Cybersecurity Risk Assessment – What is it? Why do I need it?
Cybersecurity

 By Phil VanOss

Why do I need a Risk Assessment?

Risk assessments are the best way for organizations to lay a solid foundation for an effective cybersecurity strategy. It is an ideal starting point for any business looking for guidance as to what they should focus their resources on and commit to going forward.

Only 14 percent of small businesses rate their ability to mitigate cyber risks, vulnerabilities, and attacks as highly effective. On average small businesses spend $879,582 on the damage or theft of IT assets as a result of cyber-attacks. On top of that, they average a $955,429 cost in disruption of normal operations.

What does a Risk Assessment Provide?

MTEC’s risk assessment is based on the standards for cybersecurity assessment developed by the National Institute of Standards and Technology (NIST), and can address:

  • Risk identification and management
  • Comprehensive understanding and awareness of current cybersecurity industry standards
  • External vulnerability testing in regard to firewall protection and internal network exposure
  • Review of current policies related to information security, data protection, and access control
  • A detailed description of the vulnerabilities found through the assessment with prioritized security risks to focus on and maintenance procedures
  • Assessment of current anomaly and event monitoring, as well as response planning for future
  • Follow-up assessment upon completion of the initial assessment to ensure compliance with industry standards and provide documentation of such

Most small businesses believe they do not store customer information that is of value, while more than half store email addresses, phone numbers, and billing addresses.

Any company connected to the internet can expect to fall victim to cybersecurity as criminals expand their ability to steal money directly and turn stolen data into money. If you are a company that is connected to the internet, you have something that can be exploited.

For more information about MTEC’s cybersecurity assessment, contact our team at info@hvtdc.org or call (845)391-8214 to be connected with a member of our cybersecurity team.