Transitioning from an informal approach to a formal risk assessment process is pivotal for organizations. It is not just about following procedures; it significantly improves risk management. For the reasons outlined below, adopting a formal risk assessment process is crucial for security professionals.
Benefits of a Formalized Risk Assessment Process
Security departments that are knowledgeable and informed regarding vulnerability remediation but do not have defined risk assessment processes may find the journey from recognizing gaps to implementing a structured risk assessment process overwhelming at first glance. Organizations often realize they have been spotting risks and identifying vulnerabilities throughout the environment, even in areas lacking defined processes. This emphasizes an important point: security personnel naturally identify risks; however, these risks can go undocumented and unaddressed without formalizing the risk assessment process. Formalized risk assessment processes make identifying vulnerabilities and their remediation efforts even more effective.
Communicating Risks to Leaders
The main goal of risk management in cybersecurity is not to stop business projects but to provide crucial information for executive decision-making. With structured risk assessments, insights into security vulnerabilities become extremely valuable for informing key decision-makers and business leaders. This communication ensures that decisions are made with an awareness of risks, a deep understanding of what those risks mean, and a recognition of the inherent dangers associated with those risks.
Steps for Establishing a Formal Risk Assessment Process
A formal risk assessment involves recording everything associated with the risks of a workplace or environment. At a very high level, the steps to create a formal risk assessment process are as follows:
- Identify the Risks – This is especially important for new IT developments, business projects, or any substantial change or alteration.
- Evaluate the Risks – Organizations should consider how changes may affect their security or what risks are inherent in the changes being made.
- Communicate the Risks – The sharing of these insights and the organization’s security posture amongst leaders within the company will ensure everyone is informed and all aspects of the risk are considered.
The goal is not to have every suggestion accepted but to ensure that a comprehensive understanding of the risks and vulnerabilities involved informs every decision.