A risk assessment determines what type of controls are required to protect assets and resources (physical locations, networks/servers, staff, etc.) from threats – allowing your organization to reduce exposure and maintain an acceptable "risk tolerance".
The risk assessment process evaluates the likelihood and potential damage of identified threats, measures the individual risk level of each asset as they relate to Confidentiality, Integrity and Availability (CIA), and then gauges the effectiveness of existing controls to limit the organization's exposure to such risk. Results help the organization identify which assets are the most critical, provides a basis for prioritization and recommends a course for remediation.
The risk assessment will encompass provisions that address both internal and external threats and answers the following questions:
Financial institutions, healthcare providers, government agencies, insurance companies, educational institutions and other organizations who are subject to strict compliance standards have a responsibility to implement and maintain a formal risk assessment process to identify and evaluate risks.
Information security compliance regulations and guidelines (FDIC, FFIEC, GLBA, HIPAA, HITECH, NCUA, OCC, PCI DSS, etc.) require an organization to conduct regular risk assessments in order to identify reasonably foreseeable risks that – if left unchecked – could lead to service interruption or unauthorized disclosure, misuse, alteration, or destruction of confidential information.
TraceSecurity's information security risk assessments follow standard methodologies designed to meet all regulatory requirements and best-practice guidelines.
Our experts closely scrutinize your organization's controls, vulnerabilities, threat vectors, asset information, and loss expectancies. Each individual risk is then analyzed and compared against other identified risks, enabling the organization to prioritize remediation efforts and preempt losses with the most exposure.
In addition to providing the most thorough, objective, and easy-to-read risk assessment available, our risk assessment methodology offers significant advantages if you are in a highly regulated industry. Advantages include:
Key service activities include:
The Risk Assessment results are provided in an extensive report containing:
Automation of the risk management process includes:
Other capabilities include: