Cybersecurity Gap Analysis. Find Out How Secure Your Business Is

A Cybersecurity Gap Analysis is a procedure that assists businesses in determining the gap between their existing level of information security and certain requirements or standards. You may determine how distant you are from the industry's best practices by performing a gap analysis and taking the steps to align or supersede the afore mentioned standards.

The process of identifying and analyzing risks for assets that might be prone to cyberattacks is known as cybersecurity risk assessment. Essentially, you analyze both internal and external risks, assess their possible influence on factors like as data availability, confidentiality, and integrity; at this stage you also should do an estimate of the costs of a cybersecurity catastrophe in your company. With this knowledge, you can customize your cybersecurity and data protection rules to your organization's real risk tolerance.

What is a cyber risk definition

A cyber risk is described as any risk of financial loss, interruption, or damage to an organization's reputation caused by a breakdown of its information technology systems.

IT risk assessment components 

An IT risk assessment consists of four major components. We'll do a deeper dive into how each one should be evaluated shortly, but here's a quick rundown of what they are:
Threat — A threat is defined as any incident that has the potential to harm an organization's personnel or assets. Natural disasters, website outages, and corporate espionage are a few examples.
Vulnerability — A vulnerability is any possible weak point through which a threat might do harm. Outdated antivirus software, for example, is a weakness that can allow a malware assault to be successful. Having a server room in the basement raises the risk of a storm or flood destroying equipment and generating downtime. Disgruntled personnel and aged hardware are two further instances of vulnerability.
Impact – Impact is the entire amount of harm that an organization would sustain if a vulnerability was exploited by a threat. A successful ransomware assault, for example, might result not only in missed productivity and data recovery costs, but also in the revelation of customer data or trade secrets, resulting in lost income, legal expenditures, and compliance fines.
Likelihood — The likelihood that a danger will materialize. It is generally a range rather than a precise number.
The risk equation

Risk = Threat x Vulnerability x Asset
Threat is an abbreviation for "threat frequency," or the frequency with which an unpleasant occurrence is projected to occur. For example, the risk of getting hit by lightning in a given year is around one in one million.
Vulnerability is an abbreviation for "the probability that a vulnerability will be exploited and a threat will succeed against an organization's defenses." What is the organization's security environment like? How fast can a tragedy be averted if a breach occurs? How many personnel are there in the organization, and what is the likelihood that any one of them may become an internal danger to security control?
Cost is a measure of a security incident's entire financial impact. It covers both real expenses, such as hardware damage, and soft costs, such as lost business and customer trust.
How to perform a security risk assessment

Identify and Prioritize Assets

Servers, client contact information, critical partner papers, trade secrets, and other items are examples of assets. Remember that what you believe is useful as a technician may not bring the most value to the business. As a result, you need to collaborate with business stakeholders and management and put together a list of all valued assets.

Identify Threats

A threat is anything that could cause harm to your organization. While hackers and malware probably spring to mind, there are many other types of threats that need to be considered like, Natural disasters, Hardware failure, Malicious behavior, Interference, Interception or even impersonation.

Identify Vulnerabilities

A vulnerability is a flaw that allows a danger to harm your company. Analysis, audit reports, vendor data, information security test and evaluation (ST&E) methods, penetration testing, and automated vulnerability scanning technologies can all be used to identify vulnerabilities.

It's important to note that there are also physical and human flaws.

Analyze Controls

Analyze the controls currently in place or in the planning stages to reduce or eliminate the likelihood of a potential threat exploiting a vulnerability. Encryption, intrusion detection techniques, and identity and authentication solutions are examples of technical controls. Security policies, administrative measures, and physical and environmental processes are examples of nontechnical controls.

Determine the Likelihood of an Incident

Evaluate the likelihood of a vulnerability being exploited, considering the type of vulnerability, the capacity and motive of the threat source, and the existence and efficacy of your controls. Many companies utilize the categories high, medium, and low, rather than a numerical score, to estimate the chance of an attack or other unfavorable occurrence.

Determine the level of risk to the IT system for each threat/vulnerability pair based on the likelihood that the threat will exploit the vulnerability, the approximate cost of each of these occurrences, and the adequacy of existing or planned information system security controls for eliminating or reducing the risk.

Controls should be recommended.

Determine the measures required to minimize the risk using the risk level as a guideline. Here are some broad rules for each risk level (High, Medium or Low).

Keep Track of the Results

The last phase in the risk assessment process is to provide a risk assessment report to assist management in making appropriate budget, policy, and procedure choices. The report should include the related vulnerabilities, assets at risk, the impact on your IT infrastructure, the likelihood of occurrence, and control recommendations for each threat.

Keep in mind that the information security risk assessment and enterprise risk management procedures are at the core of cybersecurity, as they lay the groundwork for the overall information security management strategy.
Amar Basic

Co-founder

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