What are Cyber Risk Assessments?
Risk assessments are a fundamental part of effective risk management and facilitate decision-making. They are used to identify, estimate, and prioritize risk to business operations resulting from the use of information systems.
What is the Purpose of a Cyber Risk Assessment?
The main point of a cyber risk assessment is to help stakeholders discover where an organization’s particular risks are located. The other major part of a cyber risk assessment is to continuously assess the risk landscape and be on the lookout for new zero days and newly developed risks.
The result of the assessment is a measure of risk, either quantitative or qualitative. These two risk assessment approaches have advantages and disadvantages. A preferred approach can be selected based on organizational culture and, in particular, attitudes toward the concepts of uncertainty and risk communication. More on that here.
Risk assessments inform decision-makers and support risk responses by identifying:
- Threats to an organization
- Internal and external vulnerabilities
- The impact that may occur given the potential for threats exploiting vulnerabilities
- The likelihood…
