There are many reasons why organizations should assess their cyber risk. Some of the most important reasons include:
- To identify and prioritize risks: A cyber risk assessment can help organizations identify the risks they face, internal and external. An organization can use this information to prioritize risks and focus on the most critical ones.
- To develop and implement adequate controls. With risks identified, organizations can develop and implement controls to mitigate the identified risks. Controls can include implementing security policies, procedures, technologies, etc.
- To comply with regulations. Many regulations require organizations to assess their cyber risk. By conducting a risk assessment, organizations can demonstrate that they are taking steps to comply with business regulations.
- To protect assets. Cyber attacks can result in the loss of not just data or financial loss but can also cause reputational damage. By assessing cyber risk, organizations can take steps to protect their assets from an attack.
- To reduce costs. Cyber attacks can be expensive to remediate. By conducting a risk assessment, organizations can identify and mitigate risks before they cause an incident, which helps to reduce the cost of cyber security.
Assessments help organizations identify and prioritize risks, develop and implement effective controls, comply with regulations, protect assets, and reduce costs.
Additional benefits of conducting a cyber risk assessment are:
- Increased visibility and understanding of an organization’s cyber risk posture
- Improved decision-making about cyber security investments
- Enhanced communication with stakeholders about cyber security risks
- Increased confidence in an organization’s ability to withstand a cyber attack