Security Risk Assessment: 7 Risks of Cyber Security

What Is Cybersecurity Risk

Cybersecurity risk refers to the likelihood of harm, reputational damage, or loss of sensitive data after a cyber attack or data breach on a business/ organisation.

The cyber security risks for businesses stem from a reliance on technology to store and hold sensitive data. When we rely on computers, networks, and programs to store sensitive data, we must know there are risks that come with this. These are the cybersecurity risks.

With all of the cybersecurity risks your business has, your business is at risk of harm, reputational damage, fines, and closure.

But, what are the common risks of cyber security which lead your business to this?

Common Risks of Cyber Security

To prevent your business from facing any type of harm, reputational damage, fines, or closure – you need to know the common risks of cyber security.

So, here’s the most common risks of cyber security:

Phishing Attacks

In the UK, phishing attacks (where individuals are deceived into disclosing sensitive information) reign supreme as the most common cybersecurity threat. An astounding 79% of all cyberattacks on UK businesses in 2023 were attributed to phishing attempts!

Do you know how high your cybersecurity risk is for phishing attacks? It’s likely your business is at high risk of phishing attempts. However, the best way to uncover how high this risk of cyber security is with a security risk assessment.

If you’re looking to reduce the high risk of phishing attacks on your business, use Jera for free cybersecurity training. To get your team signed up for free cybersecurity training, click this link.

Malware

Between April 2022 and April 2023, the UK was the second most attacked country in the world by ransomware (a type of malware).

Malware is a type of cybersecurity risk where software is designed to harm a computer system or network. There are many different types of malware that each pose a different cybersecurity risk to your business:

• • Ransomware
  • Viruses
  • Worms
  • Trojan horses
  • Spyware

To get a greater understanding of how at-risk you are of malware, you need to start a security risk assessment.

Distributed Denial of Service Attack (DDoS)

As with Malware, the UK is the second most attacked country in the world by Distributed Denial of Service (DDoS) attacks (second only to the USA). Of every cybersecurity attack in the UK, 9.3% of those are DDoS attacks.

DDoS attacks are typically where cybercriminals overwhelm a website, system or network with traffic to render it unavailable to users or customers. An example of this is when users could not access certain parts of Microsoft 365 after a DDoS attack on the 5th of June 2023.

Are you aware of the risk a DDoS attack has on your business? If not, you need to understand cybersecurity risk management with a security risk assessment.

Business Email Compromise

35% of all phishing attacks are known as Business Email Compromise (BEC), making them a great risk to your business.

Business Email Compromise (BEC) involves cybercriminals impersonating high-ranking individuals through email spoofing with the intent to pilfer from unsuspecting victims. This manipulation often takes the form of mimicking the targeted person to facilitate unauthorized fund transfers or the disclosure of sensitive information.

Business email compromise (BEC) is intricately designed to deceive recipients into complying with requests, often using stolen passwords to send emails directly from a legitimate business account, making it harder to spot.

Business email compromise can therefore be a great cybersecurity risk to your business. To train your employees to spot business email compromise emails, contact us for free cybersecurity training.

Social Engineering Attacks

98% of cyberattacks are said to rely on social engineering. Social engineering is typically used in every attack I’ve mentioned above as it is where the attacker tries to manipulate individuals into disclosing sensitive information or performing actions that lead to a security breach.

As a high number of cybersecurity attacks rely on social engineering, it’s amongst the biggest risks of cyber security and thus should be treated as such.

Do you know if your business at high risk of a social engineering attack? Do you train your employees/ colleagues on how to recognise a social engineering attack? If not, you need to understand the risks this poses to your business with a security risk assessment.

Overall, these are the most common risks of cyber security in the UK, but what about the future? Will anything change?

Future Risks of Cyber Security

Okay, so now you know the most common risks of cyber security, but what does the future look like?

You might already know about all the previous cyber security risks, but like previously mentioned in the scenario, you might not know the new ones/ the future risks of cyber security.

Here are the future risks of cyber security to your business:

Supply Chain Compromise

Supply chain compromise as a risk of cyber security is where cybercriminals target an organisation which is the ‘weaker link’ in the supply chain. Once the attacker has compromised the ‘weaker link’, they can then move on to contact other businesses in the supply chain and compromise them.

In the future, supply chain compromise is poised to emerge as a more prevalent cybersecurity risk. To gauge its potential impact on your business, consider conducting a cybersecurity risk management assessment.

