Information Security Risk Assessment

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A security risk assessment is the process of identifying and assessing security risks in order to implement control measures. It is used by IT professionals and Information Security Officers to manage threats and vulnerabilities that can negatively impact business assets.

This article will briefly discuss (1) the top IT security threats of 2018, (2) key points to consider when conducting information security risk assessments for your business, and (3) secure technology that can help effectively conduct IT risk assessments and allow you to be better prepared for information security threats.

Click here to go straight to the featured information security risk assessment templates you can browse and download for free.

Top Vulnerabilities and Threats to Information Security of 2018

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

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

7 Key Components when Performing Information Security Risk Assessments

Consider these key points when conducting IT security 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 systems that can expose assets to external and internal threats. Conduct internal audits and penetration testing to find vulnerabilities in your systems and databases.
  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 Information Security 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 app, 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 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.

To save you time, we have prepared these digital Information Security Risk Assessment templates that you can browse and download for free!

Featured Information Security Risk Assessment Templates

1. IT Risk Assessment Template

Use this template to perform security risk and vulnerability assessments in your business. IT Professionals can use this as a guide for the following:

  1. Identify the source of threat and describe existing controls
  2. Assess the possible consequence, likelihood, and select the risk rating
  3. Provide recommendations
  4. Enter as many risk items as possible

2. Information Security Risk Assessment Template

This digitized checklist can help Information Security Officers determine the current state of information security in the company. Determine if an item is High, Medium, Low, or No Risk and assign actions for time-sensitive issues found during assessments. This can be used as a guide to proactively check the following:

  1. Organizational and company practices
  2. Security against physical threats
  3. Data security practices
  4. Information and software integrity
  5. Device security and network protection
  6. Incident response

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Follow these 5 steps to start performing mobile inspections

  1. Create a free iAuditor account to get started
  2. Download a template above and modify it for your workplace or browse other checklist topics
  3. Install the iAuditor app on your mobile or tablet and perform an inspection
  4. Take photos, create actions and generate reports on your device
  5. Invite your teammates. Save time, save lives
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