A process to identify, evaluate, and prioritize risks to an organization's information and assets.
Description
Security Risk Assessment is a critical component of the cybersecurity framework used by organizations to safeguard their information systems. It involves a systematic examination of the potential risks that could compromise the confidentiality, integrity, and availability of data and assets. This assessment typically includes identifying vulnerabilities, threats, and the impact of various risk scenarios. Organizations like Target and Equifax have highlighted the importance of regular risk assessments, as failing to identify and mitigate risks can lead to significant data breaches and financial losses. The process generally consists of asset identification, threat assessment, vulnerability analysis, risk evaluation, and the development of mitigation strategies. By conducting regular Security Risk Assessments, organizations can ensure they are compliant with regulations, such as GDPR or HIPAA, and enhance their overall cybersecurity posture, ultimately protecting their reputation and customer trust.
Examples
- Target's 2013 data breach, where inadequate risk assessment led to the exposure of 40 million credit card accounts.
- Equifax's 2017 breach, which was partly due to failure in identifying and addressing a known vulnerability.
Additional Information
- Regular risk assessments help in complying with industry standards like ISO 27001 and NIST SP 800-30.
- Incorporating risk assessments into a business continuity plan can improve an organization's response to incidents.