Conducting a Security Risk Assessment

Security risk assessment is an essential step for any business to identify potential risks and vulnerabilities in its security infrastructure. By conducting a security risk assessment, you can develop a comprehensive security plan to protect your business from potential security risks. Knighthood has developed a robust systematic process to undertake such assessments for businesses over the last decade of its operations.

This guide provides a brief explanation of the steps required to conduct a security risk assessment for your business.

Identify Critical Assets​

Identify the critical assets of your technology infrastructure that will your overall IT and security direction. Do consider the value of each asset and the potential impact of its loss or damage, including property, equipment, data, and personnel. You can refer here to understand more

Evaluate Current Security Measures​

It is important to review your current security measures to determine the gaps that need to be addressed. We recommend evaluating your physical security measures, access controls, and data protection measures. You can refer here to understand more

Identify Threats and Vulnerabilities​

Ensure that you Identify all potential threats and vulnerabilities that could impact your people and assets. Consider a broad array of hazards that could affect your business, such as cyber threats, natural disasters, and human errors. You can refer here to understand more

Determine and Prioritize Risks​

Once you have identified the threats and vulnerabilities, determine the likelihood and potential impact of each risk to your business. Basis risks and impact, prioritise your risks and develop appropriate mitigation plans for the risk. You can refer here to understand more

Implement Controls and Monitor Risks​

Finally, implement appropriate controls to mitigate identified risks and monitor them over time. Ensure that your company has developed a Business Continuity Plan to allow operations to continue even when hindered by a security risk. It is important to review security policies and procedures regularly, conduct regular security audits, and provide security training to employees.

Conclusion​

The aforementioned steps offer basic guidance on how to conduct a security risk assessment for your business. If you need additional information, you can refer to Knighthood’s Security Operating System for more detailed steps. We developed this system based on our decade-long experience in this field.

We at Knighthood have been working with over 200+ organisations for over 5 years. We focus on ensuring high service levels at affordable prices. You can read more about why our customers choose to work with us.