What are the steps to perform a security risk assessment?

A security risk assessment is a process of identifying, analyzing, and evaluating the potential threats and vulnerabilities that affect an organization's information systems and assets. It helps to prioritize the risks and determine the best ways to mitigate them. A security risk assessment is an essential part of any system administration strategy, as it can help to improve the security posture, compliance, and resilience of the organization. In this article, we will discuss the steps to perform a security risk assessment, and provide some tips and best practices along the way.

1 Define the scope

The first step is to define the scope of the security risk assessment, which means to determine what systems, assets, processes, and data are in scope, and what are the objectives and criteria of the assessment. The scope should be aligned with the organization's business goals, legal requirements, and security policies. The scope should also be realistic and manageable, considering the available resources, time, and budget. The scope should be documented and communicated to all the stakeholders involved in the assessment.

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Heera Meghwal

Cyber Security Consultant @Tenable | IT & OT Security | Identity Security | Vulnerability & Risk Management | Cloud Security l Cyber Exposure Management |
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Performing a security risk assessment involves several key steps. Firstly, identify and catalog all assets within the organisation, including information systems and data. Next, assess potential threats that could compromise these assets. Following this, evaluate vulnerabilities, considering weaknesses in security controls. Determine the likelihood of these vulnerabilities being exploited and assess the potential impact on the organisation. Finally, prioritise risks based on their severity, enabling the development of effective risk mitigation strategies. Regular reviews and updates to the assessment are crucial to maintaining robust security measures.

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Andrei Mungiu

Cybersecurity Architecture | Enterprise Architecture | Cyber-Risk Assessment | Threat Modelling | Master's in Cybersecurity
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Defining the scope of a cyber risk assessment in particular takes more than one might think. Why is that? Think about the last risk assessment you conducted, have you had moments when you were uncertain if something should be taken into account or not? If the answer is yes, then you should have spent more time defining the scope. Now there might be exceptions, but generally speaking, the Cybersecurity industry has to start placing more emphasis on scope. One of the reasons this happens is due to risk Assessment professionals falling into the trap of thinking that risk assessment is all about math and formulas, while that is partially true, SCOPE is THE most important factor.

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2 Identify the threats and vulnerabilities

The next step is to identify the threats and vulnerabilities that could affect the in-scope systems, assets, processes, and data. A threat is anything that could exploit a vulnerability and cause harm or loss to the organization, such as a hacker, a malware, a natural disaster, or a human error. A vulnerability is a weakness or flaw in the system, asset, process, or data that could be exploited by a threat, such as a misconfiguration, a bug, a lack of encryption, or a poor password. To identify the threats and vulnerabilities, various sources of information can be used, such as previous incidents, industry reports, security audits, vulnerability scans, penetration tests, or interviews with staff.

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Champika M Wijerathne

Certified Cloud Engineer | IT Specialist
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Conduct a comprehensive identification of potential threats and vulnerabilities. In a technical context, this involves scanning systems for known vulnerabilities, analyzing network configurations, and assessing the security posture of applications. Real-world example: Use vulnerability scanners and penetration testing tools to identify weaknesses in both external and internal systems.

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3 Analyze the risks

The third step is to analyze the risks, which means to estimate the likelihood and impact of each threat-vulnerability pair. The likelihood is the probability that a threat will exploit a vulnerability, and the impact is the severity of the consequences if that happens. The likelihood and impact can be quantified using numerical values, such as percentages or scales, or qualitified using descriptive terms, such as low, medium, or high. The risk analysis can be based on historical data, statistical models, expert opinions, or assumptions. The risk analysis should be consistent and transparent, and documented in a risk register.

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Champika M Wijerathne

Certified Cloud Engineer | IT Specialist
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Evaluate the potential impact and likelihood of identified risks. This involves assigning risk levels to each threat-vulnerability pair. Consider factors such as data sensitivity, business criticality, and regulatory compliance. Real-world scenario: Analyze the risk of a data breach based on the value of the data, the existing security controls, and the potential consequences for the organization.

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4 Evaluate the risks

The fourth step is to evaluate the risks, which means to compare the risks with the predefined criteria and determine which ones are acceptable and which ones are unacceptable. The criteria can be based on the organization's risk appetite, tolerance, and threshold, which reflect how much risk the organization is willing to take, accept, or avoid. The criteria can also be based on the organization's legal obligations, regulatory standards, or contractual agreements, which define the minimum level of security that the organization must comply with. The risk evaluation should be objective and rational, and documented in a risk matrix.

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5 Treat the risks

The fifth step is to treat the risks, which means to select and implement the appropriate risk treatment options for the unacceptable risks. The risk treatment options can be categorized into four types: avoid, transfer, mitigate, or accept. Avoid means to eliminate the risk by removing the source or the target, such as discontinuing a service or replacing a system. Transfer means to shift the risk to a third party, such as an insurance company or a service provider. Mitigate means to reduce the risk by implementing controls, such as policies, procedures, or technologies. Accept means to acknowledge the risk and bear the consequences, such as by creating a contingency plan or a reserve fund. The risk treatment should be proportional and cost-effective, and documented in a risk treatment plan.

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6 Monitor and review

The sixth and final step is to monitor and review the security risk assessment, which means to measure the performance and effectiveness of the risk treatment, and to update the risk assessment as the environment changes. The monitoring and review can be done by using indicators, metrics, or audits, and by collecting feedback, reports, or incidents. The monitoring and review should be regular and systematic, and documented in a risk report.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the steps to perform a security risk assessment?

1

2

3

4

5

6

7

1 Define the scope

2 Identify the threats and vulnerabilities

3 Analyze the risks

4 Evaluate the risks

5 Treat the risks

6 Monitor and review

7 Here’s what else to consider

System Administration

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What are the steps to perform a security risk assessment?

1

2

3

4

5

6

7

1 Define the scope

2 Identify the threats and vulnerabilities

3 Analyze the risks

4 Evaluate the risks

5 Treat the risks

6 Monitor and review

7 Here’s what else to consider

System Administration

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