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What Is A Cyber Security Risk Assessment?

What Is A Cyber Security Risk Assessment?

Cybercrime is a serious threat to modern companies. According to the FBI, cybercrime grew by 24% in 2013. Businesses need to be proactive and do a cyber security risk assessment. It is designed to identify the vulnerabilities and threats that threaten an organization's information assets.

Threats are those forces that could harm organizations or destroy mission-critical data. To secure your data, you can take the help of professionals for cyber security risk assessment or cyber resilience.

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Vulnerabilities refer to the paths that threats may use to harm, steal, destroy, or deny access to information assets. When threats combine with vulnerabilities, there are risks. There are many ways that devastating losses can occur.

An organization's cyber risk assessment provides an insight into the potential consequences of unauthorized disclosures of mission-critical or confidential information. With the cyber risk assessment results in hand, a business owner or governing body can decide whether to accept the risk, use countermeasures, or transfer it.

The world is surrounded by an immense asymmetric threat environment, which is enabled by an incalculable amount of vulnerabilities. 

Cybercrime, a growth industry, has low-risk and high-payoff. Data breaches now result in financial losses that exceed the amount of illegal global drug trade. Unfortunately, law enforcement is not able to stop cybercriminals from attacking your company. Organizations can rely on themselves.

A company can reduce cyber risk by assessing its exposure and implementing controls to lower the likelihood of it being realized. Cyber security should be considered a business process, which requires exact managerial controls that are similar to those in finance and accounting.