Cloud Compromise

If cloud compromise does become a greater risk of cyber security in the future, you need to understand what kind of risk this will have on your business (although, that does not mean you should remove your data from the Cloud!).

Uncover the risks cloud compromise could have on your business in the future with a security risk assessment.

The Rise Of AI (Artificial Intelligence)

AI is there to make life easier for us, but it is also making life easier for cybercriminals too. Cybercriminals are able to use AI to change phishing emails to be more believable and read better (see example above).

AI is likely only going to make spotting phishing emails harder and make it easier for malware to be created in the future as AI can also help to create the code. But is this a high risk to your business? Find out by undergoing a cybersecurity risk management assessment.

Overall, there are lots of risks of cyber security and you need a way to understand everything your business faces in the future. The best way to do this is to assess cyber security risk with a security risk assessment.

Types of Cybersecurity Risk Assessment

When looking to create a cybersecurity risk assessment, you should decide on the type of security risk assessment your business needs. What is it you’re hoping to find out? Who should do the cybersecurity risk assessment?

Well, that is all down to the type of security risk assessment you need. Here are the types of cybersecurity risk assessments you could do:

• • Generic risk assessment: This risk assessment follows a template that reviews a broad range of cybersecurity risks across the business. It is used to bring questions about risk to light.
  • Qualitative risk assessment: This risk assessment is typically where a group of stakeholders will share their thoughts and ask questions to guide insight into the risks of the business.
  • Quantitive risk assessment: This risk assessment assesses risk objectively so that the risks can be measured numerically. Each risk will be assigned a numerical value based on likelihood, and impact. Each risk can then be assessed on severity objectively.
  • Vulnerability assessment: This assessment aims to pinpoint weaknesses and vulnerabilities within computer systems and networks. The process usually involves scanning these systems and networks to categorise vulnerabilities according to their severity.
  • Penetration testing: This type of risk assessment is where an attack is simulated to uncover any vulnerabilities in your systems and networks. It encompasses both scanning systems and networks and actively attempting to exploit weaknesses in order to gain access.
  • IT audit: This type of assessment is used to demonstrate compliance and provide proof of the quality of a business’s network security.
  • Site-specific risk assessment: This type of risk assessment is where risk is assessed at a specific location or site. It is used for businesses with unique risks across different locations.
  • Dynamic risk assessment: This type of risk assessment is used to assess risk in real-time (or as close as it can get). It involves continuously monitoring systems and networks for threats or vulnerabilities.

Overall, there are many types of cybersecurity risk assessment that you can use to assess security risk. Find out below how to assess security risk with a generic risk assessment.

How To Assess Security Risk

A security risk assessment is something very important for every business to have. It is a process that identifies, evaluates, and prioritises each risk so that the business can take any cyber security risks they’ve identified and prevent them.

If you’re looking to complete a generic security risk assessment on your own, here’s how to assess security risk:

1. Define The Scope

To first assess the security risks of your business, you need to define the scope of the risk assessment you wish to do.

What is it that you are trying to run the assessment on? Is it everything, all your assets, systems, hardware, applications and data – or is it just one or some of these things?

To run a successful security risk assessment, you need to define what you are going to be running the assessment on, and the timeframe. You should also ensure that all stakeholders are informed of the scope of the security risk assessment.

2. Identify and Prioritise Assets

Write down the assets you defined to be of importance in the risk assessment. Then prioritise these assets based on their importance to your business.

For example, customer data and financial information will be amongst the most important assets and should be placed in the highest priority. Doing this will help you to reign your focus into the most critical areas to protect.

3. Identify Threats and Vulnerabilities

Identify any potential cybersecurity threats and vulnerabilities that could affect the assets that you have picked out.

To do this, you will need to review the following to find any weaknesses or gaps that bad actors (cybercriminals) could use to gain access to your assets:

• • Systems
  • Hardware
  • Applications
  • Data

Some of the vulnerabilities/ weaknesses you should look out for in the security risk assessment are:

• • Outdated software
  • Weak passwords
  • Unsecure networks
  • Unpatched systems

4. Analyse Risks and Determine Impact

After you have reviewed everything and found the vulnerabilities/ weaknesses in each of your systems, you need to analyse the risks you identified and determine the impact they may have on your business.

To do this, you need to assess the likelihood of each risk occurring, and how these risks could impact your business if the risk does occur.

