Importance of Cyber Risk Assessments

The digital revolution promotes the introduction of innovation and growth but also leads to new cyber risks. Thus, the demand for cybersecurity services will only increase for the following reasons:

• Scaling up of electronic commerce using wired and wireless communication systems.
• The spread of cybercrime and the improvement of the methods used by criminals.
• The growing threat of terrorism in countries with advanced economies.
• Increased traffic and network-connected devices.

So, let's figure out what cyber risk is and what companies should expect from assessments.

Cyber Risk

The emergence of the cyber risk concept was the first step towards understanding that cybersecurity is highly important for businesses. It means the risk of financial harm (direct and indirect), full or partial stoppage of activities, and an organization's damaged reputation.   

Besides, cyber risk assessment means a systematic analysis of the probable damage caused by violations in the field of information security, taking into account the consequences of the loss of privacy, safety, or availability of information.

What to Expect from Assessments

Cyber risk management is the foundation for any security action, whether it implements systems or tools, enforces rules and policies, or builds processes. Risk management projects are often underestimated and not singled out. Still, the competent cyber risks determination and management precisely enable both to distribute the cybersecurity budget rationally and competently and prepare for attacks and threats in advance. 

Management Methods

There are many unified and industry-specific methodologies in the world for constructing risk management processes and initial risk assessment like:

• PRISM;
• RiskWatch;
• Coras;
• OCTAVE;
• CRAMM, etc.

It will not be difficult for an experienced consultant to build processes for assessing and managing cyber risks within any of them. 

Besides, in modern methods and software tools used for risk assessment, the information system is considered from a generalized position. Using questionnaires, experts describe systems' information assets and resources, taking into account quantitative and cost characteristics, interconnections of components, and potential security vulnerabilities. Although sometimes it's not enough, and you should rely on special cyber risk assessments. 

How It Works

1. First, possible cyber threats are identified for the subsequent assessment of their consequences (IT infrastructure, all procedures, and regulations adopted in the cybersecurity company are checked).

2. Calculating the cost of assessment and the maximum possible harm to the company.

3. Creation of a cyber risk assessment report(generalizing cyber threats and harm).

Professional Cyber Risk Assessments

However, when assessing information security risks using modern methods, a high-level description of components is insufficient. They do not consider the presence of a complex distributed architecture, the implicit connection between assets and information resources, managing information flows, and features of control and access organization. Therefore, MBS Techservices Inc. is ready to present you with robust cyber risk assessments.

Benefits for Companies

Undoubtedly, organizations should monitor threats and ensure business resilience beforehand. Business strategies are changing, and new threats appear all the time, so coordinating investments, identifying the main risks, developing a cyber risk management program is essential. 

Security

Get a balanced approach considering the organization's business purpose to remain resilient to known and emerging threats.

Readiness for Threats

Stay aware of the situation and get a threat analysis to identify hazardous activities related to the organization itself, all systems, and related products.

Sustainability

Be sure that new conditions for recovery after cyber incidents and minimization of negative consequences, ensuring security, and threat resilience will be created.

Risk assessment Essential for Success

Cybersecurity risk management must be firmly established in all areas of business planning. As a rule, people involved in business understand that this is a useful tool for proactively responding to unforeseen events and prompt decision-making. However, most of them don't know how to apply risk management in practice to get a trustful and high-quality risk assessment that can be used for their activities.

Besides, MBS Techservices Inc. performs cyber risk assessment and creates risk management and cyber threat insurance programs. Trust professionals who'll help you protect your data and improve the quality of risk management.