Lost or compromised data could potentially bankrupt your company. A risk assessment gives you the information you need to create a risk management plan. A risk management plan, in turn, ensures that the measures you put in place to protect your data are both appropriate and cost-effective.
An effective risk assessment addresses all of these questions:
- What threats are most likely to occur?
- Which of these threats are likely to have a significant impact on your company if they do occur?
- What strategies should you use to prevent and mitigate threats?
- Which strategies offer the best combination of cost and effectiveness–neither leaving you exposed to risks you aren’t aware of, nor wasting money on solutions that guard against risks that you may not actually face?
In addition to protecting your business, performing a cybersecurity risk assessment makes you a more desirable business partner as it will reassure them that working with you doesn’t endanger their own data. In highly regulated industries, a risk assessment and management plan may even be required by law.
Although unforeseen disasters are, by definition, impossible to predict, the point of cybersecurity risk assessment is not to spot every possible risk and guard against it. Cybersecurity risk assessment determines which of all possible risks are both most likely to happen and most likely to do significant business damage. That allows your company to invest in solutions that do not, in themselves, threaten your company’s fiscal stability.
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