IT risk assessments may feel intimidating or even overwhelming. How do you know if the risks presented genuinely threaten your business and IT system? Is this the correct assessment to meet your needs?
IT risk assessments are valuable tools, but they must follow an official IT security framework and match your needs to be effective.
For over 25 years, WEBIT Services has helped hundreds of clients build effective, framework-driven security and reduce risk.
By reading this article, you'll learn the purpose of an IT risk assessment and how it can help you make informed decisions.
4 Questions to ask when evaluating a risk assessment
1. Is the Assessment Creating Fear or Helping You Make an Informed Decision?
A proper risk assessment aims not to scare you or instill fear. Instead, it sheds light on the potential risks within your technology infrastructure.
By conducting an IT risk assessment, you gain valuable insight into your systems' vulnerabilities, weaknesses, and potential threats. This knowledge empowers you to take proactive steps in safeguarding your technology and making informed decisions regarding risk mitigation.
Some IT providers will offer a free risk assessment as part of their sales process. They may say, "Are you unhappy with your current provider? Talk to us about a free risk assessment to see if your system is secure."
In some instances, this assessment may be accurate and helpful. In others, the provider may be using the assessment to instill fear.
When using a free assessment, examine its goal. Is the potential provider walking you through the report and offering education? Or are they showing you a ledger full of red without explanation? Are they offering you viable solutions or sales packages?
2. Is It Based on a Security Framework Like NIST or CIS?
IT risk assessments must have a standardized approach. Otherwise, the assessment is based on varying opinions and preferences. Key security risks or processes may be overlooked without standards, leaving users vulnerable to cyber-attacks.
This is where security frameworks like NIST (National Institute of Standards and Technology) or CIS (Center for Internet Security) come into play. These frameworks provide a structured assessment methodology. This ensures consistency and thoroughness.
You can leverage established best practices and benchmarks specific to your industry by aligning with a recognized security framework.
Using a risk assessment based on an official security framework enhances its accuracy and reliability. It also lets you compare your organization's risk posture with industry standards.
If a free risk assessment does not follow NIST or CIS, this is a red flag for inaccuracies and potential fear-based tactics. Their assessment may look for security-related items instead of a holistic security evaluation.
For example, an assessment that does not follow a framework may focus only on software updates and how recently a user installed updates. Software updates are essential to security processes but are not the only practice for keeping your system safe.
In addition, it's very easy to take an update-focused assessment and make it look frightening to a potential client. "Do you see how many updates you've missed? Do you see all the red? You aren't secure!"
If your IT provider does not use security frameworks, it may be time to evaluate your partnership and security practices. Following an approved, official security framework is essential for building IT security.
3. Is This an IT Network Assessment or Risk Assessment?
It's important to clarify what kind of assessment you are performing.
An IT network assessment primarily focuses on evaluating your network infrastructure's health, performance, and security. It delves into areas like hardware, software, connectivity, and network protocols.
In addition, network assessments do not need to align with a security framework. They are based on best practices to help keep your IT network running smoothly.
On the other hand, an IT risk assessment takes a broader perspective. IT risk assessments examine potential risks associated with data privacy, access controls, regulatory compliance, and more.
Because network and risk assessments have different focuses, results will vary.
For example, a client runs a risk assessment and a network assessment.
The network assessment discovers that their server does not have a battery backup system. This is not necessarily a security risk, but if the office experiences a power surge, blackout, or brownout, the server will go down and disrupt productivity.
Adding a battery backup is a best practice to help maintain productivity.
However, the risk assessment discovers that the server has not been maintained, updated, or connected to a data backup system. This presents a security risk as the server and data may be exposed to preventable vulnerabilities.
When performing an assessment, ask your IT provider, "What kind of assessment is this? What is its goal? Are we examining best practices or following a framework?"
4. Why Are You Performing the Assessment?
Understanding the purpose behind an IT risk assessment is essential.
You wouldn't embark on a journey without knowing your destination, would you? Similarly, the motivation behind conducting an assessment should guide your actions and decisions throughout the process.
The reasons for performing an IT risk assessment can vary depending on your organization's unique circumstances. Here are a few common motives:
- Identify and Mitigate Risks: The primary objective of an IT risk assessment is to identify potential risks and vulnerabilities. By pinpointing these areas of weakness, you can develop strategies and implement controls to mitigate those risks effectively.
- Compliance and Regulations: Many industries are subject to specific regulatory requirements. Conducting an IT risk assessment helps ensure compliance with these regulations, protecting sensitive data and avoiding penalties or legal consequences.
- Business Continuity: A comprehensive IT risk assessment enables you to identify potential disruptions to your technology infrastructure. By understanding these risks, you can develop contingency plans and strategies.
- Stakeholder Confidence: Demonstrating a proactive approach to risk management instills confidence in your stakeholders, clients, partners, and investors. An IT risk assessment showcases your commitment to security and helps build trust in your organization.
- Cost-Effectiveness: Assessing and addressing risks early on can save your organization from costly breaches, downtime, and reputational damage. An IT risk assessment allows you to allocate resources efficiently, focusing on areas that pose the most significant threats.
Next steps to evaluate your risk assessment
An effective IT risk assessment should not instill fear but empower you with knowledge and enable informed decision-making.
When evaluating a risk assessment, ask yourself:
- Is this assessment instilling fear or helping me make an educated decision?
- Is it following an official IT security framework?
- What's the goal of the assessment? Is this a network assessment or a risk assessment?
- Why am I requesting this assessment?
If you have never had a risk assessment with your current provider, that is a red flag for poor security service. Risk assessments are essential, repeated processes to evaluate and build your company's security.
WEBIT Services conducts hundreds of risk assessments each year for its clients. In addition, it uses risk assessments as educational tools to help build strategies and protect its clients.
If you are looking for a new IT provider, schedule a free 30-minute consultation to see how WEBIT can help.
If you are not ready to make a commitment but would like to learn more about IT risk assessments, we recommend the following articles:
- CIS and NIST Frameworks | Why they matter in a risk assessment
- Cybersecurity Risk Levels: Where do you draw the line?
- 3 ways users address IT risks (and the hidden cost of doing nothing)
- Are free IT risk assessments helpful?
