Security Risk Assessment for your Business 

Cyber Security Protection Firewall Interface Concept

Security is vital that businesses who rely heavily on IT systems avoid threats and attacks. These attacks might compromise your operations and breach valuable data leading to costly fixes and even suits.

However, the cyber world is ever-changing. There is virtually no system in the world that was designed entirely invulnerable to cyber assaults. Yet there are necessary steps to bolster your business’s IT security and reduce the chances of being breached by a major attack for a reasonable amount of time.  

In this guide, we will run down the tasks you must accomplish in a cybersecurity checkup for your business. We will also familiarize you with the Australian Cybersecurity Centre’s (ASCS) Essential 8 Cyber Security Maturity Model and the Australian Signals Directorate’s (ASD) Cyber Skills Framework. These could provide hefty insights for you and your enterprise and ensure you do not miss any box on your cyber security checklist. 

Why is it important to assess your business’s cyber security? 

We cannot answer this question without reiterating this. The cyber world is a fast-changing landscape, and it is the same with threats. So, you must strengthen the IT systems you and your business have. In the cyber world, any minor infractions in your system can go on. It will eventually take everything with it as hackers and attackers constantly find ways in this always-developing field. You cannot leave a small hole unpatched in cyber security or risk yourself going down the rabbit hole. 

What are cyber threats? 

In simple dictionary definitions, it is the possibility of a malicious or damaging attempt and act to disrupt a computer network or system.  

Through such attacks, hackers could gain unauthorized access or even control the vital aspects of your business. Not only can it damage your enterprise, but it could also endanger your customers and clients. Make them vulnerable to such attacks as identity theft, cyber fraud, and scam. Here in Australia, you will be subject to legalities if your business has something to do with endangering third-party info.  

Below are the most common cybersecurity attacks that your system might be at risk from: 

  • Data Breaches (cases where hackers stole confidential information from an organization)  
  • Phishing (a scheme wherein internet users are tricked into using fraudulent sites that appear to be legitimate)  
  • Malware (commonly known as “computer virus.” It is malicious software that aims to destroy a system or be used to acquire confidential information from a system)  
  • Ransomware (malware that encrypts a system’s data and gains access to it. Then disables user’s control with it unless they pay some amount of “ransom”)  
  • Password Compromise (a scheme where attackers use passwords obtained through other attacks and use it to target vulnerable systems and gain complete access) 

When should you perform a cyber security risk assessment? 

For us, the best time to do it is when you are at the beginning stages of planning and developing your cybertechnology systems. Doing it early on will save you a lot in costs rather than implementing such measures when your system is already up and running.  

Also, we cannot stress enough how the IT sector could change at a moment’s notice, thus signaling a new wave of threats and challenges to your network. Granted that you have your systems online, any day is a good day to conduct a risk assessment. 

How should you do a cyber security checkup? 

We cannot list everything that you should do here, but here is a quick rundown of everything you must do: 

  1. Check your existing system and determine its effectiveness 

In this process, you must identify all your IT systems, services, and applications you use in your business. Next is to look for where your data is stored and determine how secure your implements are regarding data storage. It is also essential to know who has access to it and how they access it. 

  1. Identify threats that could affect your systems and your business 

Determine what kind of system you use, look out for those who use similar implements, and know what attacks and incidents have impacted them. This way, you can be fully aware of your network’s weaknesses and vulnerabilities and have them addressed accordingly. 

  1. Rate possible impacts of each threat 

It is to understand how you should prepare accordingly in addressing each risk. Through this, you can efficiently allot resources to what needs to be done first and mitigate high-priority risks without shutting all channels of your system. 

  1. Use assessment frameworks 

Many frameworks exist to address cybersecurity concerns, but here in Australia, we recommend checking out ACSC’s and ASD’s frameworks to address and eliminate potential risks. 

  1. Get an external agency to help and carry out cyber security checkups 

You cannot be in all places at once, so you had better ask for help implementing cybersecurity assessments. It is not only for you to direct your efforts and resources in running your business while you perform risk assessment but also allows you to address oversights and gaps you might have just missed. 

The Cyber Security Assessment Models: 

The Essential 8 

You cannot be in all places at once, so you had better ask for help implementing cybersecurity assessments. It is not only for you to direct your efforts and resources in running your business while you perform risk assessment but also allows you to address oversights and gaps you might have just missed. 

  1. Application control 
  1. Patch applications 
  1. Configuring Microsoft Office macro settings 
  1. User application hardening 
  1. Restricting administrative privileges 
  1. Patching operating systems 
  1. Multi-factor authentication 
  1. Regular backups 

It is noted that this model has “maturity levels” used to determine how good a system is in avoiding risks. If your cyber assessments are deemed necessary, you could move up accordingly with each level. 

ASD Cyber Skills Framework 

This framework is not just for your systems but also addresses the competencies of your cyber workforce when it comes to maintaining and operating your business’s networks.  

In this model, you are asked to involve all facets of cyber security and have you outlined relevant roles, with each position assigned to each person as having core capabilities and responsibilities in that particular aspect. It also considers your personnel’s career, experience, learning, and development curves in cyber security roles.  

This tool is helpful for businesses requiring trained staff and workforce and outlines each person’s task and role in ensuring uncompromised cyber security.  

To summarize this article, the IT space is ever evolving, and you must incorporate ways and frameworks when assessing your business’s cyber security. It would be best if your system is continually updated to combat risks and develop strategies critical to your business’ security. Contact us now and ask us how! 



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