As technology advances, so do the tactics and abilities of hackers all around the world. Whether you run a small business or a large organization, the need for an IT security risk assessment cannot be ignored. Many people don’t conduct security risk assessments, which increases the likelihood that they’ll experience a data breach.

What is a security risk assessment entail?

A security risk assessment identifies, assesses, and implements key security controls in applications. It also focuses on preventing security defects and vulnerabilities in those applications, and allows an organization to see the tech stack holistically and from an attacker’s perspective. A risk assessment will help executive’s make informed decisions on resource allocation, tooling, and security control implementation. The depth of a risk assessment can depend on size, growth rate, and resources.

How can a security risk assessment help my business?

Avoid security breaches

It doesn’t matter how sophisticated your system is; no business is immune to cybersecurity threats! Hackers, viruses, malware, and cyber criminals are great at finding loopholes and weaknesses. Security risks assessments help in identifying where these gaps lie in your system and gives you the ability to make proactive decisions before any data is corrupted.

Protect your reputation

Security breaches don’t just affect your data. It also affects the way prospective clients and employees view your company. If others can see the rainy cloud of cyber security issues looming over your business, they may lose trust. By conducting regular security risk assessments, you’ll drastically reduce the risk of a data breach, and be able to maintain your relationships with stakeholders.

Reduce overall costs and budget

A security breach can cause a lot of fallout (such as lawsuits), and can unfortunately take a good chunk out of your budget. To avoid wasting all of your funds on recovery costs, a security risk assessment is a must. Taking these proactive measures will help your business plan ahead and decide what fraction of your budget is adequate for IT security.

Stay in line with privacy and data laws

Companies that handle sensitive data are required to abide by security and privacy laws. And failing to conduct security risk assessments can result in a violation of these regulations. If a security breach happens, there’s a good chance legal action will be taken against you. To avoid non-compliance, security risk assessments are crucial!

Improve productivity

Without security risk assessments, you’ll always have the fear of an IT security breach. Unfortunately, this reduces efficiency and productivity. If a security breach happens and your business doesn’t have the proper knowledge and equipment to handle it, your employees could waste a lot of time trying to handle the issue. Conducting a risk assessment reduces stress levels and saves your employees time to get back to what they should be doing; their jobs!

It’s important to understand that a security risk assessment is not a one-time security project. It’s a continuous activity that should be conducted at least once every other year. Continuous assessments provide an organization an up-to-date snapshot of threats and risks.

In need of a security risk assessment but aren’t sure where to start? Thinline Technologies has you covered! We provide dependable IT consulting services and expert computer and network support to businesses in the Baltimore metro area. Give us a call at (410) 453-9300 or contact us online for more info.