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Steps for Security Risk Assessment - a Checklist

Are you prepared to address the potential data loss if a hacker infiltrates your network?

Organizations must perform security risk assessments to reduce costs, avoid data breaches and regulatory issues, reduce downtime and data loss, and obtain better organizational knowledge. It is integral to the organization’s risk management strategy.

Before we provide the security risk assessment checklist, answer a fundamental question.

How do you rate your organization’s ability to respond to security threats and vulnerabilities on a scale of 1-10 (1 – being the lowest and 10- being the highest)?

If your answer is less than 5, then follow this 8-step checklist to assess and mitigate the security risks effectively:

  1. Integrate with Configuration Management Database (CMDB), identify affected systems, and understand how vulnerable the insurance organization is to cyberattacks.

  2. Prioritize security incidents and vulnerabilities based on their impact on the organization. To prioritize, the organization need to know the affected systems and the consequence these systems may have on other related systems.

  3. Identify the right security operation solution, which has a single console from where the insurance organization can interact with other security tools to speed up the remediation process.

  4. Build a security playbook wherein the level 1 employee performs security work and the experienced professionals focus on identifying complex threats.

  5. If Service Level Agreements (SLAs) aren’t meet, then quickly escalate and identify authorized approvers and subject matter experts. The security of data is of utmost importance.

  6. Track team performance and collect data for post-incident reviews. Metrics can enable organizations to improve processes.

  7. Build a single source of truth for the security and IT teams to access and coordinate.

  8. Automate all the manual tasks such as threat enrichment to consolidate and quickly respond to security threats.

The organizations must follow this checklist and quickly identify a solution that responds to events and vulnerabilities. The solution should connect security and IT teams and provide metrics and dashboards to identify threats well in advance.

ServiceNow SecOps for Security Orchestration, Automation, and Response

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