Cyber threats (IT Risks) pose a very real and significant, risk to their operations.
Steps to cyber risk assessment
Once that’s completed here are the steps needed to undertake a cyber risk audit.
1. Identify threat sources and events
2. Identify vulnerabilities and how they may be exploited
3. Estimate the likelihood of these threats occurring
4. Evaluate the potential impact on your business if they do occur
5. Determine the degree of risk involved
6. Rank the risks in order of priority
7. Prioritise actions and responses to critical risks