5 Reasons Why a Security Risk Assessment is Important

31 Jan 5 Reasons Why a Security Risk Assessment is Important

Regardless of the size of your business, the need for a technology security risk assessment cannot be ignored. Many organizations do not have one performed, which increases the probability that they will experience a data breach. That is why we are breaking down the top 5 reasons why security risk assessment is important for your business.

1. Avoid Security Breaches

Regardless of how sophisticated your system is, you’re never invulnerable to cybersecurity threats. Hackers, malware, viruses, and cyber-criminals are always looking to take advantage of any vulnerabilities in your system. It can help identify gaps in your defenses and ensure that controls are put in place before a breach. It helps provide a yearly analysis of your network to ensure it securely protected with lasts security guidelines and recommendations.

2. Protects Your Reputation

Without frequent assessments, the danger of security breaches is high. If a break were to happen, this would put your organization’s reputation on the line with clients and vendors for not adequately protecting their data against an attack. This would adversely affect the potential to your business with prospective clients. Regular security risk assessments can help identify those weaknesses in your network and help to mitigate any danger to your reputation.

3. Reduce Cost

A breach can cost you thousands of dollars to get your data back and business operations back up and running. However, there is the cost of the fallout with clients leaving or time spent reassuring clients. All those costs mentioned are usually unplanned expenses and can eat into a budget very quickly. A security risk assessment allows you to plan ahead and know what your cost will be.

4. Avoid Violations

Companies that handle sensitive data (such as PHI and PII) are required by law to abide by security and privacy laws (HIPAA). Failing to deploy a security risk assessment is to result in a violation of these regulations. If a breach did occur, there is the potential of fines and lawsuits.  One of the easiest ways to avoid non-compliance is with a security risk assessment.

5. Increase Self-Awareness

A security risk assessment can help to identify a vulnerability that you might be unknown to you. They provide insight into an organization’s infrastructure and vulnerabilities within that infrastructure. Without the proper knowledge of their network, an organization cannot adequately secure themselves against an attack. One of the major benefits of a security risk assessment is the ability to provide you with a detail report of your network and how it is currently being utilized. This could also highlight inefficiencies within your network that could be costing you money that could easily be streamlined with another technology solution.

As you can see, there are several benefits to an organization for having security risk assessment performed. That is why our team specializes with dedicated resources to provide you the top of the line assessment. Contact us to get your free  consultation today!