Security Risk Assessment
Companies are increasingly spending money on cyber security. However, attackers are launching more sophisticated cyber attacks that are hard to detect, and businesses often suffer severe consequences from them. IN the first half of 2019 alone, data breaches exposed nearly 4.1 billion records. This is why it is imperative for businesses to empower themselves with the knowledge of how strong their cyber security is, what potential vulnerabilities exist, and how those risks can be mitigated. Performing a cyber security risk assessment helps organizations strengthen their overall security. The primary goal of a risk assessment is to determine what the critical assets are and if a threat exploits those assets, how much it would cost to mitigate those risks and to protect your assets from a breach.
How can you perform a cyber risk assessment?
In order to perform a cyber security risk assessment, you need consider three factors:
• Importance of the assets at risk
• Severity of the threat
• Vulnerability of the system
But before we dive into how to perform a cyber security risk assessment, let’s understand what a cyber security risk assessment is.
What is a Cyber Security Risk Assessment?
A cyber security risk assessment is the fundamental approach for companies to assess, identify, and modify their security protocols and enable strong security operations to safeguard it against attackers.
It also helps to understand the value of the various types of data generated and stored across the organization. Without determining the value of your data, it is quite difficult to prioritize and assign resources where they are needed the most.
In a cyber security risk assessment, you also have to consider how your company generates revenue, how your employees and assets affect the profitability of the organization, and what potential risks could lead to monetary losses for the company.
Once you have identified all this, you should think about how you could enhance your IT infrastructure to reduce potential risks that might lead to financial losses to the organization.
Furthermore, a cyber security risk assessment helps inform decision makers and support proper risk responses. Most C-suite executives and higher management professionals don’t have the time to delve into the minute details of the company’s cyber security operations.
A cyber security risk analysis serves as a summary to help them make informed decisions about security for their organization.
There are several ways you can collect the information you need to start your risk assessment process:
• Review documentation.
• Interview data owners, management, and other employees.
• Analyze your infrastructure and systems.
How to Perform Cyber Security Risk Assessment?
To begin cyber security risk assessment, you should take the following steps:
Step 1: Determine Information Value :
Most organizations don’t have a large budget for security risk assessments, especially small-to-medium businesses (SMBs), so it’s best to limit your scope of assessment to the most critical business information. Spend time to define a standard for determining the importance of information and prioritizing it. Companies often include asset value, business importance, and legal standing. Once you have created a standard and it is embedded in your organization’s cyber security risk analysis solution, use it to categorize information as minor, major, or critical.
Here are some questions that you can ask to determine information value:
• How valuable is this information to competitors or attackers?
• If this information is lost, could you recreate the information? How long would it take? What would be the associated costs?
• Are there any financial or legal penalties associated with losing or exposing
the information?
• Would losing the information impact the company’s day-to-day operations?
• What would be the financial damage of the data being leaked or stolen?
• What would be the long-term impacts of the information being lost
completely or exposed? Would it cause reputational damage? How could you recover from it?
Step 2: Identify and Prioritize Assets
The first and most important step to perform a cyber security risk assessment is to evaluate and determine the scope of the assessment.
This means you have to identify and prioritize which data assets to assess. You may not want to conduct an assessment of all your employees, buildings, trade secrets, electronic data, or office devices.
You need to work with the management and business users to create a comprehensive list of all the valuable assets. Some assets could be valuable because they largely impact your company’s revenue, while others could be valuable because they ensure data integrity to your users.
