Cyber Risk Assessment
Identifying your critical cyber risks can be easy.
However, knowing how to effectively remediate those risks, quickly and with limited resources is a real art.
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What is Cyber Risk Assessment?
A Cyber Risk Assessment is a systematic process designed to identify, evaluate, and prioritise potential cyber threats and vulnerabilities within an organisation’s digital environment. It provides a comprehensive understanding of the risks that could affect the organisation, enabling informed decisions on managing and mitigating those risks.
By analysing critical assets, potential threats, and existing security controls, a cyber risk assessment offers a detailed overview of a business’s exposure to cyber risks. This process typically involves identifying sensitive data and systems, assessing potential threats (such as cyber attacks or data breaches), evaluating the likelihood and potential impact of these threats, and determining the effectiveness of current security measures.
The primary aim of a cyber risk assessment is not only to pin-point vulnerabilities but also to prioritise risks based on their severity for your specific organisation. This ensures that resources are allocated efficiently to address the most significant risks, strengthening the organisation’s overall cybersecurity posture.
What's Included?
Threat Identification
Our team conducts a thorough inventory of critical assets – networks, devices, applications and data stores – then maps out potential threats that could exploit these assets.
Vulnerability Analysis
We examine the current security controls and configurations, using scanning tools and expert insights to identify vulnerabilities and weaknesses.
Risk Prioritisation
We assess each identified risk against factors like impact, likelihood and business relevance – producing a prioritised list of vulnerabilities requiring attention.
Control Review
Our specialists evaluate your existing policies, processes and technical measures – pinpointing gaps and recommending ways to close them.
Clear Remedial Actions
We provide clear, step-by-step guidance on how to address identified risks – from patching and policy updates to technology deployments and process improvements.
Ongoing Monitoring
As threats evolve, we offer periodic reviews and updates – keeping your risk profile current and your organisation’s defences in line with best practice.
Challenges Addressed by Cyber Risk Assessment
Specialist Expertise Required
Conducting an in-depth cyber risk assessment requires a team of experts. For many organisations, in-house IT staff often lack the specialised knowledge required to address these highly technical cyber risks.
Limited Visibility of Risks
The task of understanding the full scope of your cyber risk can be overwhelming and you can be left with an incomplete picture of your threat exposure.
Compliance Pressure
Achieving regulatory and industry compliance can be a daunting task to tackle, especially when risk management practices aren’t clearly defined. Non-compliance can result in significant fines and reputational damage.
Evolving Cyber Threats
Cyber threats are becoming more complex, with attackers constantly finding new ways to exploit vulnerabilities. Businesses that do not have regular risk assessments may fall behind in addressing emerging cyber threats.
Specialist Expertise Required
Conducting an in-depth cyber risk assessment requires a team of experts. For many organisations, in-house IT staff often lack the specialised knowledge required to address these highly technical cyber risks.
Limited Visibility of Risks
The task of understanding the full scope of your cyber risk can be overwhelming and you can be left with an incomplete picture of your threat exposure.
Compliance Pressure
Achieving regulatory and industry compliance can be a daunting task to tackle, especially when risk management practices aren’t clearly defined. Non-compliance can result in significant fines and reputational damage.
Evolving Cyber Threats
Cyber threats are becoming more complex, with attackers constantly finding new ways to exploit vulnerabilities. Businesses that do not have regular risk assessments may fall behind in addressing emerging cyber threats.
What Our Clients Say
Benefits of Cyber Risk Assessment
Our cyber risk assessment service allows businesses to gain a complete understanding of your cyber security posture, whilst prioritising actions to safeguard your digital environment.
Prioritised Risk Mitigation
Prioritisation of vulnerabilities can be difficult when you are unclear of the full scope of your security posture. By identifying and evaluating risks through our cyber risk assessment, prioritisation can be straightforward. The targeted approach to risk mitigation ensures that your resources are used effectively in reducing your exposure to cyber threats.
Improved Decision-Making
Regular cyber risk assessments provide senior leadership with the necessary insights to make informed decisions on cyber security investments. By clearly understanding potential risks, organisations can allocate resources more effectively, ensuring that they are always prepared for emerging threats.
Proactive Risk Management
Proactive cyber risk assessments help identify vulnerabilities before they can be exploited, reducing the overall risk of cyber attacks such as insider threats, ransomware and data breaches. Addressing these weaknesses early means that you can minimise your chances of a successful attack on your system.
