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Why Companies Must Conduct Security Risk Assessment

Enterprise Security Magazine Europe | Monday, June 14, 2021

Security risk assessment is an essential part of cybersecurity as it protects the company from cybercriminals.

FREMONT, CA: Security risk management is an integral aspect of cyber safety protocols, defends the company from intruders, attackers, and cybercriminals. Here are the various types of security risk management.    

A large part of business operations depends heavily on internet technologies. That is why, for every organization, cyber protection is a vital activity. Security risk assessment, which forms a critical part of cybersecurity, is a subject that must not be ignored. Here is an explanation of what safety risk management and how it can be useful for the company.

What is the security risk assessment?

A significant part of cybersecurity activities is a security risk assessment. As its name implies, security risk management entails the identification and exacerbation of the security threats affecting the business.

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Security risk assessment aims to assess the organization's security posture, testing if the organization complies with regulatory criteria and industry frameworks.

Security risk assessment practices controls anti-virus upgrades, authentication procedures, patch management, and encryption intensity. Therefore, cybersecurity experts within an enterprise can easily see the efficacy of the enterprise's control, identify risk factors, create comprehensive strategies and solutions, identify vulnerabilities, and provide ways to mitigate them.

There are different forms of safety evaluation. Here are some of them. 

• Pen Testing (penetration testing): Pen testing focuses on simulating an attacker to see how well the organization's security measures perform.

• Risk Assessment: Risk assessment determines risks and possible losses that can be induced by them.

• Vulnerability Assessment: The vulnerability assessment aims to determine the security measures' vulnerabilities and provide solutions to mitigate them.

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• Compliance evaluation: Compliance evaluation ensures compliance with associated requirements such as PCI or HIPAA.

What are the advantages of security risk assessment?

As one of cyber security's most integral activities, security risk assessment provides several advantages. Here are two of them. 

• It helped the companies to find weaknesses. They can see which parts of the security measures are comparatively weak with security risk assessment, which parts of the system can be targeted by attackers or the organization's security risks. As a consequence, they can overcome those vulnerabilities and strengthen the organization's cybersecurity posture.

• It makes it easy for the company to check the security controls. They can see how adequate security controls are and how they can improve them with a security risk evaluation. In addition, to improve the efficiency of the security controls, they should take preventative steps.

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