Types of Risk Assessments and When To Use Them?

The very first step to ensuring foolproof cybersecurity within your organization is having a clear idea about the security risks, threats and possible situations that can compromise the security of the firm’s cyber assets. 

Understanding cyber security risks and knowing ways to mitigate them is a crucial part of the process. What makes it challenging for organizations is the fact that cybersecurity risks continuously transform, evolve and shift in their nature. 

This brings us to the importance of comprehensive IT system risk assessments within an organization. With such assessments, one can figure out the imminent threats and possible security risks and can use them to make better, more effective and well-informed decisions. 

Risk Assessments: What Are They All About? 

IT system risk assessment is not just essential for protecting an organization’s cyber assets, but it plays a role in several other things, including it being a legal requirement for most workplaces. 

That being said, there are different risk assessments necessary for different kinds of organizations and their respective operations. Knowing which one you need would require knowledge, expertise and the right skills. 

In many cases, such risk assessments are best done by professionals with experience and expertise in the field of cybersecurity, and IT services West Palm beach

A security assessment technically has a few specific steps involved, which include: 

  • Identification of the threat
  • Identifying what can be affected by the threat
  • Evaluating the risks
  • Formulating precautions 
  • Documentation of the findings
  • Review and update the documents if and when necessary.  

Let us now take a look at the different kinds of security risk assessments and when each of them is used. 

Generic assessments 

This is a kind of assessment that follows a template. Cybersecurity specialists use this to identify risks across various categories. They include questions like: 

  • Do you use firewalls?
  • Do you install security updates regularly?
  • Do you have a password policy?
  • Do you have encryption?

This is used to address primary security risks. 

Qualitative risk assessment

This is an area-specific risk assessment based on a person or a group’s expertise and experience. This may include: 

  • Data category
  • Financial risk
  • Business criticality
  • Data breach news

These assessments are used in internal meetings and business reviews. 

Site-specific risk assessment

This is a kind of risk assessment that considers certain factors. For instance, the process can assess the cybersecurity risks of a specific project based on location, environment, and people operating or associated with a particular system. 

Such risk assessments are necessary for organizations with IT assets and specific security concerns regarding the same. 

Final Thoughts 

There’s also dynamic risk assessment where there’s continuous monitoring of risks by expert professionals. And for all kinds of IT system risk assessment, any organization would require the help and services of expert professionals with the proper knowledge and experience. They can deal with all kinds of issues and detect threats before they cause significant damage.