Once you have identified crucial assets for the assessment, collect the following information:
• Data
• Purpose
• Criticality
• Software
• Functional requirements
• Information flow
• Interface
• End-users
• Hardware
• Information security policies
• Information security architecture
• Network topology
• Technical security controls
• Physical security controls
• Environmental security
• Information storage protection
• Support personal
Related Post
Network Security Checklist, Protect your Business
We have compiled a network security checklist for SMBs providing actions that should be taken to secure your business network against internal and external threats.A Network Security Checklist for SMBsAttacks can come from all angles and as your network grows and you add more devices, increase the number of users, and use new applications, the threat surface rapidly grows, and your network becomes more complicated to defend. The purpose of this network security checklist is to provide you with tips on the key areas of network security you should be focusing on.The best place to start is to develop a series of policies that describe the actions that are permitted and not permitted by your employees. If you do not explain how systems must be used and train users on best practices, risky behaviors are likely to continue that will undermine the hard work you put into defending your network.Develop Policies that Dictate What is and is Not AllowedYou should develop an acceptable use policy covering all systems, an internet access policy stating how the internet can be used, and the websites and content that should not be accessed. Policies are required for an email stating how email must be used and data that is not permitted to be sent via mail. You will no doubt have some workers who access your network remotely. A policy is required covering secure remote access and the use of VPNs. If you allow the use of personal devices, a BYOD policy is a must. You should clearly state the sanctions for violating policies and must ensure that policies are enforced, ideally using automated technical measures.Secure Servers and WorkstationsAll servers and workstations must be properly secured. Create a checklist for deploying new servers and workstations to ensure that each is properly secured before being used.Create a list of all servers and workstations on the network including their name, purpose, IP address, service dates and tag, location, and person responsible for each.Ensure all devices are running the latest software and are patched as soon as patches are released. Antivirus software should be used on all devices.Ensure a firewall is used to prevent unauthorized external access and make sure the default username and password are changed and a strong unique password is set. Use Deny All for internal and external access and ensure all rules added to the firewall are fully documented. Disable any permissive firewall rules. Consider also using an internal/software/application firewall for added security.Decide on a remote access solution and only use one.Purchase a UPS for your servers and ensure the agent on the UPS will safely shut down servers in the event of a power outage.Monitor server logs for unauthorized access and suspicious activityEnsure servers are routinely backed upSecure Network Equipment and DevicesYou must ensure your network is secured, along with any devices allowed to connect to the network.You should only purchase network equipment from authorized resellers and should implement physical security controls to prevent unauthorized access to network equipment.Ensure all firmware is kept up to date and firmware upgrades are only downloaded from official sources.Maintain a network hardware list detailing the device name and type, location, serial number, service tag, and party responsible for the device.For ease of management and consistency, use standard configurations for each network deviceConfigure networking equipment to use the most secure configuration possible. Ensure wireless devices are using WPA2, use SSH version 2 and disable telnet and SSH1Make sure very strong passwords are set for remote access.Disable all inactive ports to prevent external devices from accessing your internal network. Also set up a guest network to ensure visitors cannot access your internal resources.Use network segmentation to allow parts of the network to be isolated in the event of an attack and to hamper lateral movement attempts.Use a remote management solution to allow the authentication of authorized users.If you need to use SNMP, use SNMPv3. Change default community strings and set authorized management stations. If you are not using SNMP then ensure it is switched off.User Account ManagementYou should adopt the principle of least privilege and only give access rights to users that need to access resources for routine, legitimate purposes. Restrict the use of admin credentials as far as is possible. Admin accounts should only be used for admin purposes. Log out of admin accounts when administration tasks have been performed and use a different account with lower privileges for routine work.Ensure that each user has a unique account and password and make sure accounts are de-provisioned promptly when employees leave the company. Create a password policy and enforce the use of strong passwords. Consider using a password manager to help your employees remember their secure passwords.Email SecurityEmail is the most common attack vector used to gain access to business networks. Phishing is used in 90% of cyberattacks and email is a common source of malware infections. You should use an email security solution that scans inbound and outbound email to protect your network from attack and avoid reputation damage should email accounts be compromised and used to attack your business contacts.Your email security solution should provide protection against the full range of email threats, including email impersonation attacks, phishing/spear phishing, and malware and ransomware. The solution should also be configured to prevent directory harvesting attempts.Web SecurityThe internet is a common source of malware infections and phishing attacks usually have a web-based component. You should implement a web filtering solution such as a DNS filter to provide secure internet access, which should protect users on and off the network. Your filtering solution should be capable of decrypting, scanning, and re-encrypting HTTPS traffic and should scan for malware including file downloads, streaming media, and malicious scripts on web pages. Use port blocking to block unauthorized outbound traffic and attempts to bypass your internet controls.Traffic and Log MonitoringYou should be regularly reviewing access and traffic logs to identify suspicious activity that could indicate an attack in progress. Make sure logging is enabled and logs are regularly reviewed. If you only have a handful of servers you could do this manually, but ideally, you should have a security information and event management (SIEM) solution to provide real-time analysis of security alerts generated by your endpoints and network equipment.Security Awareness TrainingIf you follow this network security checklist and implement all of the above protections, your network will be well secured, but even robust network security defenses can be undone if your employees engage in risky behaviors and are not aware of security best practices. Employees should be provided with security awareness training to teach cybersecurity best practices and how to identify threats such as phishing. Security awareness training should be provided regularly, and you should keep employees up to date on the latest threats.
