How to Create a Cybersecurity Risk Assessment

Written by Neill Cato | Jun 16, 2023 1:00:00 PM

No matter what type of organization you belong to, there’s always a risk when it comes to cybersecurity. This is especially true for organizations that store personally identifiable information and private health information. Unfortunately, there’s no one-size-fits-all security solution. The best approach when it comes to cybersecurity is to complete a cybersecurity risk assessment for your organization to ensure that you find the plan best suited for your security needs. Here’s a step-by-step guide to walk you through the process.

What is a Cybersecurity Risk Assessment?

A cybersecurity risk assessment is the process of evaluating threats to your organization's digital systems and data. It’s also a measurement of how well you’re able to safeguard against those threats. Risk assessments help healthcare systems figure out where they can improve and enhance their cybersecurity, as well as communicate risks to shareholders. These risks can lead to data breaches as well as interruptions to operations and finances.

Examples of security threats are:

Data leaks
Ransomware
Phishing
Insider threats
Cyberattacks
Malware

So how do you conduct a cybersecurity risk assessment? Here are the steps we recommend taking.

Step #1: Catalog all of your information assets.

The first step is to catalog all of your business’s information assets. You should catalog elements like your IT infrastructure, software, and platforms used throughout the organization. You should also include any third-party vendors in your list of risks as they can be a significant data breach risk.

Here are some questions to consider:

What kind of information is being collected, where is it collected from, and where is it stored?
Where is the information sent?
Which vendors are being used and what access to those vendors have?
Are any authentication methods set up?
Where does your organization store data physically?
Which devices do organization members use?
How do remote workers access information?

Step #2: Assess all of the risks.

Next, you should assess all risks in your cyber assessment as not all risks are equal.

Ask yourself questions like:

Which systems, networks, and software are critical to your operations? What would happen if there was downtime caused by a cybersecurity event?
What personal or sensitive information or systems need to be protected?
What is the potential for data corruption?
Which devices, IT systems, networks, and software are most at risk?
How would you return to work after a cybersecurity attack?

Step #3: Analyze all of the risks.

Now that you’ve assessed the risks, it’s time to analyze them.

You should give each risk a score based on the following elements:

Probability: The likelihood of a cybercriminal obtaining access to your assets.
Impact: The impact that a security event would have on operations, finances, strategy, and reputation.

Multiply the probability by the impact. List the risks in order in your cybersecurity risk assessment and then determine a response to each.

Step #4: Set up security controls.

The fourth step in a cybersecurity risk assessment is to define and implement security controls - this will help you manage potential risks to either eliminate them, or at least reduce the chance of them happening.

Controls might include measures like:

Network segregation
Firewall configuration
Encryption
Anti-malware, ransomware, and phishing software
Password protocols
Authentication
Workforce training
Vendor risk management

Step #5: Monitor and review the effectiveness of your cybersecurity.

From there, you should do regular testing and audits to ensure that all protocols are still in place and working as they should. In doing so, you can avoid data breaches, reduce costs, avoid compliance issues and data loss, and support the need for a cybersecurity program.

Learn How DigiDoc Can Keep Critical Documents Secure

Do you need a better solution to keep your healthcare system’s documents organized and secure? Digidoc, our document management software (DMS), keeps your patients’ information safe and secure through several methods such as remote secure authentication, system monitoring, and system logging. Have questions? Give us a call to learn how our DMS can help you secure your patient data.

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