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With the growing volume of digital information and its importance in the corporate scenario, developing an effective information security has become an unquestionable necessity.
But before putting together a protection strategy, it is necessary to carry out a risk assessment. This is because this analysis determines potential flaws, vulnerabilities and threats to a company's data and information.
Therefore, it is the beginning of the process for implementing robust security practices that will reduce the risk of data breaches and strengthen the trust of customers and partners.
Therefore, in this guide, we have put together a step-by-step guide with everything you need to know to carry out an information security risk assessment effectively. Check out!
What is risk assessment in information security?
Information security risk assessment is a procedure that aims to identify and analyze potential threats to an organization's information assets.
Through this assessment, it is possible to make strategic decisions to reduce risks, implementing appropriate security measures and protecting your business against financial losses, cyber attacks, damage to reputation and interruptions in operations.
Main objectives of a risk assessment:
- Asset identification: identify crucial company information, such as intellectual property, customer data, etc.;
- Threat identification : identify the different ways in which information can be compromised;
- Vulnerability analysis : check weaknesses in systems that can be exploited by possible threats;
- Impact assessment : assess the likelihood of a threat occurring and the resulting impact;
- Prioritize risks : classify identified risks according to their severity to determine the need for treatment.
Step 1: Identification of assets
The first step to an effective risk assessment is to identify all of information assets , whether physical or digital.
This includes sensitive data (such as customer information and financial records), IT systems, hardware, software , networks and any other information that is essential to the operation of the business.
From this identification, it is possible to rank the most valuable ones to put together a clear defense strategy.
Importance of assets
Assets extremely important elements for an organization and include components such as hardware, software , data and infrastructure.
They are the backbone of business operations and their proper identification allows a company to recognize which resources need protection and what level of that protection.
Furthermore, there is the regulatory issue. Several laws require companies to identify and protect their information assets, such as the General Personal Data Protection Law (LGPD) here in Brazil.
Identification methods
There are several ways to identify assets . Organizations often employ a combination of methods such as:
- Asset inventory: detailed listing and cataloging of IT assets, including hardware, software , networks and systems;
- Network mapping: use of tools to discover connected devices and services;
- Data flow analysis: identification of data flowing through the organization, including its origin, destination and type of information;
- Data classification: review and categorization of information based on its confidentiality, integrity and availability;
- Stakeholder interviews: conversations with employees from different departments to identify the information assets they use.
The combination of these methods guarantees accurate identification of assets and facilitates the following steps in the information security .
Step 2: Identification of threats and vulnerabilities
After identifying the assets, it's time to map the threats and vulnerabilities that could put them at risk.
Threats are events that can exploit vulnerabilities, while vulnerabilities are flaws or weaknesses that can be exploited by malicious actors.
Therefore, carrying out a detailed mapping is extremely important, especially taking into account the numerous cases of data breaches and cyber attacks in recent years.
In 2022, for example, hackers caused financial losses to 23% of Brazilian companies , and 78% of organizations suffered data theft attacks via email.
Types of threats
Threats can come from different sources, so we have selected the most significant ones:
- Human error : accidental or negligent actions committed by employees, such as incorrect use of passwords;
- Malware : software including viruses, worms and Trojan horses that can cause harm;
- Phishing attacks: tactics used to deceive users and obtain confidential information, such as passwords or bank details;
- Hacker attacks: attempts to break into systems and networks to steal data, install malware or cause disturbances;
- software failures : technical problems that can lead to system unavailability or data loss.
Vulnerability analysis
In parallel with identifying threats, it is important to look inside the organization and detect vulnerabilities in existing systems.
This analysis can be carried out using automated tools or manually by information security specialists.
Among the actions in this analysis stage are:
- System scanning : use security software
- Security assessment : Detailed analysis to identify critical areas and potential attacks.
Understanding all of this allows companies to better prepare against security incidents, thus ensuring the integrity and confidentiality of their data and systems.
Step 3: Assess probability and impact
After identifying the risks, it is time to evaluate both the probability and impact of each identified risk.
This step is crucial to prioritize risks and take the most appropriate mitigation measures.
