Security risk assessments are an important tool in your organization’s arsenal against cyber threats. They shine a spotlight on areas of risk in your digital ecosystem, inform and prioritize mitigation strategies, and ensure hard-earned resources are allocated where they’re needed most. Assessments can also help you evaluate your third parties to mitigate the very real possibility that they’ll introduce unwanted risk into your organization.

Evaluating security risk is important for all companies. Most businesses carry sensitive information, ranging from employee data to customer details, this can be vital information to keep private. By evaluating this risk, this helps prevent data loss, confidentiality for all parties involved and the protection of assets for the company.

To properly conduct an internal or vendor security risk assessment, you need to combine automation with data-driven tools that provide a continuous, accurate picture of cybersecurity risk both internally and across your third-party ecosystem.

What is Security Risk Assessment?

When looking at the assessment of security, this is done by looking at all the risks that certain applications, technologies, and processes that the company has integrated into their system. By knowing about these systems, companies are able to assess the risk that goes along with them and use that to their advantage when seeking information about the security.

By maintaining a level of security, this helps keep employee, business, customer, and partner information safe and to avoid any risk of cyber-attacks or data loss.

Despite the best efforts of your security teams, risk remediation and mitigation are often hampered by an incomplete view of security performance. Many organizations don’t have a clear picture of what systems, devices, and users are on their networks at any time and do not have a way to efficiently identify, measure, and continuously monitor their risk profiles.

The problem is compounded by digital transformation. As your organization’s digital footprint grows, identifying vulnerable systems and assets – on-premises, in the cloud, and across business units, geographies, remote locations, and third parties – isn’t easy.

Security Risk Assessment Tools 

Security Risk Assessment Tools can range from physical security and ways to protect data servers on-site or digital tools such as network or server protection. This can relate to firewalls, anti-virus programs, or back up processes that help protect data in the case that they are compromised.

See how Soffid can help you stay ahead of the curve in a rapidly evolving digital world. Share your requirements and a representative will follow up to discuss how Soffid can help secure your organization.

Sources:

(1) techfunnel.com
(2) IT Security