Some examples of the impact of cybersecurity attacks are:

• • Financial
  • Reputational
  • Operational

5. Prioritise Risks and Recommend Security Controls

Again, we’re going to prioritise everything we’ve just discovered. You need to prioritise how high of risk each vulnerability or weakness is and put in security controls to mitigate each situation.

To do this, you should create a remediation plan which outlines the recommended security controls for each vulnerability.

Some security controls could be:

• • Technical controls (firewalls, encryption).
  • Administration controls (policies and procedures).
  • Threat detection controls (end-point protection).

6. Document Results and Evaluate Effectiveness

During your time completing the above steps, make sure you are also documenting everything that you do.

After you complete the cyber security assessment, document the results and what controls you implemented in one document. Share this report with all stakeholders.

In your report, it is essential to thoroughly assess all findings and the effectiveness of each implemented control. Additionally, you should continuously improve security controls by regularly reviewing their performance.

Alternative

Creating a security risk assessment yourself is very difficult if you do not have experience in doing one before. To not miss any vulnerabilities and get a detailed report of what you need to do to protect your business, consult the experts.

There are many businesses out there that specialise in doing a security risk assessment, so if you want a thorough security risk assessment made by experts, speak to Jera.

Security Risk Assessment Checklist

I’m going to let you in on a secret: creating a risk assessment for security is HARD. There are so many things that can be overlooked from the untrained eye that it is difficult to keep on top of everything.

So, that’s why I’ve created a quick checklist for you to follow (if you’re doing a generic cybersecurity risk assessment).

P.S. Use a cybersecurity risk assessment template to note down ALL risks you find, rather than just the 5 on this checklist.

How To Assess Security Risk

A security risk assessment is something very important for every business to have. It is a process that identifies, evaluates, and prioritises each risk so that the business can take any cyber security risks they’ve identified and prevent them.

If you’re looking to complete a generic security risk assessment on your own, here’s how to assess security risk:

1. Define The Scope

To first assess the security risks of your business, you need to define the scope of the risk assessment you wish to do.

What is it that you are trying to run the assessment on? Is it everything, all your assets, systems, hardware, applications and data – or is it just one or some of these things?

To run a successful security risk assessment, you need to define what you are going to be running the assessment on, and the timeframe. You should also ensure that all stakeholders are informed of the scope of the security risk assessment.

2. Identify and Prioritise Assets

Write down the assets you defined to be of importance in the risk assessment. Then prioritise these assets based on their importance to your business.

For example, customer data and financial information will be amongst the most important assets and should be placed in the highest priority. Doing this will help you to reign your focus into the most critical areas to protect.

3. Identify Threats and Vulnerabilities

Identify any potential cybersecurity threats and vulnerabilities that could affect the assets that you have picked out.

To do this, you will need to review the following to find any weaknesses or gaps that bad actors (cybercriminals) could use to gain access to your assets:

• • Systems
  • Hardware
  • Applications
  • Data

Some of the vulnerabilities/ weaknesses you should look out for in the security risk assessment are:

• • Outdated software
  • Weak passwords
  • Unsecure networks
  • Unpatched systems

4. Analyse Risks and Determine Impact

After you have reviewed everything and found the vulnerabilities/ weaknesses in each of your systems, you need to analyse the risks you identified and determine the impact they may have on your business.

To do this, you need to assess the likelihood of each risk occurring, and how these risks could impact your business if the risk does occur.

Some examples of the impact of cybersecurity attacks are:

• • Financial
  • Reputational
  • Operational

5. Prioritise Risks and Recommend Security Controls

Again, we’re going to prioritise everything we’ve just discovered. You need to prioritise how high of risk each vulnerability or weakness is and put in security controls to mitigate each situation.

To do this, you should create a remediation plan which outlines the recommended security controls for each vulnerability.

Some security controls could be:

• • Technical controls (firewalls, encryption).
  • Administration controls (policies and procedures).
  • Threat detection controls (end-point protection).

6. Document Results and Evaluate Effectiveness

During your time completing the above steps, make sure you are also documenting everything that you do.

After you complete the cyber security assessment, document the results and what controls you implemented in one document. Share this report with all stakeholders.

In your report, it is essential to thoroughly assess all findings and the effectiveness of each implemented control. Additionally, you should continuously improve security controls by regularly reviewing their performance.

