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4 Important Reasons Your Business Needs a Risk Assessment

Posted by on April 22nd, 2020 in Blog Posts

In the 2019 Official Annual Cybercrime Report, Cybersecurity Ventures predicted that cybercrime will cost the world $6 trillion annually by 2021, up from $3 trillion in 2015. As businesses shift to a remote model during the COVID-19 pandemic, the volume and severity of cyberattacks are expected to increase this year. While we are all aware of the dangers posed by hackers, many organizations fail to enable security policies and systems to protect their business financial and data assets.

What’s an IT Risk Assessment?

A systematic evaluation of the risks, threats, and vulnerabilities to your IT infrastructure is critical to keeping your organization secure – especially during these troubled times. An IT Risk Assessment, a comprehensive review of your IT ecosystem, aims to identify weaknesses or flaws in your infrastructure that could be exploited by bad actors. This assessment serves as the basis for determining countermeasures, but it also facilitates decision making for your long-term security strategy. While going through a full assessment sounds like a daunting task, businesses that put in the work to assess their IT landscape see several benefits. 

Identifying security vulnerabilities

A risk assessment looks at external as well as internal threats. In doing so, the assessment identifies vulnerabilities, inefficiencies, and compliance issues with standards for security policies. The result? A clear list of specific security issues and prioritization of problems with the highest levels of risk.

Determining security requirements

Once a list of potential risks has been identified, the assessment can then determine actionable next steps to eradicate identified weaknesses and strengthen your infrastructure. 

Justifying spending and making smarter purchases

The details of your risk assessment help you better understand the financial risks of potential security threats. By evaluating the costs and understanding the long-term economic benefits of preventing attacks, IT leaders can then budget appropriately and allocate resources to the right solutions. 

Improving security policies and due diligence

The strengths and weaknesses identified in the risk assessment provide valuable insight into developing your organization’s security plans and policies. The evaluation and remediation of issues also serve as a path for documenting due diligence that serves as evidence to regulators, investors, insurance companies, and the like.

Next Steps?

Don’t assume that your IT infrastructure is immune to security threats. Cybercriminals are becoming increasingly savvy and creative when it comes to finding ways to wreak havoc on your business. Inadequate security measures could result in a tremendous financial loss for your business. If you haven’t done a risk assessment recently, get in touch with LanYap Networks. Our team of experts can help you get an assessment that will strengthen your infrastructure and thwart even the craftiest of cybercriminals.

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