IT Insight: Key benefits of a cyber security risk assessment

Every organization faces Cyber Security risks and vulnerabilities on a daily basis–  risks that are completely invisible until you receive a ransom demand or learn that your data is for sale on the dark web. A tailored risk assessment will give you the insights you need to understand the threats you face and how you can overcome them with the right security measures that are relevant to your business.

With no limit to how much you can spend on cyber security, and plenty of people ready to sell you stuff you don’t necessarily need, a security risk assessment is an essential tool to help you make the best decisions for your business.

There are many benefits of a Security Risk Assessment from, including but not limited to:

• Keep your business running – A cyber-attack can happen anytime. It can bring your business to a halt, and many never recover. A risk assessment is a proactive tool to help you prevent malicious attacks before they occur.
• Privacy for your employees and partners – Protect your confidential data and information. Your team and customers depend on you.
• Protect your reputation – When your security is breached and data is leaked, the public finds out. Once you lose their trust, it’s practically impossible to regain.
• Prioritize your investment – You know you need to invest in cyber security, but you also need to know which investments have the biggest payoff.
• Build a plan of action – Good security takes time, not just money. Prioritize your time investments with a proactive, long-term plan.
• Better understanding of risks – You can’t prepare for business risks if you don’t understand them. Cyber security is one of the biggest business risks there is!
• Identify your vulnerabilities – If a malicious third-party wants to attack you, where would they start? Find your weaknesses and close the gaps so that you’re always one step ahead.
• Prepare for compliance requirements – For a growing number of industries, cyber security is no longer a choice but a requirement. Compliance may be a prerequisite to qualify for contracts and to do business with certain verticals.
• Comply with legal requirements – Failing to protect private information doesn’t just harm your reputation but may put you in legal jeopardy too.
• Understand IT jargon and acronyms – Cyber security is laced with technical terminology that makes it hard for non-specialists to navigate. Partner with a managed service provider for this reason.
• Reduce cyber insurance premiums – Every business should carry insurance, and a risk assessment can help you qualify for lower premiums.

A proper risk assessment is thorough and comprehensive, looking at every area of your business and how it can be improved and should include the following:

• IT System Review – Assessment of  your internal and external IT environment to determine and rank the technical and business risks that you are exposed to.
• Best Practice Evaluation – A full audit of your compliance with security best practices for a business of your profile.
• Vulnerability Scan – In-depth scans of your IT infrastructure to examine your level of vulnerability and detect any potential weaknesses.
• Gap Analysis – Analyzation of the strengths and weaknesses in your IT systems with a plan to close the gaps and achieve an ideal state of total security.
• Remediation Recommendations – Prioritized recommendations to address vulnerabilities in your systems and practices, and to implement appropriate tools and policies.
• Customized Report – Detailed report that includes your current compliance and security standing and a roadmap and budget to guide you through the process of remediating your security risks.

You need a security partner with a deep knowledge of IT technologies, and an understanding of the realities of running a business like yours. You need a Managed Service Provider that offers a wide variety of cybersecurity solutions for businesses with the skills and competencies to keep you safe, while clearly communicating the threats and risks you face.

PCG has the expertise needed for IT planning, budgeting and security risk minimization and can adapt and change as IT requirements do. Find and fix security weaknesses in your IT setup before your business is exploited by cyber criminals!