Around the world, 2,200 cyber attacks occur every day with one occurring every 39 seconds on average. The importance of assuring information security has never been more important for businesses—and that is precisely what a risk assessment in information security provides.

Information security goes far beyond the confines of cybersecurity, expanding its focus towards physical security and endpoint security in addition to the aspects covered under cybersecurity.

Therefore, the scope of an information security risk assessment also tends to be more expansive than that of a cybersecurity risk assessment.

The foundations of information security are formed by confidentiality, integrity, and availability. These concepts address the need to prevent the unauthorised release of sensitive information, protect against unauthorised access, and ensure the accessibility of systems whenever necessary.

Assuring information security requires an in-depth understanding of the threats, vulnerabilities, and risks associated with it. This is where a risk assessment in information security can provide tangible benefits.

A risk assessment in information security is the first step and one of the most important steps in ensuring that your organisation is secure in terms of mitigating information security threats.

A risk assessment based on information security threats can help you identify the full range of threats, vulnerabilities, and risks you may be exposed to, both internally and externally. This allows you to take preliminary corrective measures like conducting awareness programmes for stakeholders.

Risk assessments also help you evaluate the likelihood of occurrence and severity of impact for all the risks you’ve uncovered. This allows you to prioritise the most important risks and allocate appropriate resources toward measures and actions to mitigate them. This will help you address the most important risks without overwhelming your limited resources.

A risk assessment also helps you formulate appropriate mitigation strategies. This may include strategies for risk avoidance, risk transfer, or mitigation. Depending on the nature of the risk, you will be able to assign mitigation strategies that will manage them most effectively.

Furthermore, information security risk assessments also help you understand the evolving nature of risk when it comes to information security. This is key to establishing initiatives that will help you continuously improve your risk management capabilities.