Read MoreTop Network Security Certifications and How to Choose the Right One for You
Network security is an organization’s first line of defense against hackers and other cyber threats. Thanks to projections that cybercrime is expected to inflict $6 trillion worth of damage around the world in 2021, we can see why network security has risen in prominence. However, just like there are many different forms of cyberattacks, there are a dizzying array of cybersecurity certifications to choose from.Although having so many cybersecurity choices is arguably a good thing, the sheer number and variety also pose a challenge. It’s easy to get overwhelmed by the number of choices, sometimes to the point of not making a choice at all. What are the top network security certifications? Which one(s) are right for you and your organization? Are any of the top cyber security certifications universally applicable?In this article, we are going to shine the spotlight on various topics, including:What is network security?The need for network securityVarious types of network securityNetwork security jobs and salariesBest network security certificationsWhat is Network Security?Most experts define network security as the policies and practices of taking protective measures for protecting network infrastructure from trespassing, illegal access, modification, abuse, change, destruction, or the unauthorized gathering and release of data. The full process requires a combination of hardware devices, security software, and user awareness of security procedures and techniques.The latter element can range from employees getting briefed on proper security practices, to professionals who have taken network security training. Why is Network Security Needed?So many aspects of our lives have migrated to the digital world. We use the internet to conduct financial transactions, communicate with family and colleagues, make purchases, seek entertainment, and engage in research. So much of our personal information resides online, everything from birth dates, Social Security (or other identification numbers), health history, credit history, bank accounts, utility bills, and a host of other things.All that data and all those transactions are vulnerable to hackers and cybercriminals. The more of our lives we commit to the internet, the higher the risk of compromise. Moreover, the continuing importance of the Internet of Things (IoT) means even more reliance on wireless networks, which only increases the threat landscape, giving criminals more avenues and opportunities to perpetrate fraud. There is too much at stake in our personal and commercial lives to let network security slip. So, what types of network security are there?What Are the Types of Network Security?There is a whole arsenal of network security tools, methods, and practices available for cybersecurity professionals. Here’s a high-level overview:SoftwareSecurity software resources include anti-virus, anti-malware, and anti-spyware. These tools are available as suites or as subscriptions, updated continuously by the hosting vendor to keep up with the latest threats. These applications monitor your network, blocking intruders, malware, and viruses.As an aside, it’s extremely wise to opt for a security subscription as opposed to getting a suite and loading it in-house. Subscription providers/vendors are in a better position to deal with the constant changes to the cyber security landscape. There seems to be a new cyber threat or virus emerging every day, and your software won’t defend against threats it doesn’t yet know exist. That’s why it’s better to leave that heavy lifting to the subscription provider.Password ProtectionThis is such a simple measure but is extremely important. Strong passwords are an inexpensive yet effective way of keeping systems, applications, and networks safe, and you don’t have to be a seasoned cybersecurity professional to put strong passwords into practice. And when we say “strong” passwords, we don’t mean ridiculous ones like “password” or “99999”.FirewallsIf you picture your network as an exclusive nightclub, then the firewall would be the bouncer, working the door and keeping out undesirables. They filter traffic (incoming and outgoing), based on predetermined policies, preventing unauthorized users from coming in. Anyone who’s tried to work remotely but was locked out of their company’s main systems due to not having the right authorization, has experienced first-hand the effectiveness of a firewall.Email Security SoftwareEmail is a very vulnerable point in any network. Cybercriminals love to send bogus emails that look like correspondence from legitimate companies and financial institutions. But just one click of a link embedded in these fraudulent emails could be enough to compromise your system. To that end, email security software can not only filter out incoming threats, but it can also even prevent certain kinds of data from being transmitted.Segmented NetworksThis process sorts and divides traffic based on specific established criteria. Segmented networks are especially useful for limiting users to just one area, specifically the one they need to do their work while keeping these users out of the data that’s outside of their wheelhouse. Restricting users like this helps decrease the overall network’s weak spots.Which are the Best Network Security Certifications?Before you can make big bucks in the network security field, you need to learn the tools and skills. That’s where network security training comes in. Network security certification courses not only give you the essential knowledge for these positions, but they also give you that valuable certificate that shows prospective employers that you have the required qualifications.Let’s dig into some of the major network security certifications.1. CEH: Certified Ethical HackerAlso known as “white hat hackers,” these are IT security professionals whose job is to try and penetrate systems and find vulnerabilities. Businesses and organizations hire them to find weaknesses in the system and figure out how to fix them. When you consider how important cybersecurity has become, it’s unsurprising that this certification is such a sought-after commodity.2. CISSP: Certified Information Systems Security ProfessionalThis certification is for experienced security professionals who are responsible for the development and management of their organization’s security procedures, policies, and standards. It is perfect for IT security professionals who want to take their careers to the next level.3. CISM: Certified Information Security ManagerThis certification is a critical resource for IT professionals who have enterprise-level security management responsibilities. They manage, develop, and oversee security systems and develop organizational best practices.4. CCSP: Certified Cloud Security ProfessionalThis certification has become highly sought after thanks to many organizations increasingly migrating to the cloud. The course focuses on IS and IT professionals who apply best practices to cloud security architecture, design, operations, and service orchestration. If you work with cloud platforms, this is a must.5. CISA: Certified Information Systems AuditorThis certification target IS professionals who focus primarily on audit control, assurance, and security. It provides you with the skills required to govern and control enterprise IT and perform an effective security audit.
Read More