What is a Security Risk Assessment & Do I Need One?

A security risk assessment is performed to identify, assess and implement key security controls. A useful risk assessment will contain information in relation to three key areas in vulnerabilities, threats and risks.

A comprehensive security risk assessment is key to ensuring an organisation is protected both in the physical and digital world. Further, given the evolving nature of security threats in 2021, it is important that the security measures you implement as a business evolve to match the evolving threats.

What is the difference between risks, vulnerabilities and threats?

Vulnerabilities can be thought of as holes in a security design. Vulnerabilities include every security flaw that could be exploited by external parties. Threats refer to the ways in which specific vulnerabilities may be exploited by external parties. Risks include worse-case scenarios, which are important in assessing the seriousness of a vulnerability. Finally, risks refer to the likelihood of a particular vulnerability being exploited, how likely is it?

In assessing an organization’s security framework holistically, many considerations are closely analysed. This usually exposes various overlooked risks and vulnerabilities that are then addressed by a comprehensive security design. Hence, by undertaking the risk assessment process you can identify the most significant threats to your business avoiding unwanted and costly interruptions.

What businesses should undertake a risk assessment?

A security risk assessment can be essential to any business. At E2E we always ensure your organization is looked at from both a physical and cyber perspective to ensure you are fully protected.

How different threats are weighted will differ on the operational nature of the business or organisation. For instance, for some businesses, the most significant security risks will be those that relate to the sensitive information they store on site (physically or digitally). For a school, the biggest security risks would be those that put the students at risk. For a cannabis farm, the risks would relate to intrusions leading to thefts.

Additionally, different industries also have different security standards. These standards must be upheld. That is where E2E Security comes in. We work with businesses big and small to perform these risk assessments. Then when it comes time to upgrade, we create detailed solutions to ensure complete security. During implementation, we communicate with suppliers finding you the best deals on the best security system to fit your specific needs.

Conclusion

Security risk assessments are essential in helping organisations strengthen their security across the board. They identify vulnerabilities and pave the way for security improvements. They allow for clearer communication through an improved understanding of threats and allow for meaningful decision making to occur. Hence, great security begins with a security risk assessment.