How to Conduct a Cyber Security Risk Assessment (No Tech Degree Required)

Cyber security might seem like a complex topic, but protecting your business or personal data doesn’t have to be overwhelming. Conducting a cyber security risk assessment is a crucial first step in understanding your vulnerabilities and fortifying your defenses.

And the good news? You don’t need a degree in computer science to do it.

Why Conduct a Cyber Security Risk Assessment?

Think of a cyber security risk assessment as your company’s very own crystal ball. It helps you peek into the future, identifying potential threats and weaknesses in your systems. This allows you to proactively address those issues before they turn into full-blown disasters.

By understanding your risks, you can make informed decisions about where to allocate resources and what security measures to implement.

It’s like having a roadmap for protecting your business from the ever-evolving world of cyber attacks. Basically, it helps to:

• Identify Weak Points: Pinpoint areas where your systems, data, or processes are vulnerable to cyber threats.
• Prioritize Risks: Determine which threats pose the greatest risk to your organization or personal information.
• Allocate Resources: Focus your time and budget on the most critical security measures.
• Create a Roadmap: Develop a plan to mitigate risks and strengthen your overall security posture.

Step-by-Step Guide for Non-Experts

1. Identify Your Assets

In cybersecurity, assets are anything valuable to your organization that could be targeted by a cyber threat. These assets can be tangible or intangible, and they can be categorized in various ways:

1. Data Assets:

• Customer Data: Personally Identifiable Information (PII) like names, addresses, email addresses, phone numbers, social security numbers, and financial information.
• Intellectual Property: Trade secrets, proprietary code, patents, copyrights, designs, and other confidential information that gives a company a competitive advantage.

Recommended:
Blockchain for Intellectual Property Protection: The Future of IP Management?

• Financial Data: Bank account details, credit card information, financial records, and other sensitive financial information.
• Operational Data: Data related to the day-to-day operations of a business, such as customer records, sales data, inventory information, and employee records.

2. Infrastructure Assets:

• Hardware: Servers, computers, laptops, mobile devices, routers, switches, firewalls, and other physical devices that make up a network infrastructure.
• Software: Operating systems, applications, databases, and other software programs used to run a business.
• Network: The communication infrastructure that connects devices and enables the flow of data. This includes routers, switches, firewalls, and wireless access points.

3. People Assets:

• Employees: The knowledge, skills, and experience of employees are valuable assets that can be targeted by social engineering attacks or other forms of manipulation.
• Contractors: Third-party individuals or companies who have access to an organization’s systems or data can also pose a risk.

4. Intangible Assets:

• Reputation: A company’s reputation is a valuable asset that can be damaged by a data breach or other cyber attack.
• Brand: A company’s brand identity is an intangible asset that represents its values and image in the marketplace.

Identifying your assets is a crucial step in conducting a cyber security risk assessment.

2. Assess Threats

Threats are any potential danger that could exploit a vulnerability in your systems or processes to breach security and cause harm. These threats can come in many forms, including:

External Threats:

• Malware: Malicious software designed to disrupt, damage, or gain unauthorized access to a computer system. This includes viruses, worms, Trojans, ransomware, and spyware.
• Phishing Attacks: Fraudulent attempts to obtain sensitive information, such as usernames, passwords, and credit card details, by disguising as a trustworthy entity in an electronic communication.
• Social Engineering: Manipulating individuals into divulging confidential information or performing actions that may compromise security.
• Denial-of-Service (DoS) and Distributed Denial-of-Service (DDoS) Attacks: Overwhelming a system, server, or network with traffic to disrupt its normal functioning.

What is The Primary Goal of A DOS Attack?

• Man-in-the-Middle (MitM) Attacks: Intercepting communication between two parties to eavesdrop or manipulate the data exchanged.
• Zero-Day Attacks: Exploiting a software vulnerability that is unknown to the software vendor and for which no patch exists.

Internal Threats:

• Malicious Insiders: Employees or other trusted individuals who intentionally misuse their access to cause harm to an organization.
• Accidental Insider Threats: Employees or contractors who unintentionally expose sensitive data or cause a security breach due to negligence or lack of awareness.

