Why your business needs an information security
risk assessment
Expanding on the concept of a cyber risk assessment, an information security risk assessment is a methodical process designed to identify vulnerabilities and threats within an organization with regards to their information security (InfoSec). This includes the IT environment, evaluations of the probability of a security incident in all areas of security and gauge the potential impact of an incident or event.
Following our assessment, organizations are given a cyber score outlining vulnerabilities identified. They then are provided recommendations on how to strategically respond to each of those risks. This empowers executives to make informed decisions about their organization’s information security.
Information security risks are often called security threats. Examples of these risks include:
FAQ’s about information security risk assessments and gap analysis:
Information risk assessments play a vital role in an organization’s overall risk management strategy.
There are multiple reasons to conduct an information security assessment:
Reduction of Long-Term Costs: By identifying and addressing potential threats and vulnerabilities, you can prevent or lessen security incidents, thereby saving your organization money and protecting its reputation over time.
Provides a Template for Future Assessments: Effective initial assessments establish a solid foundation for future evaluations, creating repeatable processes that remain consistent even with staff changes.
Enhanced Organizational Insight: Understanding your organization’s vulnerabilities helps pinpoint areas that require improvement.
Prevention of Data Breaches: Avoiding data breaches is crucial, as they can result in significant financial loss and damage to your organization’s reputation.
Avoidance of Regulatory Issues: In any industry, your business may be required to follow certain rules and regulations regarding information security. For instance, this includes businesses that handle sensitive customer data or works with another business or organization that does. Therefore, complying with those regulations is essential to success.
Minimization of Application Downtime: Ensuring that internal and customer-facing systems are consistently operational is vital for smooth business operations.
Prevention of Data Loss: Protecting against the theft of trade secrets, code, or other critical information is necessary to prevent competitive disadvantage.
How our information risk assessments help you respond to identified cyber risks
Following an assessment, organizations are given a cyber score outlining vulnerabilities identified. They are also provided recommendations on how to strategically respond to each of those risks, through:
Avoiding the risk: Completely eliminate the risk.
Mitigating the risk: Reduce the probability or impact of the risk.
Transferring the risk: Shift the risk to a third party, typically through Cyber Liability Insurance.
Accepting the risk: Acknowledge the risk and choose not to address, transfer, or mitigate it.
How can you determine where to invest in information security?
Firstly – how do you identify high-risk?
So, risk severity can be determined using the following calculation:
The likelihood of something happening
X (Multiplied by)
The impact on the organization.
Therefore, something that is high-risk means that it has a high likelihood of happening and would have a big impact. So you should invest in avoiding, transferring, or mitigating it. Whereas a low-risk might be something you simply accept.
Information security is the inclusive management of technical, physical and administrative processes and tools.
People often use the terms information security and cyber security interchangeably, but key differences exist between the two.
Information security, also known as InfoSec, is managing risk to the Confidentiality, Integrity and Availability of information through Administrative, Physical and Technical controls. It involves the processes and tools implemented to safeguard information from unauthorized access, alteration, disclosure or destruction. Therefore, it encompasses a variety of security tools, solutions, and processes designed to safeguard information across devices and locations. Together, these help businesses and individuals defend against cyber attacks and other forms of cyber incidents.
Whereas, cyber security is a subfield of information security that focuses only on the technical controls involved in defending computer systems and networks.
This means that information security is crucial because it addresses all aspects of protecting a business from both the occurrence and the impact of a cyber incident. For instance, ensuring that a business’ cyber insurance coverage and premiums correctly match their risk profile.
Therefore, by implementing strong information security, including compliance with your own policies and procedures, you can significantly reduce your cyber risk.
Learn more: What is information security; Information Security vs. Cyber Security: Understanding the Key Differences and Overlap
Book a consultation to learn more about our information security risk assessment
When it comes to information security, trust Birmingham Consulting to keep you armed with the best protective measures for your business. Book an information security consultation with us to find out how our services can augment your plans, tools, procedures and policies. Click below or call (289) 895-8948 to schedule.
Not sure yet? Gain a preview with a FREE preliminary risk assessment
This free online cyber risk assessment for businesses gives you the opportunity to conduct a preliminary self-evaluation of your information security and cyber risk levels. Like a credit score, you will be given a cyber risk score ranging from 300-850. Your score is designed to help understand where your business might need to address in your information security. Developed as a collaboration between Birmingham Consulting and Security Studio (S2), this assessment is free and vendor-neutral.