Cyberattacks are posing a greater threat to businesses and organisations than ever before. Calculating that risk, on the other hand, is a difficult task. In this section, we will provide an overview of traditional methods as well as a glimpse into the future of measuring cybersecurity risk: statistical analysis. The likelihood that your organisation will suffer from disruptions to data, finances, or online business operations is referred to as cybersecurity risk. This type of Cyber Security Risk is frequently associated with events that could lead to a data breach. In this article we will answer the question of how to measure cybersecurity risk.
Measuring the Risk
A vulnerability is a flaw that, when exploited, allows unauthorised network access. Cyber risk is the possibility that a vulnerability will be exploited. To calculate cyber risk, many use this simple framework:
Cyber Risk = Threat x Vulnerability x Information Value
Here are the steps you would take to complete a thorough cyber risk assessment using the
High-Medium-Low method of cybersecurity risk measurement
Determine the worth of information
Before you begin this step, define a standard for determining an asset’s importance. If you don’t have an unlimited budget for information risk management, you should focus on the most critical assets.
Identify and prioritise assets
Determine the scope of the assessment after identifying your assets. This will allow you to prioritise which assets to evaluate. You do not need to value every building, employee, trade secret, vehicle, or piece of office equipment; not all assets are equal in value.
Recognize cyber threats
A cyber threat is a vulnerability that could be exploited, causing harm to your organisation or data theft. Natural disasters, system failure, human error, and adversarial threats such as third-party vendors are all examples of obvious threats to IT security.
Determine your vulnerabilities
Now that you’ve identified what could happen, you must address what might actually happen. What are your weaknesses? A vulnerability is a flaw that a threat can exploit to compromise security, cause harm to your organisation, or steal sensitive data.
Analyze and implement new controls for Cyber Security Risk
Determine which controls are already in place to reduce or eliminate the possibility of a threat or vulnerability. Use technical or non-technical means to implement new controls. Controls can be classified as either preventive or detective. Preventive controls seek to thwart attacks, whereas detective controls seek to determine when an attack has occurred.
Calculate the likelihood and impact of various scenarios
You now have an understanding of the information value, threats, vulnerabilities, and controls. Next, determine the likelihood that these cyber risks will materialise, as well as the consequences if they do. Then, based on your findings, you can decide how much money to set aside for mitigating each identified cyber risk.
Document the findings of risk assessment reports
Finally, create a risk assessment report to help management make budget, policy, and procedure decisions. Describe the threat’s risk, vulnerabilities, and value, as well as the impact and likelihood of occurrence and control recommendations.
Conclusion
While it is critical to implement measures to defend against events that are likely to occur, it is equally critical to avoid preparing for events that are unlikely to occur or will not cause significant material harm to your organisation. Visit here to know how to get a web developer job