3. Evaluate Vulnerabilities

Vulnerabilities are weaknesses or flaws in a system, software, hardware, or process that can be exploited by a cyber threat to gain unauthorized access or cause harm to a system.

These vulnerabilities can exist due to various reasons:

Software Vulnerabilities:

• Coding Errors: Mistakes made by developers during the software creation process can introduce vulnerabilities. These errors can include buffer overflows, input validation issues, and improper error handling.
• Unpatched Software: When software vendors release patches to fix vulnerabilities, failing to apply these updates leaves systems exposed to known exploits.
• Zero-day Vulnerabilities: Flaws that are unknown to the software vendor and for which no patch exists, making them particularly dangerous.

Hardware Vulnerabilities:

• Physical Access: Unauthorized physical access to hardware devices can allow attackers to tamper with or steal data.
• Firmware Flaws: Vulnerabilities in firmware, the software embedded in hardware devices, can be exploited to gain control over the device or access sensitive data.

Network Vulnerabilities:

• Misconfigured Firewalls: Incorrectly configured firewalls can leave ports open or allow unauthorized traffic, creating a potential entry point for attackers. This article explains how to properly fix misconfigured firewalls.
• Weak Passwords: Using weak or easily guessable passwords for network devices or user accounts makes them vulnerable to brute-force attacks.

Human Vulnerabilities:

• Phishing Susceptibility: Falling victim to phishing scams, where attackers trick individuals into divulging sensitive information or clicking on malicious links, is a common way for attackers to gain access to systems.
• Social Engineering: Manipulation tactics used by attackers to exploit human trust and obtain confidential information.
• Lack of Security Awareness: Employees who are not aware of cyber threats and security best practices can inadvertently expose sensitive data or introduce vulnerabilities through their actions.

Other Vulnerabilities:

• Misconfigurations: Improperly configured settings for cloud services, databases, or other systems can create security holes.
• Outdated or Unsupported Systems: Using outdated or unsupported software or hardware can increase the risk of vulnerabilities being exploited.
• Poorly Designed Security Architecture: Systems that lack proper security controls, such as access controls, encryption, and logging, are more vulnerable to attacks.

4. Analyze the Impact

What would happen if a threat exploited a vulnerability? Consider the potential consequences:

• Financial Loss: Theft of funds, fines, legal fees
• Reputational Damage: Loss of customer trust, negative publicity
• Operational Disruption: Downtime, loss of productivity
• Legal and Regulatory Issues: Non-compliance penalties

5. Prioritize Risks

Not all risks are equal. Rank them based on:

• Likelihood: How likely is the threat to occur?
• Impact: How severe would the consequences be?

6. Develop a Mitigation Plan

Create a plan to address the identified risks. This could involve:

• Technical Controls: Firewalls, antivirus software, encryption
• Administrative Controls: Policies, procedures, training
• Physical Controls: Access control, security cameras

Don’t Forget to Monitor and Review Your Cyber Security Risk Assessment

Cyber security is not a one-and-done deal. It’s an ongoing process. That’s why it’s important to regularly monitor your systems for any new threats or vulnerabilities.

You should also review your risk assessment on a regular basis to make sure it’s still accurate and up-to-date. Think of it as a regular checkup for your digital health.

Tips for Non-Experts

• Start Simple: Don’t try to tackle everything at once. Focus on the most critical risks first.
• Use Available Resources: Many free or low-cost tools can help you assess your vulnerabilities.
• Consult Experts: If you’re unsure, seek guidance from a cybersecurity professional.
• Review and Update: Your risk assessment isn’t a one-time task. Regularly review and update it as your environment changes.

Cyber Security Risk Assessment in Summary

By following these steps, you can take control of your cyber security and protect your valuable assets. Remember, even small steps can make a significant difference in safeguarding your digital life.

Don’t let fear or complexity hold you back – empower yourself with knowledge and take action today!