What are the Benefits of a Security Risk Assessment?

Being an important part of cyber security practices, security risk assessment protects your organization from intruders, attackers and cyber criminals. In this article, we will discuss what it is and what benefits it offers.

 A significant portion of our business processes heavily rely on the Internet technologies. That is why cyber security is a very important practice for all organizations. Making up a crucial part of cyber security, security risk assessment is a topic that must not be overlooked. In this article, we will discuss what security risk assessment is and how it can be very beneficial for your organization.

What is security risk assessment?

Security risk assessment is an important part of cyber security practices. As its name suggests, security risk assessment involves the detection and alleviation of the security risks threatening your organization.

Security risk assessment aims to measure the security posture of the organization, check the whether the organization abides by the compliance requirements and industry frameworks.

Security risk assessment practices control and assess open ports, anti virus updates, password policies, patch management, encryption strength and so forth. This way, the cyber security professionals within an organization can clearly see the efficiency of the organization’s controls, determine risk factors, come up with detailed plans and solutions, detect vulnerabilities and offer options to alleviate them.

There are various different security assessment types. Below you can find some of them:

Pen Testing (penetration testing): Pen testing aims to simulate an attacker to see how well security measures of the organization work.

Risk Assessment: Risk assessment detects risks and potential losses that can be caused by them.

Vulnerability Assessment: Vulnerability assessment aims to identify vulnerabilities of the security measures and offers solutions to alleviate them.

Compliance Assessment: Compliance assessment confirms compliance with related standards like PCI or HIPAA.

What are the benefits of security risk assessment?

Being one of the most integral practices of cyber security, security risk assessment offers many benefits. Below you can find some of them.

  1. It helps you identify vulnerabilities. With security risk assessment, you can see which parts of your security measures are relatively weak, which parts of your system can be targeted by the attackers or what the security threats are for your organization. As a result, you can solve such vulnerabilities and enhance the cyber security posture of your organization.
  2. It allows you to review your security controls. With the help of security risk assessment, you can see how efficient your security controls are and how you can upgrade them. Moreover, you can take preventive measures in order to increase the effectiveness of your security controls.
  3. It lets you see if your organization meets industry related compliances. There are numerous compliances that are required by the governments and international bodies. If your organization fails to comply, you may face paying massive fees or other undesirable outcomes. With the help of security risk assessment, you can see if your organization fulfils the requirements of related compliances before it is too late.

If you are interested in streamlining your security risk assessment processes, you should take a closer look at our SIEM and SOAR products.

References

https://blog.cadre.net/5-major-benefits-of-security-assessments

http://inbound.usisecurity.com/blog/what-are-the-benefits-of-a-security-risk-assessment

https://medium.com/@rasikaj39/five-key-benefits-of-cyber-security-risk-assessment-5be7e1bdea96

https://www.iot-now.com/2019/07/08/97141-five-benefits-cyber-security-risk-assessment/

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