What is Involved in Performing Security Risk Assessment?

What is Involved in Performing Security Risk Assessment?

We live in times of high risk. No wonder there are thousands of processes, policies, products, and advisors to tighten the security. It is important to have strong security at home, but at the same time the commercial aspect needs to be given due diligence as well. Information technology has increased risk in the present times, and all the latest security attacks on the network are also visible signs that security system and risks need to be assessed. In order to regularize this; there is the security risk assessment that is effectuated in organizations heavily relying on their information technology. However, there are several steps involved in this regard.

  • Characterize your system

Out of all, the most important is to get a clear picture of the viable threats that exist. It is important to think about the system, the data it uses, the data flow, users, information exchange, and other system- related operations. This helps to understand the process, function, and application.

  • Identifying the threats

As long as threats are not identified, it will not be possible to carry out the security risk assessment. Every risk assessment will include some of the basic threats. However, there could also be several different additional threats depending upon the system. Some of the common types of threats include misuse of information, unauthorized access, leakage of data or unintentional exposure of information, data loss, and also the disruption of productivity or service. It is important to spend time in considering these risks because it will help to prepare for future as well.

  • Determining the inhering risk and impact

This step needs to be taken without considering the control environment. You need to determine the overall impact to your organization by categorizing the system. Some of the top examples of impact ratings are high, medium, and low.

  • Spend time in analyzing the control environment

In order to be successful in your security risk assessment, you will need to look at several different categories of information. In order to do this, you will need to finally look at threat prevention, detection, mitigation, compensating controls, and so on. Some of the examples are user authentication controls, organizational risk management controls, user provisioning controls, infrastructure data protection controls, administration controls and so on.

  • Determine a rating for likelihood

You also need to determine the likelihood of the given exploit. While doing this, take into account the overall control environment that the organization has kept in place. In a high likelihood, the source of threat is motivated and capable to control the environment as well. Any control to prevent the vulnerability is futile. In the medium, the source of threat is motivated and capable as well. However, the controls are in place impeding the successful exercise of vulnerability. In low, the source of threat lacks capability and motivation, and there are controls that are kept in place and are successful to impede the vulnerability from exercising.

In order to carry out your security risk assessment, it is crucial that you follow all the above-mentioned steps without fail. Failure to stick to your plans will only put your security under threat. However, as you start your brainstorming sessions around this assessment you will notice the several benefits in the future. Never make the mistake of giving less importance to any of the steps. Taking initiative and making a schedule for security risk assessment will help you ensure that you get the IT network that is secured for your organization.


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