Reading time: 5 minutes

If you are a reader of Net Essence blog, you likely know cybersecurity has become an essential issue for companies of all sizes.

Our articles attempt to stress the importance of these matters through case reports and useful tips; this content is no different.

Read to the end to find out how we can assist you in achieving peace of mind.

With cyber threats developing at an alarming rate, regular cyber safety assessments are no longer a luxury but a necessity. These checks are instrumental in preserving the integrity and security of your business information systems.

Cybersecurity assessments are comprehensive evaluations of an organisation’s IT infrastructure to identify vulnerabilities that cybercriminals could exploit. They provide an in-depth understanding of your organisation’s cybersecurity posture and readiness against potential attacks.

According to a 2019 Report by Forrester, commissioned by Dell, 63% of companies experienced a security breach in the last 12 months due to vulnerabilities that existed for over a year. Regular security assessments can help identify these vulnerabilities and close the gaps before they are exploited. 

Remember, a cybersecurity risk assessment is not a one-time activity but an ongoing process that should be integrated into the company’s overall risk management strategy.

Why is it so important? 

Think of cybersecurity assessment as your company’s digital watchdog. Without it, it’s like leaving your front door open with a neon ‘welcome’ sign for hackers. So, unless you want your secret company recipes on display at the internet’s show-and-tell, better get that cybersecurity checkup!

So, let’s roll up our sleeves and delve deeper into the multifaceted world of cybersecurity assessment. Prepare for an insightful exploration step-by-step:

Identifying and Prioritising Vulnerabilities

With the help of services like vulnerability assessments and penetration testing, businesses can identify, quantify, and prioritise vulnerabilities in their systems. These assessments offer a clear view of potential weaknesses in your defences, allowing you to take proactive measures to strengthen them.

Risk Management

Risk assessments play an integral part in any risk management strategy. They help identify potential risks and threats to your information systems and evaluate the possible impacts if these risks were exploited. This information is crucial for developing effective risk mitigation strategies and response plans.

Ensuring Compliance

Conformity assessments are necessary for businesses to adhere to a given set of security standards or regulations like GDPR, HIPAA, PCI, DSS, etc. Non-compliance can lead to hefty fines, reputational damage, and loss of customer trust.

Improving Incident Response

Incident response assessments evaluate your organisation’s ability to respond to and recover from a security incident. Regular inspections can help improve your incident response plan by identifying progress areas and testing the program’s effectiveness under simulated conditions.

Increasing Employee Awareness

Regular cybersecurity assessments can foster a culture of security within the organisation. They promote awareness among employees about the importance of cybersecurity, their role in maintaining it, and the potential risks of non-compliance.

Promoting Trust

For customers and partners, knowing that a business conducts regular cybersecurity assessments can nurture long-lasting trust in the business’s commitment to protecting their sensitive data.

Relevant Case Study

For instance, healthcare organisations conducting frequent security assessments gain a competitive advantage over those not. Patients trust that their sensitive health data will be protected, which helps attract and retain both patients and suppliers.

A great example is Bupa, a global healthcare provider with a strong cybersecurity posture. In 2019, Bupa was the victim of a data breach that exposed the personal information of over 100,000 customers.

However, Bupa responded quickly and effectively to the breach and has since made several changes to improve its cybersecurity posture. These changes have helped Bupa become a more secure organisation, and they served as a model for other companies that have been the victim of data breaches.

In a 2020 report, the Ponemon Institute named Bupa as one of the top 20 most secure healthcare organisations. Bupa’s strong cybersecurity posture results from its commitment to protecting the privacy and security of its customers’ information.

Bupa invests heavily in security technologies and training. One of the key factors is that it has a dedicated team of cybersecurity experts who are responsible for developing and implementing security policies and procedures

As a result, Bupa has built a reputation for having industry-leading security practices and has been able to attract more patients.

Additionally, by conducting regular security audits, Bupa ensured that their systems are always up-to-date with the latest safety measures, thus further enhancing its credibility in the healthcare sector. .

Net Essence’s Cyber Risk Assessment Service

We provide support, guidance, and advice on these topics. 

Our team of certified cybersecurity advisors is at your service, offering business-focused consultation on the complete process of evaluating information risk.

At Net Essence a typical risk assessment involves the following:

Asset Identification: We help identify the assets that need protection, including hardware, software, data, and intellectual property.

Threat and Weakness Identification: We assist in identifying relevant threats and weaknesses that could impact your cybersecurity posture.

Vulnerability Identification: We help spot exploitable vulnerabilities that could be used by cybercriminals.

Threat Level Assessment: We assess the threat level posed by different threat agents to provide a clear picture of your risk landscape.

Business Impact Analysis: We determine the potential business impacts if risks materialise, helping you understand the looming consequences of different threat scenarios.

Security Risk Assessment Report: We produce a detailed security risk assessment report, providing a comprehensive overview of your cybersecurity risk profile.

Risk Acceptance Advice: We advise establishing a risk acceptance threshold that aligns with your business’s risk appetite and strategic objectives.

Control Implementation Advice: We provide guidance on implementing suitable controls to manage identified risks effectively.

Cyber risk assessment should be an ongoing activity. At Net Essence, we recommend conducting a comprehensive enterprise security risk assessment at least once a year or when significant changes occur in your business, IT infrastructure, or the legal environment.

This good practice guarantees that you stay informed about the risks associated with your organisation’s information systems. 

Conclusion

In summary, regular security assessments should be a part of any organisation’s security strategy.

While the assessments themselves may be an added cost and inconvenience in the short term, they provide much greater value by helping prevent costly cyberattacks and data breaches.

Organisations demonstrating a strong commitment to security through regular assessments will be best positioned for success in today’s threat landscape.

Remember, in today’s digital world, taking a proactive approach to cybersecurity is always a smarter move than being reactive. And with us, there are no such thing as dumb questions on this topic.

Make cybersecurity assessments a regular part of your business strategy to protect your valuable assets and maintain the trust of your customers.