Risk Assessment
Identifying, Evaluating, and Mitigating Risks
In today’s threat landscape, a comprehensive cyber risk assessment is essential for organizations to understand and manage the vulnerabilities in their information technology infrastructure. This additionally extends as a common requirement for many information security compliance frameworks.
Our Cyber Risk Assessment service is designed to guide organizations through a systematic, detailed evaluation of risks, ensuring robust security and alignment with industry best practices. With our methodology, we enable organizations to identify potential threats, uncover and calculate risks, evaluate controls, and build effective plans to address vulnerabilities.
What is a Cyber Risk Assessment?
A cyber risk assessment is a structured evaluation process that identifies and quantifies risks related to information and communication technology. These risks may arise from various sources—internal vulnerabilities, external threats, or environmental factors.
Our assessment process involves analyzing each element to determine the inherent and residual risks while aligning with (or enhancing) the organization’s overall risk management methodology. This enables organizations to make informed decisions about cybersecurity investments, policy improvements, and risk treatment strategies while simultaneously improving security posture and compliance status.
Our approach incorporates both industry standards and client-specific considerations to create a tailored risk assessment. The key components include:
Our methodology includes a structured Threat Inventory, where we identify threats relevant to your organization’s assets. Using intelligence from industry reports and frameworks (e.g., Verizon, FS-ISAC, and Unit 42), we categorize threats by likelihood and impact.
This approach ensures that we prioritize high-impact, plausible threats specific to your sector and operational context.
Our consultants evaluate the adequacy of existing controls, focusing on policies, procedures, and technical safeguards. Using established frameworks like NIST 800-53 and ISO 27001, we analyze control effectiveness across areas such as:
Access control and identity management
Data encryption and confidentiality measures
Backup and disaster recovery plans
Incident response capabilities
Each control is scored for effectiveness in mitigating identified threats, and we provide recommendations to enhance security where necessary. With this analysis we identify gaps to help your team understand areas of improvement.
Our methodology includes a detailed calculation process to determine the inherent and residual risk levels associated with each asset category. By assigning values for likelihood and impact, we calculate Threat Impact Factors (TIF), which are then multiplied by Asset Category Values (ACV) to produce a Risk Score (RS). ACV assigns a criticality to asset types, TIF represents the likelihood and impact of specific threats for each of these asset types, and a RS is the product of those values to identify inherent risk for each asset type. This process allows us to establish a baseline risk profile and evaluate how current controls reduce these risks.
Inherent Risk represents the risk without any mitigation in place.
Residual Risk considers the effectiveness of existing controls, providing insight into areas requiring further attention.
Our calculation of residual risk is sourced from the controls and safeguards analysis. That is, when controls are in place mitigating inherent risks the residual risk will be lower based on the maturity and effectiveness of the control that is implemented.
Our final report provides a comprehensive view of the organization’s risk posture, complete with:
Risk Ratings for each asset category and threat.
Gap Analysis detailing control weaknesses and recommended improvements.
Residual Risk Assessment summarizing the reduced risk levels after accounting for existing controls.
Each report is customized, with sections on client-specific observations and executive summaries that highlight strategic recommendations for ongoing improvement.
Our process begins with identifying and documenting all critical assets within the organization. We work closely with your team to build an inventory for your desired scope that includes:
Hardware and software systems
Network infrastructure
Cloud services and third-party applications
Personnel roles and sensitive information
Our Inventory and Scoping Questionnaire aids in identifying asset categories, allowing us to determine the assets that pose the highest risk if compromised.
To maintain certification, organizations must demonstrate ongoing compliance:
Interim Assessments: Conducted mid-cycle to verify continued adherence to HITRUST requirements.
Bridge Assessments: Extend certification validity temporarily, ensuring no lapse while preparing for re-certification.
Our Cyber Risk Assessment Methodology
Our process aligns with the NIST 800-30 risk management framework and is customized based on the organization’s unique operating environment, utilizing the following steps:
1. Scoping and Planning
Objective Definition
Establishing the scope of the assessment and aligning it with the client’s risk appetite and compliance requirements.
Custom Questionnaire Development
Using our Inventory/Scoping Questionnaire to gather detailed information about assets, configurations, and processes. This typically involves scoping workshops so that our team clearly understands your environment, critical assets and business objectives.
2. Risk Analysis and Control Testing
Control Evaluation
Through detailed interviews and document reviews, we evaluate the effectiveness of controls across the scope of the assessment. This allows us to identify potential gaps as well as determine where risks are being mitigated.
Threat Likelihood and Impact Scoring
We use qualitative scoring methods to gauge the probability and potential damage of identified threats, ensuring that scoring aligns with both industry standards and organizational contexts.
3. Calculation of Inherent and Residual Risk
Inherent Risk Calculation
Using Threat Impact Factors (TIF) and Asset Category Values (ACV), we determine an initial risk profile.
- The Threat Impact Factor takes into account the potential severity and probability of a threat.
- Asset Category Values are assigned as part of scoping thereby applying criteria of asset criticality.
Residual Risk Adjustment
We apply control effectiveness scores to calculate residual risk, reflecting the security posture after existing controls have been considered.
4. Reporting and Recommendations
Risk Mitigation Strategies
We provide tailored recommendations for risk modification, retention, avoidance, or sharing.
Control Enhancement
Our report highlights specific actions, including potential technology upgrades, policy revisions, and procedural improvements.
Benefits of Our Cyber Risk Assessment Service
Tailored Expertise
Our consultants combine industry knowledge with deep technical expertise, ensuring assessments reflect current cybersecurity standards and best practices.
Actionable Insights
We provide practical recommendations that focus on strengthening your security posture, from policy updates to advanced threat detection capabilities.
Efficient Methodology
Our proven methodology and automated tools streamline the assessment process, reducing the time and resources needed for thorough risk evaluation.
Ongoing Support
Beyond the assessment, we offer advisory services to support continuous improvement, helping you address emerging risks and regulatory changes.
Why Choose Us for Your Cyber Risk Assessment?
Experienced Team
Our professionals specialize in cyber risk assessments across industries, providing insights tailored to your organization’s specific needs and risk profile.
Structured Approach:
Our systematic methodology ensures thorough risk identification, analysis, and control testing, providing a comprehensive view of potential vulnerabilities.
Client-Centric Customization
We develop and adapt our assessment framework to fit each client’s unique environment, ensuring relevant results and targeted recommendations.
Long-Term Partnership
We provide guidance not only on immediate risk mitigation but also on strategies for sustained cybersecurity resilience. Additionally, we are available to perform periodic risk assessments to help you keep a close eye on your environment.
Conducting a cyber risk assessment is critical to understanding and managing risks that can impact your organization’s operations and reputation. Partner with us to gain a clearer view of your cybersecurity landscape and establish a proactive strategy to address potential threats.
Contact us today to initiate a cyber risk assessment and build a more resilient future for your organization.