SafetyCulture iAuditor

Digital IT Risk Assessment Tools

Proactively address information technology risks and make the most out of your business operations.

Published 13 Sep 2021

What is IT Risk Assessment?

Information Technology (IT) Risk Assessment is the process of identifying and assessing security risks in order to implement measures and manage threats. IT Risk Assessment aims to help information technology professionals and Information Security Officers minimize vulnerabilities that can negatively impact business assets and information technology.

This article will briefly discuss the following:

What is an IT Risk Assessment Template?

An IT risk assessment template is a tool used by information technology personnel to anticipate potential cybersecurity issues and mitigate risks to organizational operations.

IT Risk Assessment Checklist Steps

Steps to consider when conducting an information security risk assessment:

  • Identify the purpose of the risk assessment
  • Consider key technology components
  • Identify and observe the vulnerability or threat source
  • Evaluate the risks
  • Recommend controls or alternative options for reducing risk

Vulnerabilities and Threats to Information Security in 2019

Be mindful of these latest threats and vulnerabilities that your company may need to proactively deal with:

  • Ransomware – software designed to restrict access to proprietary information to force victims pay ransom. Large companies have fallen victim to ransomware attacks costing hundreds of millions of dollars.
  • Major data breaches – cyber attacks exposing massive data on customer and company information
  • Malware and malicious mobile apps – applications by untrustworthy sources may gather information without the user’s permission and knowledge
  • Computer hijacking – the processing power of company computers hijacked for cryptocurrency mining
  • Artificial intelligence – the use of machine learning to build better hacking programs and implement more targeted phishing techniques
  • Internet of Things (IoT) – more connected devices means greater risk, making IoT networks more vulnerable to overload or lockdown

Vulnerabilities and threats to information security can be found and addressed by conducting IT risk assessments.

7 Key Items for Information Technology Risk Assessments

Consider these key points when conducting IT risk assessments:

  1. Identify company assets – these could be proprietary information, hardware, software, client information, network topology, etc. It’s best to collaborate with other departments to determine other valuable company assets and which ones to prioritize.
  2. What are the threats? – be aware of these main sources of threats:
    • Natural disasters
    • Human error / malicious intent
    • System failure
  3. What are the vulnerabilities? – vulnerabilities are weaknesses in security that can expose assets to threats. Conduct internal audits, penetration testing, etc, to find vulnerabilities in your organization.
  4. Likelihood of incidents – assess the assets’ vulnerability to threats and the likelihood of an incident happening.
  5. What are the possible repercussions? – One or a combination of the following can happen if company assets get impacted by threats: legal action, data loss, production downtime, fines and penalties, negative impact on company reputation, etc.
  6. Determine controls – Determine what controls are already existing to mitigate threats. New controls may need to be implemented or old ones updated to adapt to new and changing threats.
  7. Continuous improvement – Document and review the results of risk assessments and always watch out for new threats.

Secure Technology you can use for IT Risk Assessments

Vulnerabilities and new threats to IT security come up all the time and companies need to proactively find vulnerabilities and be aware of new threats if they want to keep up with evolving risks. Time-sensitive risks may need immediate action and paper-based IT risk assessments will not be enough to handle threats in a timely manner.

iAuditor, the world’s most powerful mobile auditing software, can help you proactively conduct IT risk assessments. Paper-based assessments and documentation are replaced by one app accessible on handheld devices. Digital reports are automatically organized and results can be analyzed on one secure online platform. Less time and effort spent on documentation so you can allocate more time and resources on actually finding potential issues and coming up with solutions to address information security risks.

SafetyCulture staff writer

Erick Brent Francisco

Erick Brent Francisco is a content writer and researcher for SafetyCulture since 2018. As a content specialist, he is interested in learning and sharing how technology can improve work processes and workplace safety. His experience in logistics, banking and financial services, and retail helps enrich the quality of information in his articles.

Erick Brent Francisco is a content writer and researcher for SafetyCulture since 2018. As a content specialist, he is interested in learning and sharing how technology can improve work processes and workplace safety. His experience in logistics, banking and financial services, and retail helps enrich the quality of information in his articles.