Risk Assessment in UAE
The process for identifying existing flaws in the IT ecosystem that threatens the data and network security of an organization is called IT Risk Assessment. Based on the value of the data resource for the organization, this activity suggests countermeasures to reduce the risk to an acceptable level.
A formalized IT risk management program is designed based on the understanding of the impact of information security risks from an organization’s perspective. The risk management process formally includes identifying, assessing & responding to such impending risks. Risk assessment is probably the first step in risk management, it provides insights into the authenticity and effectiveness of your IT security measures and will be the guiding benchmark for your future policy and control measures.
ISO 27001 Risk Assessment
ISO 27001 enables organizations to securely manage their financial information, employee & client details, intellectual properties, or any third-party entrusted information. There are various risks associated with the organization and some of the areas where the compliance focus on risk assessment include.
- Digital and Physical Ways to Information Access
- Firewalls, Encryption, and other security measures
- Conducting Staff Trainings and Awareness programs on risk factors
- Internal processes and methodologies
Our Approach to Risk Assessment
IT risks can prevent your company being compliant with government regulations, have a negative impact on your company’s reputation and reduce your profitability to a greater extent. An IT risk assessment looks after issues like application downtime, hardware failures, network outages etc. At HLB HAMT, we divide the risk assessment procedure into various phases:
This primary phase focus on identifying the critical business processes and assets that are mandatory for the business to be function securely. In other words, we identify a set of critical resources that are most vulnerably to phishing and other cyber-attacks. The consequences of a data breach are evaluated thoroughly, and the worst-case scenario is mapped. The inherent vulnerabilities are identified proactively during the evaluation phase. Also, all the information related to potential threats are gathered and its origin is studied thoroughly. This can help the company to formulate their defense strategies against such attacks.
This phase is more of determining the extent of the severity of vulnerabilities and threats. The frequency and the impact will differ from each threat. The primary step is to identify the worst possible threats and the most frequent threats. Next step is to assess its impact on the enterprise, taking account of the likelihood and assumed severity of attack, critical information impacts are scaled accordingly. Such process can help you be better prepared for the incoming attacks.
The process of risk mitigation refers to the measures your organization should have in place to face a potential attack. There are many criteria associated with risk mitigation. The first one is to apply the security control to reduce the likelihood of unfortunate events happening. Your security team will be we notified of such vulnerabilities and preventive measures are laid out to counter the attacks. The next step is to define a risk acceptance criterion and take extraordinary decisions. Change the circumstances to avoid the risks. Next step is to share the risk with your insurance or a third party, so that there is a balance is managing the risk. Recovering the data from remote data centers and simulating such attacks is also a way of risk assessment.
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