Risk assessment best practices

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In the last years, cyberattacks have increased dramatically.
To prevent unpleasant situations, every company should assess their cybersecurity-related risks.
According to information security experts, security controls are deployed after a security incident, which means that most companies do not have a proper cyber risk management.
However, eventually, every company has to do a cybersecurity risk assessment, to identify security vulnerabilities and how to mitigate them.
A Cybersecurity risk assessment is the set of practices and processes used to protect assets, infrastructure, and information by implementing preventive, detective, and corrective controls to mitigate the risk.
Some best practices to follow when doing a cybersecurity risk assessment, are:

1.      Identify your critical assets: To do so, identify information assets (hardware, software, applications, etc.) and classify them in order of criticality.

2.      Identify potential weaknesses: Perform a risk assessment to determine whether your company has vulnearbilities and current controls are adequate or need improvements.

3.      Identify potential threat: Each threat presents unique challenges.

4.      Review your security controls: Determine if preventive, detective, and/or corrective controls need to be strengthened.

5.      Re-assess continuously: Your company’s risk management, should adapt to the always changing threat landscape.

Source: https://championsg.com/advantages-performing-cybersecurity-risk-assessments