Whether you have to perform a security risk assessment to meet compliance requirements or to improve a specific aspect of your security, such an assessment can feel like a daunting task.
You could perform a risk assessment internally, but it can be a time-consuming and complicated endeavor for those who don’t know the intricacies of the process. It is often better to leave the risk assessment to the experts who can give you the best results for the least time and money.
Here are six reasons to turn to a trusted professional for your risk assessment:
1. You won’t be spending money in the dark.
Your risk assessment will contain a list of vulnerabilities/threats and the potential consequence of ignoring each. You’ll also see an estimate of the impact each risk could have in terms of money and time if left unaddressed.
After receiving the treatment plan with these possibilities and estimates, you can better forecast the budget that you’ll need to address each risk. Knowledge of the cost and severity of the impact empowers you to choose which to address first and to ensure you are spending smarter, to make long-term improvements to your security.
Additionally, your assessment provides a tangible list of where your money is going so that you can track if your mitigation efforts are making a positive difference.
2. You’ll have a justified action plan for remediation.
Sometimes there are changes that should be made, but the high cost acts as a roadblock to progress. The C-suite may not understand the importance of the needed updates, instead only seeing a big spend without being fully aware of the true return.
The results of your risk assessment will articulate the value of investing in the remediation project. The report will spell out the potential cost of not addressing the vulnerability, making the oftentimes less expensive mitigation investment look more attractive.
If you are the one controlling the budget, the risk assessment will detail a clear order for rolling out solutions. Not only will you have a data-driven plan, but the projections of neglecting the risk will help to justify the immediacy for action.
3. You’ll gain team-wide buy-in.
In our blog, How to Actually Use Your Risk Assessment Report, we explain the importance of distributing your risk assessment report throughout the chain of command. By putting the results in the hands of power, you are increasing the likelihood of the risks actually being addressed.
A well-detailed risk assessment report will display the results in a common language that’s easy to understand, and with clear options for reducing the risk. The executives can gain team buy-in by relaying this “proof,” or facts, figures and numbers behind its necessity so that everyone involved sees values in addressing each risk.
Once decided on whether to mitigate, avoid, transfer or accept each risk, these decision-makers will know who to distribute the workload to. Internal teams can collaborate to make important changes— with the report in hand, knowing their hard work should promise a worthwhile payoff.
4. You’d have to do it anyway for compliance.
Many companies are required to perform a risk assessment to meet PCI DSS, SOC2, ISO 27001, NIST, HIPAA, and other requirements. Even though it may seem like a chore to get an assessment, it’s a fundamental building block for any company’s information security program— and should be prioritized.
If you have to perform a risk assessment anyway, why not invest in a quality analysis? A professional risk assessor can ensure that you receive true value to use your data to its full advantage.
Suddenly, that obligatory compliance checkbox becomes a way to save your company money down the road, or to avoid future problems. There’s no drawback to a future-oriented mindset and being prepared.
5. It’s a complicated feat.
While a risk assessment report might be easily interpreted, it’s because a professional assessor made the data easily digestible. The reality of compiling and accurately assessing that data on your own is much more complex.
Just like you have your own area of expertise, a professional risk assessment specialist knows their trade— and knows it well. Performing risk assessments can be an overwhelming and time-consuming effort for those who have never conducted one before, and data is easily misinterpreted without an expert eye.
Because there is a lot of time and experience that goes into performing a proper assessment, letting a skilled practitioner save you the long hours and headaches is often the smarter investment of your time and money.
6. By outsourcing, you’ll avoid confirmation bias.
Even if you have the knowledge and SMEs to get the job done, you risk missing something by performing your own company’s assessment or running into confirmation bias. No matter how big your internal department is, you need an objective set of eyes.
Trusting a professional risk assessor helps to avoid any confirmation biases you would have encountered and allows your team to focus exclusively on addressing the results.
The True Value of a Professional Risk Assessment
A risk assessment is a powerful decision-making tool for reducing your threat landscape.
Thinking this might be a job for the professionals? Let the experts at Truvantis® do the hard work for you. Our IT security experts are here to make it easy. Contact us today.