Risk assessment

Risk assessment is the process of identifying, assessing, and controlling risks associated with cyberspace. To effectively manage cybersecurity risks, an organization must go through several key stages:

1. Identification of risks:

At this stage, potential threats and system vulnerabilities are identified. This may include analyzing hardware and software, security processes and policies, as well as assessing external threats such as hacker attacks, malware, insider threats, etc.

2. Risk and impact assessment:

Risk assessment is the evaluation of the likelihood of a risk occurring and the potential impact on the organization. It helps organizations determine which risks are of the highest priority and require the most attention, as well as assess the real costs of cybersecurity.

3. Drawing up a risk matrix:

A risk matrix is a tool that helps to visualize and prioritize risks. It shows different levels of risk using the probability and impact axes. Usually, the higher the risk is in the matrix, the more attention it requires.

4. Develop a risk management plan and processes:

The plan describes how the organization will manage the identified risks. This may include developing risk mitigation strategies, such as implementing appropriate security measures, backing up data, or creating an incident recovery plan. Risk management strategies may also include transferring risk through insurance or contractual arrangements, avoiding risk by changing business processes, or accepting risk if the cost of mitigating it is deemed to exceed the potential loss.

In addition, after developing a risk management plan, an organization should also establish processes for monitoring and reviewing risks. This includes regularly reviewing and updating risk assessments, monitoring new and evolving risks, and evaluating the effectiveness of risk management measures.

It is important to remember that risk management is not a one-time process, but rather part of an ongoing cybersecurity strategy. DigVel experts conduct an effective risk assessment of an organization, which not only helps to clearly identify vulnerabilities but also significantly optimize cybersecurity costs using the best solutions. Contact us today for a detailed consultation and initial analysis.