What is a Cyber Security Risk Assessment?

The Importance of Cyber Risk Assessment

Cyber risk assessments look at all of the risks the company is likely to face and how well it addresses these. With this information, the organization identifies potential deficiencies and takes action to reduce the threat to the organization.

By using risk assessments an organization can identify potential security gaps and other cybersecurity threats to an organization, some assessments cover people, process and technology, some are aimed at uncovering vulnerability in specific systems, however when combined risk assessments should aim to help organizations understanding potential deficiencies in its security program so that they can better prioritize security spending and effort to maximize return on investment.

Without it, the organization is just guessing whether security spending actually benefits the business.

Different Approaches to Cyber Risk

Let’s look a bit deeper at the various approaches to cyber risk. Cyber risk management is a very broad subject, it is a boardroom topic and an engineering discussion and in order for this paper to be useful we should first establish the contexts in which a cyber risk assessment is important.

• Enterprise Cyber Risk addresses holistic risk to the organization and includes aspects such as business continuity and financial impact. Typically when we consider Enterprise Cyber risk we are considering people, process and technologies.

• System Risk means identifying vulnerabilities in the current systems  and gives us actionable data on our attack surface. In many ways operational and system risk is the practical

Continuous Threat Exposure

Cyber risk assessment is a fundamental component of the Continuous Threat Exposure Management (CTEM) program, providing a systematic evaluation of potential threats and vulnerabilities. This assessment helps identify and prioritize risks, enabling organizations to implement targeted mitigation strategies within the CTEM framework.

By continuously monitoring and assessing cyber risks, CTEM ensures that an organization’s security posture remains dynamic and resilient against evolving threats.

• approach to ensuring a network is secure and reducing the probability of a loss event.

Common Cybersecurity Risks and Threats

When performing a security risk assessment, some of the most significant to consider include:

• Malware and Ransomware Attacks: Malware can be used to accomplish various malicious goals, ranging from information gathering to disruption and destruction. When exploring malware threats, it’s important to consider all of these applications.
• Phishing and Social Engineering: Phishing and other forms of social engineering attacks are commonly used to plant malware or gain access to employee credentials. A risk assessment should consider the potential damage that could be done if employee credentials are compromised.
• Data Breaches and Unauthorized Access: Data breaches are the objective of many intrusions and are extremely damaging and expensive for a company. When assessing data breach risk, the organization should examine the effectiveness of access controls and data protection mechanisms, such as encryption.
• Insider Threats and Human Error: Some cybersecurity incidents come from the inside, whether intentionally or accidentally. Risk assessments should incorporate examinations of the threat posed by a disgruntled employee or by a critical mistake.

Cyber Security Risk Assessment with IGS

Check Point Infinity Global Services (IGS) offers a wide variety of security services, including managed risk assessments. These vendor-agnostic assessments are led by experienced subject matter experts and security architects.

Check Point’s advisory services are backed by a security-focused organization with full access to Check Point’s technology and expertise in threat hunting and risk mitigation. This combination enables a comprehensive hybrid between risk assessment and security consulting.

To learn more about how your organization can benefit from an IGS risk assessment, contact a Check Point security expert today.