Information security risk assessments help organisations understand the threats they face and the treatment options they should consider.
The assessment should be performed regularly – either once a year or whenever there are significant organisational changes – because the threat landscape is bound to change.
Another reason to repeat risk assessments is that your treatment methods will never be perfect. By performing them annually, you can determine whether your defences work as intended or whether you need to rethink your approach.
Why repeatability is important
You want a consistent, repeatable approach to the entire risk assessment process, but this is perhaps most important in creating a risk score.
A risk score is a quantifiable number that organisations use to determine the severity of a risk, and is calculated by reviewing the likelihood of it occurring and the damage it will cause.
This step is essential, because organisations won’t be able to address every risk they identify. They must instead allocate their time and resources according to their top priorities.
For example, an organisation might say that a particular threat is both extremely likely to happen and will cause a great deal of damage unless appropriate controls are implemented.
Finding a solution to this risk is more important than addressing one that is either unlikely to happen or that won’t cause significant damage.
However, this judgement relies on the assumption that the score assigned to one risk is comparable to another.
This is particularly true if you are comparing the results of your latest risk assessment to previous years as you determine the changes in the threat landscape.
What use are the results if you can’t be sure that the person assigning a risk was given the same information and came to the same conclusion as in previous assessments?
To ensure that the information is valuable, you need a consistent framework that ensures that the information remains consistent with each assessment, and the assessor is following set guidelines for calculating risk likelihood and damage.
That’s where Vigilant Software’s risk assessment tool vsRisk can help.
Organisations often struggle to achieve repeatable risk assessments because they rely on manual tools, such as spreadsheets, which are prone to user error.
But by using vsRisk, you simplify the risk assessment, receiving simple tools that are specifically designed to tackle each part of the process.
This software package is:
- Easy to use. The process is as simple as selecting some options and clicking a few buttons.
- Able to generate audit reports. Documents such as the Statement of Applicability and risk treatment plan can be exported, edited and shared across the business and with auditors.
- Geared for repeatability. The assessment process is delivered consistently year after year (or whenever circumstances change).
- Streamlined and accurate. Drastically reduces the chance of human error.
We’re currently offering a free 30-day trial of vsRisk. Simply add the number of licenses you require to your basket and proceed to the checkout.
*** This is a Security Bloggers Network syndicated blog from Vigilant Software – Compliance Software Blog authored by Luke Irwin. Read the original post at: https://www.vigilantsoftware.co.uk/blog/how-to-achieve-repeatable-risk-assessments