Meet Regulatory Compliance
Compliance is becoming increasingly difficult due to strict industry regulations and data protection laws. Our cyber risk assessments ensure that your business meets the required standards, such as the UK DPA, GDPR and ISO 27001.
Control Improvement
Cyber risk assessments are a continuous process that enables you to adapt to new cyber threats. With each assessment, our team provides you with insights that allow you to continuously enhance your security measures and stay one step ahead of cyber criminals.
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Elevate your security, accelerate your growth. We take care of cyber security for high-growth companies, at every stage of their journey.
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Case Study: UK Tech Scale-Up
Client Challenge
A UK-based technology company developing software solutions were looking to understand and manage their cyber security risks.
The company struggled to keep pace with evolving cyber threats and regulatory compliance (like GDPR and ISO 27001) whilst scaling up its business.
Their lack of a thorough cyber risk strategy left them in a vulnerable position towards data breaches, intellectual property theft and reputational damage.
Our Approach
To address these challenges, CyPro implemented a tailored cyber risk assessment which included:
- Initial Risk Discovery: Understanding the business operations and identifying critical assets.
- Threat Analysis: Mapping out potential cyber threats, such as data breaches, API vulnerabilities and insider risk.
- Risk Prioritisation: Assessing risks based on the likelihood and potential impact on product delivery, customer trust and intellectual property. Identifying gaps in security controls, policies and procedures.
- Actionable Mitigation Plan: Prioritisation roadmap with recommendations to address the identified risks and ensure compliance.
- Continuous Risk Management: Established a process for ongoing risk monitoring to ensure the organisation’s security posture develops with its growth and current threat landscape.
Value Delivered
Fewer Vulnerabilities
Enhanced secure coding and development practices which reduced cyber risks relating to their suite of software products.
Regulatory Compliance
Aligned business security with the UK Data Protection Act and ISO 27001 standards, alleviating the risk of regulatory fines and improving client trust.
Stakeholder Confidence
Strengthened the company’s reputation with investors and clients by demonstrating a proactive approach to cyber risk management.
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Who Needs Cyber Risk Assessments?
Cyber risk assessments are critical for businesses that are looking to identify, evaluate and mitigate their digital threats. They help organisations understand their vulnerabilities and prioritise security measures that protect valuable assets.
- Scaling Businesses: Scaling businesses and small to medium-sized businesses (SMBs) often lack the dedicated expertise and resources to manage cyber risks effectively, even though they face the same threats as larger enterprises. Cyber risk assessments provide them with a cost-effective solution to identifying potential vulnerabilities and safeguarding their assets, e.g. a local law firm that handles confidential client data and needs to mitigate cyber risks.
- Businesses Expanding Into New Markets: Businesses that are expanding into new regions or markets often face new cyber risks, including unfamiliar regulatory requirements and regional threat actors. A cyber risk assessment can help organisations identify potential gaps in their security and ensure that they are prepared for the novel risks they may now face.
- Organisations With Complex Supply Chains: Businesses that depend on various third-party vendors may have their risks increased due to supply chain vulnerabilities. By identifying risks across the system, cyber risk assessments can give a level of assurance that third parties are meeting appropriate security standards, e.g. a manufacturing company relying on overseas suppliers and third-party logistic providers who need to meet strict security controls.
- Legal & Compliance Obligations: Businesses that must comply with strict regulatory standards (e.g., GDPR, HIPAA, ISO 27001) can use cyber risk assessments to help meet these requirements and ensure proper controls are in place without diverting internal resources, e.g. A US healthcare provider that needs to protect patient data and comply with HIPAA regulations.
Who Doesn’t Need Cyber Risk Assessments?
- Large Enterprises With In-House Security Teams: Large organisations that have already invested in a dedicated, skilled in-house cyber security team and comprehensive security infrastructure may not require external cyber risk assessments. They typically have the resources to assess and manage risks internally, e.g. A global tech company with a robust IT and security department.
- Businesses With Limited Digital infrastructure: Companies that do not rely heavily on digital operations and are primarily offline may not need to invest in frequent cyber risk assessments. These businesses are significantly less likely to face cyber threats, e.g. A family-owned local restaurant that primarily operates offline and does not process payments online.
Our Approach
At CyPro, we take a client-focused approach to cyber risk assessments, ensuring that we take your specific business context into consideration when identifying and remediating vulnerabilities in your environments.
