What Is A Security Risk Assessment?
A security risk assessment is a process of reviewing security risks to examine a company’s potential exposure. It is a key element of an overall security strategy. The assessment can be used to mitigate breaches, and more importantly, prevent them in the first place.
Such an assessment involves identifying assets to be protected and the potential threats and vulnerabilities associated with them. A key aspect is setting in place security processes and developing metrics to measure their effectiveness. Historical breach incidents should provide insights into areas of weakness and a measure of how often threats are faced.
Based on these the assessment should also provide a cost/benefit analysis of the overall security strategy. While an effective security strategy may initially be expensive to implement, the assessment should also contrast this with the potential losses involved in a breach to a company’s systems and data.