Understand and mitigate your risks and vulnerabilities
To manage risk, you must first understand it
Understanding and assessing risk is a powerful and basic way to improve your information security. While it may be impossible to eliminate all risks to your IT systems and the sensitive information stored, processed, and transmitted, a risk management program will focus your limited resources on the best way to reduce risks.
In the Sikich risk assessment service, a thorough understanding of the environment and current knowledge of the threat landscape inform an intelligent, well-founded risk management strategy. That, in turn, helps you meet compliance objectives and broader security goals.
A risk assessment documents the risks associated with your IT systems and data based on possible threats, system vulnerabilities, and the potential impact of a security breach. Risk assessments are conducted annually to account for changes in your operation.
WHY RISK ASSESSMENT IS CRITICAL FOR YOUR BUSINESS
Without a formal process to identify and understand the risks you face, decisions rely on assumptions instead of real data. It is important to assess both the value of your data and their risk exposure. This will assist you in planning the efforts and resources for effective risk mitigation. By considering and weighing all aspects of your company’s risk exposure, a risk assessment enables better security and technology decisions.
A risk assessment prompts you to think about the potential outcomes of a breach, including:
- What data is valuable to our customers, members, or patients?
- What happens if we get in the news for a data breach, even if it’s inconsequential?
- What’s our legal liability if data is compromised?
Your risk assessment needs to consider all systems that are business-critical or harbor sensitive information. It should also include a review of the operational processes and procedures in place to run and maintain your systems. These measures often affect more than one system and can introduce additional risk. For example, a weak patching program may add a small risk to individual systems, but can greatly increase the company’s overall risk.
How Sikich delivers risk assessments
We combine reviews of documentation and systems with team member interviews to identify threats and vulnerabilities. Based on our expertise, knowledge of your industry, and awareness of global security trends and threats, we help you evaluate possible risks and arrive at several important determinations:
We also recommend strategies to help your organization manage risks effectively and strengthen your information security policies. We document and present the results of your risk assessment to your appropriate risk management, audit, or executive teams.