Alternative

Creating a security risk assessment yourself is very difficult if you do not have experience in doing one before. To not miss any vulnerabilities and get a detailed report of what you need to do to protect your business, consult the experts.

There are many businesses out there that specialise in doing a security risk assessment, so if you want a thorough security risk assessment made by experts, speak to Jera.

Security Risk Assessment Checklist

I’m going to let you in on a secret: creating a risk assessment for security is HARD. There are so many things that can be overlooked from the untrained eye that it is difficult to keep on top of everything.

So, that’s why I’ve created a quick checklist for you to follow (if you’re doing a generic cybersecurity risk assessment).

P.S. Use a cybersecurity risk assessment template to note down ALL risks you find, rather than just the 5 on this checklist.

Cybersecurity Risk Assessment Example

Here is an example of what the steps of how to assess cyber security risk look like as a cybersecurity risk assessment.

Step 1: Define the Scope

In this cybersecurity risk assessment example, our focus is on evaluating the security risks within a medium-to-large-sized agricultural enterprise.

The scope of the assessment includes all critical assets and systems used in the operation of the enterprise, including farm management software, IoT devices, and sensitive agricultural data.

The assessment will be conducted over a six-month period and all relevant stakeholders, including the management team, IT department, and farm managers, have been informed of this scope.

Step 2: Identify and Prioritize Assets

The following assets have been identified as crucial for the agricultural enterprise:

1. Farm Management Software
2. IoT Sensors and Devices (used for monitoring soil conditions, weather, and equipment).
3. Crop Yield Data
4. Livestock Health Data
5. Irrigation Systems
6. Supply Chain Management System

These assets have been prioritized based on their importance to the agricultural operations. Crop yield data and livestock health data are considered the most critical due to their direct impact on production and revenue.

Step 3: Identify Threats and Vulnerabilities Related to Prioritized Assets

Now, let’s identify the threats and vulnerabilities associated with the prioritized assets:

• • Farm Management Software Vulnerability: Weak authentication mechanisms, unpatched software.
  • IoT Sensors and Devices Vulnerability: Lack of device authentication and encryption, unsecured wireless networks.
  • Crop Yield Data Vulnerability: Inadequate data encryption, and insufficient data access controls.
  • Livestock Health Data Vulnerability: Weak password policies, lack of intrusion detection.
  • Irrigation Systems Vulnerability: Unsecured network connections, unpatched controllers.
  • Supply Chain Management System Vulnerability: Inadequate supply chain cybersecurity policies and procedures.

Step 4: Analyze Risks and Determine Impact

Each identified threat and vulnerability is analyzed for its potential impact:

• • Financial Impact: A breach of crop yield data could result in significant financial losses due to reduced yields and lower-quality crops.
  • Reputational Impact: A compromised supply chain could harm the enterprise’s reputation, affecting relationships with buyers and partners.
  • Operational Impact: Tampering with IoT devices or irrigation systems could disrupt farming operations, leading to decreased productivity.

Step 5: Prioritize Risks and Recommend Security Controls

Risks are prioritized based on severity:

1. Weak Authentication for Farm Management Software (High Risk)
2. Unsecured IoT Device Network (High Risk)
3. Inadequate Data Encryption for Crop Yield Data (Medium Risk)
4. Weak Password Policies for Livestock Health Data (Medium Risk)
5. Unsecured Network Connections for Irrigation Systems (Medium Risk)
6. Compromised Supply Chain Management System (Low Risk)

Recommended security controls include:

• Technical Controls:
  • Implement strong authentication mechanisms for farm management software.
  • Secure IoT device networks with encryption and authentication.
  • Encrypt sensitive agricultural data.
• Administrative Controls:
  • Enforce strong password policies for livestock health data.
  • Develop and document incident response procedures.
• Threat Detection Controls:
  • Install intrusion detection systems to monitor network activity.

Step 6: Document Results and Evaluate Effectiveness

A detailed report summarising all findings, risks, and recommended security controls.

The report should be shared with all stakeholders and be able to be understood at all expertise levels. A continuous evaluation process should also be initiated to assess the effectiveness of implemented security controls.

Make This A Reality

To get a cybersecurity risk assessment like the one above (but more detailed), contact us here at Jera today.

Jera specialises in creating and managing cybersecurity risk assessments for businesses of all sizes around Scotland. Have a look at some of the businesses we’ve helped here.