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Risk Assessment
IT risk assessment is a structured process to find, analyze, and prioritize threats and vulnerabilities in an organization's IT assets, data, and operations to protect against cyberattacks, breaches, and failures. It involves identifying critical assets, assessing potential impacts (financial, operational, reputational), evaluating implemented security controls, and developing strategies to mitigate the most significant risks, ensuring business continuity and compliance.
Why It's Important
Protects Data & Systems
Safeguards sensitive information and critical operations
Ensures Compliance
Helps meet regulatory requirements (avoid fines)
Improves Security Posture
Proactively addresses weaknesses before they're exploited
Maintains Business Continuity
Reduces operational disruptions from incidents
Key Steps of IT Risk Assessment
1
Asset Inventory
Identify all IT assets (hardware, software, data, personnel).
2
Asset Classification
Categorize all IT assets by value and sensitivity.
3
Threat Identification
List down potential threats, from natural disasters to cyberattacks.
4
Vulnerability Assessment
Exploit weaknesses in systems, processes, and controls. The related security vulnerabilities relate to OS setting hardening, weak password, password security issue, web security setting, internet & service etc.
5
Risk Analysis & Prioritization
Evaluate the likelihood and impact (financial, operational, reputational) of threats exploiting vulnerabilities, using existing controls to determine risk levels.
6
Control Implementation
Apply security measures (technical, administrative, physical) to reduce identified risks.
7
Monitoring & Review
Continuously track risks and update the assessment regularly.
Common Frameworks
NIST Cybersecurity Framework (CSF)
NIST Risk Management Framework (RMF)
ISO 27001/27002
FAIR (Factor Analysis of Information Risk)