In today’s disastrous cyber risk landscape, CISOs and CIOs must defend their organizations against a relentless stream of cyber threats, including ransomware, phishing, attacks on infrastructure, supply chain breaches, malicious insiders, and more. But at the same time, security leaders are also under tremendous pressure to reduce costs and invest wisely.
One of the most effective ways for CISOs and CIOs to leverage their limited resources to protect their organizations is to conduct cyber risk assessments. A comprehensive cyber risk assessment can help:
- Identify vulnerabilities and threats
- Prioritize security investments
- Assess cybersecurity maturity
- Communicate cyber risks to executives
- Provide a basis for cyber risk quantification
New guide from cybersecurity optimization provider CYE (Download here) describes how this can be achieved. This guide outlines several approaches to cyber risk assessment and outlines the necessary steps that can generate solid insights and recommendations for security leaders.
Conduct an effective cyber risk assessment
There are various approaches to conducting cyber risk assessments—each with its own advantages and disadvantages. However, they all involve understanding an organization’s security posture and compliance requirements, gathering data on threats, vulnerabilities, and assets, modeling potential attacks, and prioritizing mitigation actions.
According to guideAn effective cyber risk assessment includes the following five steps:
- Understand organizational security posture and compliance requirements
- Recognize threat
- Recognize vulnerabilities and map attack routes
- Model due to attack
- Prioritize mitigation options
Cyber risk assessment also creates the basis for cyber risk quantification, which places a monetary value on the potential cost of cyber threats versus the cost of repairs. CRQ can help security experts determine which vulnerabilities in an organization’s threat landscape pose the greatest threat and prioritize fixes for them. It also helps CISOs communicate cyber risk costs to management and justify security budgets.
Create a cybersecurity roadmap
Conducting a cyber risk assessment is only the first step. The insights and recommendations resulting from the assessment can form the basis for creating a roadmap on how an organization’s cyber posture will be gradually strengthened. Then teams can track, measure, and measure cyber resilience over time. The assessment should also be reviewed periodically to address any emerging threats, changes to the business, and changes to the organization’s technology, IT architecture, and security controls.
To effectively assess, measure, and mitigate cyber risk, organizations must ensure they have the right tools and platforms, as well as specific professional guidance and advice provided by established cybersecurity experts.
Want to learn more about how to strengthen your security posture and optimize security investments by assessing and prioritizing cyber risks? Download the guide here.