Initial Discovery
We start with a thorough consultation to understand your business goals, digital infrastructure and specific security concerns. By having a deep dive into your current risk landscape, as well as regulatory requirements, we ensure that our approach is aligned with your unique business from the get-go.
Risk Assessment Planning
We develop a detailed plan tailored to your organisation’s needs. This plan describes the scope, timeframes and any specific focus areas for the risk assessment. Here we set clear expectations to ensure every part of the process is efficient and transparent.
In-Depth Risk Assessment
Our team will assess your policies, technologies, processes, and digital assets, including threat analysis, vulnerability scanning and existing control evaluation. We evaluate the likelihood and impact of potential cyber threats to understand the risks they may pose to your business.
Risk Prioritisation
Based on the assessment findings, we categorise and prioritise the risks we have identified. We focus on the high-impact threats that could have the most significant effect on your business. We help you understand where you should be allocating your resources as well as which vulnerabilities need the most immediate action.
Remediation Plan & Roadmap
Our team works closely with your IT and operational staff to develop a risk mitigation strategy tailored to your business. We create this strategy to align with your operational needs and business goals, whilst providing practical recommendations on how to address each of the risks identified.
Risk Monitoring
We can conduct regular reviews of your cyber risk assessments as your business and cyber threats evolve. These ongoing assessments ensure your security posture remains up to date and responsive. By identifying new risks quickly, we enable swift action, keeping your business resilient against emerging attacks.
Ongoing Support
After we have implemented the risk mitigation strategy, we provide continuous support to optimise your security. Periodic risk reviews, updates to your risk management framework and further compliance support can be conducted to ensure your business is secure.
Secure your business.
Elevate your security, accelerate your growth. We take care of cyber security for high-growth companies, at every stage of their journey.
Get in Touch
Secure your business.
Elevate your security, accelerate your growth. We take care of cyber security for high-growth companies, at every stage of their journey.
Get in TouchYour Team
Additional Consultants
Anne brings a wealth of expertise in compliance, risk management, and information security. Specialising in the development of ISO-certified management systems, she has successfully led projects in ISO 27001, SOC, and Cyber Essentials certifications.
Known for a strategic approach, Anne is a trusted advisor in optimising security processes and ensuring organizations meet the latest standards and regulatory requirements.
Comparison: Cyber Risk Assessment vs Attack Surface Assessment
When deciding between a cyber risk assessment and an attack surface assessment, it is important to understand the advantages and differences of each option.
Cyber Risk Assessment
- Purpose: A cyber risk assessment identifies, evaluates and prioritises potential risks to your organisation’s digital infrastructure, processes and operations.
- Scope: Comprehensive scope covers the entire organisation including policies, procedures, technologies, human factors and third-party risks.
- Cost: Cost is dependent on the frequency of assessments and remediation strategies.
- Who Is This Best For? Organisations seeking a thorough understanding of their entire risk landscape and wanting a clear roadmap for reducing cyber risk across the entire business.
Attack Surface Assessment
- Purpose: An attack surface assessment identifies and evaluates potential entry points that both external and internal attackers could exploit.
- Scope: Technical scope, focusing on digital assets, networks, endpoints, third-party services and external facing systems.
- Cost: Typically, a lower cost on a one-off basis due to the narrower scope. However, it is recommended that this assessment be conducted frequently.
- Who Is This Best For? Organisations which are seeking a detailed map of their digital exposure points to identify and reduce potential attack avenues.
Frequently Asked Questions
- How long does a cyber risk assessment take?
The time taken to complete a security risk assessment can range from a few weeks to a few months. The time is dependent on the scope of the assessment, the size of your organisation and the number of systems involved.
- What is a cyber risk?
Cyber risks can encompass a wide range of threats which include: social engineering, ransomware, third-party exposure, cloud vulnerabilities and IoT devices.
- What is the weakest link in cyber security?
Human error remains one of the weakest links in cyber security for organisations. With social engineering (such as phishing) being one of the most frequent methods of cyber criminals, it is necessary to ensure your ‘human firewall’ is as secure as possible.
- Why is a cyber risk assessment important?
A cyber risk assessment is important as it helps to protect organisations against data breaches, comply with industry regulations and ensure business continuity. By identifying and addressing vulnerabilities early, you can reduce the likelihood of damaging and costly cyber incidents.
- How often should cyber risk assessments be conducted?
Cyber risk assessments are recommended to be performed at least annually. In addition to this, they should take place when there has been a major change to IT infrastructure, business processes or an introduction of new technologies.
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