IT Risk Assessment & Risk Management

Improve security posture and manage risk

IT risk assessments must be viewed within a business context. When analyzing breaches and vulnerabilities, it is essential to see these in the context of your information assets and how an attack on them will impact business. This kind of in-depth and actionable analysis will help develop an effective assessment that provides a window into not only technology flaws, but also business vulnerabilities. Risk Cognizance help organizations understand that risk management is the ongoing strategic approach to identifying and addressing hazards to the business, enabling good decision making removed from personal bias and based on business needs.

Risk assessment and management is not only a best practice, but also a requirement of many compliance standards such as HIPAA, NYDFS, GBLA, PCI DSS, ISO 27001 and NIST 800. The first step in the security cycle is risk management, a risk assessment provides insight into the effectiveness of a security program and acts as a baseline for subsequent policy and control decisions.


Benefits of an IT Risk Assessment

IT risk assessments assist organizations in making educated security decisions. Understanding one’s risk will help prevent arbitrary action. The entire process is designed to help IT departments find and evaluate risk while aligning with business objectives.

  • Identify potential business impacts and likelihoods

  • Determine risk

  • Identify and prioritize risk responses

  • Identify asset vulnerabilities

  • Gather threat and vulnerability information

  • Identify internal and external threats

After the risks and vulnerabilities have been identified, defensive responses can be considered.

  • Protective measures: These are activities designed to reduce the chances of a disruptive event occurring; an example is using SIEM and threat intelligence to identify unauthorized accesses, allowing your business to act faster before an attacker can cause any damage.

  • Mitigation measures: These activities are designed to minimize the severity of the event after it occurs. Mitigation measure such has next generation Multi-factor Authentication Firewall, Antivirus, IPS/IDS, SIEM and DNS monitoring can automate some remediation efforts.

  • Recovery activities: These activities serve to bring back disrupted systems and infrastructure to a level that can support business operations. For example, critical data stored off site can be used to restart business operations to an appropriate point in time.

  • Contingency plans: These process-level documents describe what an organization can do in the aftermath of a disruptive event. They are usually triggered based on input from the emergency management team.

Outcomes of a risk assessment include not only documentation of your risk posture, but also specific real-world guidance that is both actionable and measurable by leveraging industry-recognized standards. We will work closely with your team to develop a process that is both simple and repeatable, resulting in more consistency and a way to track your progress.