Businesses face risk every day. It’s a part of getting business done, especially in our digital world. Managing risk is critical, and that process starts with a risk assessment. In this week’s newsletter we will discuss the importance of having a dedicated team to assess risk in your business.

Security

What is risk assessment?

IT risk assessment is a combination of effort involving identifying and analyzing potential negative events that may impact business assets. The purpose of risk assessment is especially important in ensuring that your IT team has control over networks and data that could be compromised. IT enterprise security assessments are performed to allow organizations to assess, identify and modify their overall security posture and to enable security, operation, organizational management and other personnel to work together and view the entire business from an attacker’s point of view.

Reasons for performing a risk assessment

Questions must be asked to help determine where certain risks may lurk throughout your business. One of the first steps in performing a risk assessment is to gather information about possible vulnerabilities and threats to your organization.

Some areas for performing a risk assessment include:

  • Cost Justification – Added security to your business can often times call for additional expenses. An effective IT risk assessment should educate key business managers on the most critical risks associated with technology to help show off why these extra expenditures are worth it.
  • Communication – By acquiring information from multiple parts of your business, a security risk assessment boosts communication and can also help with expediting decision making.
  • Self-Analysis – The risk assessment system must always be simple enough to use, without the need for security knowledge or IT expertise. This will help with allowing management to take ownership of security for your business’s systems, applications and data.
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In conclusion

Overall, an organization must have a solid base for its information framework. Risks and vulnerabilities to your business are constantly changing. Over time if you and your business continue to follow along with best practices surrounding its framework, it will be in a great position to address any new issues that may arise.

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