Overview

A Cybersecurity Risk Assessment is the process of identifying, analysing, and evaluating risk. It helps to ensure that the cyber security controls you choose are appropriate to the risks your organisation faces.

Without a risk assessment to inform your cyber security choices, you could waste time, effort and resources. There is little point implementing measures to defend against events that are unlikely to occur or won’t impact your organisation. Likewise, you might underestimate or overlook risks that could cause significant damage. This is why so many best-practice frameworks, standards and laws, including the GDPR (General Data Protection Regulation) and Cayman's Data Protection Act, require risk assessments to be conducted.

Our team of qualified cyber security advisers will provide business-driven consultation on the overall process of assessing information risk. They will offer support, guidance and advice in the following areas:

• Identify assets that require protection
• Identify relevant threats and weaknesses
• Identify exploitable vulnerabilities
• Assess the level of threat posed by threat agents
• Determine the business impacts of risks being realised
• Produce a security risk assessment
• Advise on a risk acceptance threshold or level of acceptance
• Advise on suitable control implementation
• Post-remediation support

Cybersecurity Risk Assessments should be a continual activity. A comprehensive enterprise risk assessment should be conducted at least once a year or when significant changes occur to the business, the IT estate, or legal environment to explore the risks associated with the organisation’s information systems. An enterprise security risk assessment can only give a snapshot of the risks of the information systems at a particular point in time.