
A risk assessment is a critical phase in the RISK MANAGEMENT strategy of your organisation. It involves identifying the vulnerabilities and raise a security risk per identified vulnerability. Our experts rate your security risks based on IMPACT (CONSEQUENCE) AND LIKELIHOOD (PROBABILITY) to measure the SEVERITY OF THE RISK (EXTREME, HIGH, MEDIUM, LOW).
This allows your organisation to prioritise actions to ensure that tailored security controls are implemented based on the severity of the risks found.
We understand that every organisation is unique and requires a personalised approach to threat assessment. That’s why we TAILOR OUR ASSESSMENTS to your specific needs, ensuring that every aspect of your environment is evaluated thoroughly.
Our team brings extensive experience across various industries, enabling us to understand and address unique industry-specific risks effectively.
Ready to start your Risk Assessment?
A cybersecurity risk assessment is a process used to identify, evaluate, and prioritise risks to an organisation's information assets. The goal is to determine the potential impact of these risks and implement measures to mitigate or manage them.
Risk assessments help organisations:
Identify vulnerabilities and threats.
Prioritise risks based on their potential impact.
Develop strategies to mitigate or manage risks.
Ensure compliance with regulations and standards.
Protect sensitive data and maintain business continuity.
Asset Identification: Identifying critical information assets, such as data, systems, and networks.
Threat Identification: Determining potential threats, such as cyberattacks, natural disasters, or insider threats.
Vulnerability Identification: Identifying weaknesses in systems, processes, or controls that could be exploited.
Risk Analysis: Evaluating the likelihood and impact of identified threats and vulnerabilities.
Risk Evaluation: Prioritizing risks based on their significance and potential impact.
Risk Treatment: Developing and implementing measures to mitigate or manage prioritised risks.
Risk assessments should be conducted at least annually. Additionally, assessments should be performed whenever there are significant changes to the IT environment, such as the introduction of new technologies, systems, or processes, or after a security incident.
Risk assessments are typically conducted by internal IT security teams or external consultants with expertise in cybersecurity. Involvement from various departments, such as IT, compliance, and executive management, is crucial for a comprehensive assessment.
NIST Risk Management Framework (RMF): Provides guidelines for identifying, assessing, and managing risks.
ISO/IEC 27005: An international standard for information security risk management.
OCTAVE (Operationally Critical Threat, Asset, and Vulnerability Evaluation): A methodology for identifying and managing risks.
FAIR (Factor Analysis of Information Risk): A quantitative approach to risk assessment.
Assets are identified by:
Inventorying Hardware and Software: Listing all devices, applications, and systems.
Data Classification: Categorizing data based on its sensitivity and importance.
Business Process Mapping: Identifying critical business processes and their dependencies on IT assets.
Risk Assessment: A comprehensive evaluation that identifies, analyzes, and prioritises risks based on their potential impact and likelihood.
Vulnerability Assessment: Focuses specifically on identifying and quantifying vulnerabilities in systems, networks, and applications without evaluating the broader context of risks
Threat Identification: Using threat intelligence sources, historical incident data, and brainstorming sessions.
Vulnerability Identification: Conducting vulnerability scans, penetration testing, code reviews, and configuration assessments.
The likelihood of a risk is determined by evaluating:
Historical Data: Frequency of past incidents.
Threat Intelligence: Information about current and emerging threats.
Environmental Factors: Internal and external conditions that could affect the likelihood of a risk occurring.
The impact of a risk is determined by assessing:
Business Impact Analysis (BIA): Evaluating the potential consequences of a risk on business operations.
Financial Impact: Estimating the potential financial losses.
Reputational Impact: Assessing the potential damage to the organisation’s reputation.
Legal and Regulatory Impact: Considering the potential legal and compliance consequences.
Risk Avoidance: Eliminating activities that expose the organisation to risk.
Risk Reduction: Implementing controls to mitigate the impact or likelihood of a risk.
Risk Transfer: Transferring the risk to a third party, such as through insurance.
Risk Acceptance: Acknowledging the risk and choosing to accept it without additional controls.
Effectiveness is evaluated by:
Monitoring and Reviewing: Continuously monitoring the implemented measures and reviewing their effectiveness.
Key Performance Indicators (KPIs): Establishing KPIs to measure the success of risk treatment strategies.
Regular Testing: Conducting regular tests, such as penetration testing and incident response drills, to ensure controls are effective.
Expertise: Access to specialized knowledge and experience.
Objectivity: An unbiased assessment of risks and vulnerabilities.
Resource Efficiency: Allows internal teams to focus on core responsibilities while leveraging external expertise.
A cybersecurity risk assessment is a systematic process to identify, analyse, and evaluate the potential risks that could threaten your organisation's assets, reputation, or operations. It's crucial for proactive risk management, ensuring that you can implement effective strategies to mitigate or eliminate these risks before they materialize into security incidents or breaches.
While both are crucial for maintaining robust security, they serve different but complementary purposes. A penetration test is a targeted approach that identifies security gaps and vulnerabilities within your IT infrastructure, simulating how an attacker might exploit these weaknesses. In contrast, a risk assessment provides a broader evaluation of your organisation's overall risk exposure, considering technical, procedural, and human factors. It uses the identified vulnerabilities to rates these risks to help prioritise mitigation efforts, ensuring that resources are allocated efficiently to address the most critical vulnerabilities identified during the penetration test. Together, they offer a comprehensive view of your security posture and a strategic approach to enhancing your cybersecurity defenses.
A comprehensive risk assessment should involve stakeholders from various departments, not just the IT team. This includes management, operations, finance, human resources, and any other department that plays a role in the organisation's operations. The collaborative approach ensures a more accurate and holistic understanding of potential risks.
