What is a Cybersecurity Risk Assessment and Why is it Important?

69% of small and medium sized businesses haven't identified their cybersecurity threats

66% of SMEs haven't identified their cybersecurity vulnerabilities 

48% of SMEs haven't analyzed cybersecurity attack targets, methods and different types of attacks

60% of SMEs go out of business within six months of a cyberattack

What is a cybersecurity risk or threat assessment?

A risk assessment provides a snapshot of your current cyber risk, revealing vulnerabilities in your network and IT infrastructure. Without a proper understanding of the potential risks businesses face, these companies are essentially leaving themselves wide open to potential cyberattacks. This is where a cybersecurity risk assessment comes into play. A cybersecurity risk assessment is a systematic evaluation and analysis of an organization's digital infrastructure, processes, and practices to identify potential vulnerabilities and threats. By conducting such an assessment, businesses can gain valuable insights into their security posture and take proactive measures to safeguard their digital assets. It involves analyzing attack targets, methods, and various types of attacks that could potentially compromise the organization's security. With the ever-evolving nature of cybersecurity threats, it is crucial for businesses of all sizes to prioritize risk assessments as a fundamental part of their cybersecurity strategy.

A cybersecurity risk assessment, also known as IT risk assessments or threat assessments, help a company:

Identify: You can't fix what you can't see and don't know about. A risk assessment can expose hidden security gaps. 

Prioritize: Knowing where the gaps are, you are able to address critical issues immediately. 

Remediate:  A risk assessment can help proactively drive strategic long term cybersecurity planning and enforcement. 

What can you expect from a risk assessment:

• Scoring on overall cybersecurity health, data protection and risk factors in your IT infrastructure
• Vulnerability scan for known weak points and gaps in your defenses
• Risk analysis score with findings and an executive summary 
• Dark web scanning for credentials involved in breach that are for sale on the dark web

A cybersecurity risk assessment is crucial for businesses of all sizes in order to identify and address potential vulnerabilities and threats in their digital infrastructure. By having an MSP like Cloud Cover conduct a thorough assessment, companies can gain a clear understanding of their current cyber risk and take proactive measures to safeguard their digital assets. The statistics mentioned earlier highlight the importance of not only identifying cybersecurity threats, vulnerabilities, and attack targets, but also prioritizing and remedying them to prevent potential cyberattacks. It is essential for businesses to prioritize risk assessments as a fundamental part of their cybersecurity strategy in order to protect their sensitive data and ensure the long-term success of their organization. Engaging in a cybersecurity risk assessment will not only provide valuable insights into your security posture but also allow you to take immediate action to address critical issues and develop a strategic long-term cybersecurity plan. Don't wait until it's too late - take the necessary steps to protect your business today.