Determination of probability
The probability of a threat materializing can be determined based on several factors such as: incident history, existing security controls, sector of activity and value of assets.
Therefore, this step involves a careful analysis of existing conditions.
Probabilities can be classified in qualitative terms, such as 'low', 'medium' and 'high', or quantified in percentage terms.
- Low : less than 10%
- Average : between 10% and 50%
- High : greater than 50%
Impact assessment
Impact assessment considers the consequences of a threat materializing . The impact can be assessed in financial terms, damage to reputation, operational interruption, among others.
In the case of a data breach, for example, the financial impacts can range from expenses with fines and compensation to the loss of customers.
In turn, operational damage can result in unavailable systems and reduced productivity.
Furthermore, the impact on the brand's reputation can cause damage to the image and undermine the company's credibility.
There are different categories to classify the consequent impacts of a threat. They are: 'insignificant', 'moderate', 'significant' or 'critical'.
- Insignificant : minor effects that do not significantly affect the organization;
- Moderate : cause disruptions that can be managed with standard risk response;
- Significant : cause substantial effects that require special attention;
- Critical : result in serious damage that could compromise business continuity.
This analysis allows the organization to prioritize the risks that need the most attention and define resources for defense.
Step 4: Risk mitigation
Based on previous assessments, it is possible to develop risk mitigation strategies. The objective is to reduce the likelihood of threats occurring or minimize the impact if they materialize.
Mitigation Strategies
Risk mitigation strategies can be preventative or responsive . These may include implementing additional security controls, employee training, software , and restricted access policies, among other actions.
Proactive strategies: formed by actions that aim to prevent incidents before they occur. They include carrying out regular security audits and adopting firewalls, antivirus and encryption solutions;
Response planning: when a risk cannot be completely avoided, a contingency plan . This plan defines the actions to be taken in response to security incidents, such as data backups and the order in which systems and processes will be restored after an attack, based on their importance to the business.
Implementation of controls
Security controls are technical or administrative measures designed to prevent, detect and respond to information security incidents .
Technical controls: involves the deployment of hardware and software , such as firewalls, antivirus and intrusion detection systems, to protect against information security .
- Encryption tools protect the confidentiality and integrity of data during transmission and storage.
Physical controls: Protections such as physical access control to data centers and secure storage of removable media prevent unauthorized access to critical resources.
- Camera monitoring and biometric authentication are examples of physical controls that strengthen security.
Administrative controls: Procedures and policies ensure that security practices comply with regulatory and business standards.
- Carrying out regular training and awareness campaigns maintains information security as a shared responsibility among all employees.
Step 5: Monitoring and review
Finally, it is essential to continuously monitor information security processes. The risk assessment should be reviewed periodically to ensure it is up-to-date, effective, and aligned with the organization's changing needs and emerging threats.
Monitoring techniques
The application of appropriate monitoring techniques is extremely important. Intrusion detection systems, logs and regular audits are examples of how organizations can keep a close eye on data integrity and confidentiality.
Such techniques also allow the identification of unusual patterns that may suggest an imminent threat or an ongoing security incident.
Continuous review process
It is also necessary to continually review the information security policy, which must adapt and respond promptly to changes in the business environment and technological threats.
This involves frequently updating protocols, asset lists, policies and security tools, as well as providing new training for the team.
Protect your business with Skyone
Now that you understand risk assessment and its importance in an information security strategy, it's time to put the knowledge into practice. To do this, count on a partner who specializes in cybersecurity .
Skyone offers advanced information security solutions to help companies protect their assets against cyber threats.
We have a wide range of effective and reliable solutions for your business, as well as a threat analysis that continuously assesses the security posture, risks and vulnerabilities of various digital assets, whether external (public) or internal.
Conclusion
We saw in this article that risk assessment is a fundamental part of an information security strategy .
It is a multi-step process that seeks to ensure the protection of an organization's information assets against cyber threats.
Its application not only ensures the effective identification, analysis and mitigation of security risks, but also guarantees business continuity and the trust of customers and the market.
Find out everything about information security in our special guide!
