WHAT IS A RISK ASSESSMENT?
A risk assessment is fundamental to any organizational risk management program and is a methodology used to identify, assess, and prioritize organizational risk. One way to look at a formal risk assessment process is your organization is now being proactive rather than reactive. If you have the opportunity to anticipate a potential security incident and address the potential adverse impacts, chances are you will be successful and save your business from any operational and reputational loss.
Risk assessments performed by Alphaedge Quodrant follow guidance found in NIST Special Publication 800-30 and ISO31000. Risk assessments are intended to trigger a thought process to identify vulnerabilities and risks particular to your organization and provide readiness for the various requirements you are facing. A risk assessment should include: conducting a risk assessment survey, identifying risks, assessing the importance and likelihood of risks, creating a risk management plan, and then implementing that plan.
HOW CAN A RISK ASSESSMENT BENEFIT YOUR ORGANIZATION?
By regularly performing a formal risk assessment, you can get a clear picture of where your assets lie and what potential threats might exist. This is why most information security frameworks require a formally documented, annual risk assessment. Risk assessments give you the ability to assess the likelihood and impact of those threats and an opportunity to evaluate your current security controls to determine if what you’re doing will be an effective defense mechanism against a malicious attack.
Risk assessments can also help your organization implement the pillars of information security: confidentiality, integrity, and availability. The impact of unauthorized disclosure of confidential information can range from the jeopardizing of national security to the disclosure of Privacy Act data. If the loss of system or data integrity is not corrected, continued use of the contaminated system or corrupted data could result in inaccuracy, fraud, or erroneous decisions. If a mission-critical IT system is unavailable to its end users, the organization’s mission may be affected.
WHY WORK WITH ALPHAEDGE QUODRANT?
When you work with Alphaedge Quodrant, your organization is partnered with an expert in information security. Alphaedge Quodrant’s Information Security Specialists are here to help you identify risks and develop a readiness plan for the compliance requirements that you face. Our Information Security Specialists most commonly audit against PCI DSS, GDPR, ISO 27001, ISO22301, and CFPB frameworks.