Step-by-Step Guide to Conducting a Cybersecurity Risk Assessment
Whether you’re based in the US or the UK, cybersecurity risk assessments align with industry standards such as NIST (National Institute of Standards and Technology) and ISO/IEC 27001 for global compliance, while UK-specific standards include Cyber Essentials and IASME Governance.
Here’s a step-by-step guide on how to conduct a risk assessment, with key considerations for both US and UK compliance frameworks.
1. Understand the System and Use Cases
The first step is gathering data on the system or solution you’re assessing. You need to know everything about the system’s tech stack, its vendor (e.g., Salesforce or any other cloud platform), and how it integrates with your organisation.
This involves:
- Understanding the security certifications and audits the vendor has, like SOC 2 or ISO/IEC 27001. In the UK, you might ask whether they comply with Cyber Essentials standards.
- Gathering pen test results and system architecture details.
2. Assess the Data Involved
Once you have a clear understanding of the system and its use cases, it’s time to evaluate the type of data the system will handle.
Ask yourself:
- Is the data confidential, like intellectual property or customer PII (Personally Identifiable Information)?
- Are there any regulatory requirements governing the data (e.g., GDPR in the UK or CCPA in the US)?
- What are the consequences if this data is breached?
3. Identify and Categorise Vulnerabilities
With the data and system use cases in hand, you can start identifying vulnerabilities. These can range from weak passwords to lack of encryption for data at rest. In this step, you’ll:
- Analyse the authentication mechanisms (e.g., is multi-factor authentication supported?).
- Look at the system’s security controls (e.g., does it have data at rest encryption?).
- Consider the compliance requirements (e.g., does the system adhere to NIST standards in the US or Cyber Essentials in the UK?).
4. Assign Likelihood and Impact Ratings
After identifying the vulnerabilities, assign each one a likelihood of being exploited and an impact rating if it were exploited. The likelihood is how probable it is that the vulnerability will be attacked, while the impact measures how damaging the attack would be.
5. Prioritise and Present to Management
Once you’ve categorised all the risks, prioritise them based on likelihood and impact. Present your findings to management, emphasising the high-priority risks that need immediate attention.
6. Develop Remediation Plans
Now that the risks are categorised and prioritised, develop remediation plans. This includes assigning responsibilities, setting deadlines, and ensuring follow-up. Document these actions in a Plan of Actions and Milestones (POAM) to track remediation progress.
7. Ongoing Assessment and Review
Cybersecurity risk assessments aren’t one-time tasks. Depending on the size and complexity of your system, risk assessments should be revisited annually or even more frequently. Regular reviews help ensure new vulnerabilities are identified and mitigated.
In both the US and the UK, a thorough cybersecurity risk assessment aligns your organisation with key compliance standards and protects against vulnerabilities that could be exploited. The process involves gathering data, identifying risks, assigning impact and likelihood ratings, and developing remediation strategies. It’s an ongoing function that requires attention and review to keep your organisation secure.
Take proactive steps to protect your business. For more information on conducting cybersecurity risk assessments tailored to your industry, contact Ashby Computer Services at 01604 790 979.