Of course you do!
And let’s talk about why.
So the real question becomes two — Why is this important? and How do you do this?
Let’s work on answering the first question…
Why is a cybersecurity risk assessment important for your organization?
Think of the cybersecurity risk assessment as a check-up for your organization’s cybersecurity health.
We do this regularly with other areas of life. Do you work with a financial advisor? You probably meet with them at least annually to review investments, goals, any life changes since last year, retirement plans, and big-ticket things you want to do*. You go to the dentist, right? When you have that semi-annual checkup the dentist is checking to see how your dental health regimen is protecting your teeth and oral health**.
A cybersecurity risk assessment is no different. It is a chance to annually focus on things that impact the plans of the org, anything that can cause havoc, any weak spots in defenses, and helps to focus protections on the important things.
Value from a cybersecurity risk assessment
The cybersecurity risk assessment is beneficial to the on-going health of your organization. Think about these things…
- The cybersecurity risk assessment can help you identify weak spots in your digital defenses and plans. Those weak spots are called vulnerabilities. Think about your home. You lock the doors to keep Bad Guys out. But what if you have a window that you didn’t notice was unlocked and open for several weeks. That open window is a weak spot in your home defenses. It’s a vulnerability. Similarly, your digital defense may have vulnerabilities that the cybersecurity risk assessment can help identify.
- The cybersecurity risk assessment can help you better protect your valuable information – both yours and your clients/customers. Just as you have some valuable possessions (maybe jewelry or that high-end sports car) that you wouldn’t leave out in the open unprotected, so your organization has valuable information. That information may be customer information, financial records, or trade secrets. You protect your important physical items and so you need to best protect your digital information.
- The cybersecurity risk assessment will save you money and headaches. Back to the physical world a minute… If the Bad Guys break into your home and takes your valuables, like jewelry or that sports car, you lose the value of those things. And you also have the time and cost of the after-event cleanup – insurance claims, stress, police reports, repairs, etc. A cyber breach can cost you due to the value of the lost data, interrupted operations, and reputation. Protecting your physical items saves money. So does protecting your digital information.
- A cybersecurity risk assessment helps build customer trust. Every one of your customers wants to know the information you store about them is protected. When you take steps to assess and improve your cybersecurity you are showing them you take their privacy seriously. And you never want to allow anything to happen that will undermine your reputation!
- Cybersecurity risk assessments may be required for compliance with laws and regulations. Whether we like it or not, many industries have regulations (GDPR, HIPAA, PCI-DSS, etc) that require a business to take steps to safeguard customer information. The cybersecurity risk assessment can help you stay compliant, avoid penalties, and meet industry standards.
- A cybersecurity risk assessment will be important as you prepare for the worst. Every organization wants to survive a disaster, whether ransomware or fire or a disgruntled employee wiping the servers. (See https://suredefensestrategies.com/keeping-the-lights-on-and-the-packets-flowing/ for more information.) The cybersecurity risk assessment is important as you think about business continuity planning and disaster recovery planning.
The benefits of a cybersecurity risk assessment are many.
Recommendation? Make plans to perform a cybersecurity risk assessment annually.
Now, on to the second question…
How to get started?
You can spend time researching how to do this. There are some very good resources on the Internet that will guide you through the process. In a future article, we will be digging deeper into how to perform a cybersecurity risk assessment.
Or, you can find someone to help you. There are many consultants that can guide you through this process. Just be aware that some will try to sell you their products or services in response to found weaknesses.
Or, you can hit that “Get In Touch” button to get ahold of SureDefense Strategies to help you with this process.
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* I know there probably other things your financial advisor does during the course of the year, but this is a good basic list.
** Yes, I know the dentist does more than this, but we’ve got to stay focused, right?
*** You guessed it. That image at the top of this article was AI generated.
