In recent years, cybersecurity threats have become more prevalent and sophisticated, making it essential for organisations to perform regular cybersecurity risk assessments.
But, conducting a cybersecurity risk assessment can be a complex and time-consuming process, especially for enterprises that may lack the resources and expertise to perform it effectively. However, leveraging a customisable risk assessment template can prove to be a valuable tool for streamlining the cybersecurity risk assessment process. It can be beneficial for both companies and independent risk practitioners.
These templates can help overcome the common challenges organisations and risk practitioners face when assessing cybersecurity risks and identify vulnerabilities and threats to an organisation’s information systems and assets, as well as determine the appropriate controls and mitigation strategies to reduce risks to an acceptable level.
In this blog post, let’s explore the benefits of these templates and how they can be leveraged to improve the cybersecurity risk management process.
The benefits of a customisable risk assessment template
A customisable risk assessment allows you to tailor the evaluation of potential hazards and their impacts to your specific context and objectives. Unlike a generic risk assessment, which may not account for the nuances and complexities of your specific situation, a customisable risk assessment enables you to adjust the parameters, assessment criteria and weights according to your needs and preferences.
Some more benefits of using a customisable risk assessment are:
- It can help you identify and prioritise the most relevant and significant risks for your project or organisation.
- It can provide you with a comprehensive and transparent overview of the risk landscape and the associated uncertainties and opportunities.
- It can support you in making informed and evidence-based decisions and actions to mitigate or exploit the risks.
- It can facilitate communication and collaboration among stakeholders and foster a culture of risk awareness and management.
Important steps to follow when using a customisable risk assessment template
When using a customisable risk assessment template, it is important to follow some common steps that should be adapted and modified according to the organisation’s cybersecurity goals, scope, methodology, and criteria.
1. Define the objectives and scope of the cybersecurity risk assessment
The purpose, scope, boundaries, assumptions, and constraints of the cybersecurity risk assessment should be determined in advance, as well as identifying the stakeholders, roles, and responsibilities involved in the process.
2. Identify the assets and systems that are within the scope of the cybersecurity risk assessment
Information assets—such as data, software, and hardware—and systems—such as networks, applications, and devices—that are relevant to the organisation’s cybersecurity objectives should be identified and categorised.
3. Identify the threats and vulnerabilities that could affect the assets and systems
The sources, methods, and motives of various actors, including but not limited to hackers, insiders, and competitors should be examined to anticipate and preemptively address any weaknesses or gaps in the security of the assets and systems under consideration.
4. Assess the likelihood and impact of each threat scenario
The probability that a given threat will occur and exploit a given vulnerability, as well as the potential consequences or damages that could result from such an event should be estimated with methodological rigour.
5. Determine the risk level for each threat scenario
Apply a predefined risk rating key or risk matrix that assigns a numerical or qualitative value to each combination of likelihood and impact. The risk level indicates the severity or priority of each threat scenario for further action.
6. Identify and evaluate the existing controls and mitigation strategies for each threat scenario
The effectiveness of current measures, such as policies, procedures, and technologies should be evaluated to ensure the adequacy of your organisation’s security posture. This evaluation should encompass an analysis of how well these measures prevent, detect, or respond to each potential threat scenario.
7. Identify and recommend additional controls and mitigation strategies for each threat scenario
New or improved measures such as training, awareness, and encryption that could reduce the likelihood or impact of each threat scenario to an acceptable level should be identified, proposed, and explored.
8. Document and report on the findings and recommendations of the cybersecurity risk assessment
The results of the cybersecurity risk assessment should be summarised and presented in a clear and concise manner, highlighting the key risks, controls, and actions for each asset or system.
Leverage customisable risk assessment templates to strengthen cybersecurity risk management
Using a customisable template for assessing cybersecurity risks can be a valuable asset for organisations of all sizes and types. It streamlines the cybersecurity risk assessment process, saves time and resources, ensures consistency and completeness in identifying and evaluating risks, facilitates better communication and collaboration among stakeholders, and supports decision-making and reporting on risk management.
But, make sure to follow the common steps and best practices outlined to adapt and modify the template to meet their specific cybersecurity requirements and objectives.
