Performing a factor analysis of information risk (FAIR) is an important proactive security measure. The assessment looks at the security controls and potential vulnerabilities in the network’s cybersecurity framework. Identifying these threats before a breach occurs will save businesses money and time in fines and penalties.
If you’re not familiar with the company’s cybersecurity system in its entirety, both internally and externally, you’re going to need some help. A FAIR risk assessment is time-consuming and involves a lot of research, mapping, and planning. An IT professional will be able to perform a risk assessment and clearly explain the results. However, not all cybersecurity technicians make ideal FAIR assessment partners.
In this guide, you’ll learn what to look for in a FAIR assessment partner along with helpful tips on how to hire the right one.
Getting Started With a Risk Assessment
There are a couple of questions you’ll want to ask yourself before you start a risk assessment. If you’re unsure, a cybersecurity professional will be able to help you answer the questions and perform a FAIR model risk assessment.
Know what you want from a FAIR assessment. This is important to ensure your business gets what it needs. A risk assessment can be performed on a specific function or across the entire network. If you’re not sure what your business needs, the cybersecurity risk assessment partner will be able to help.
You also want to consider what the objectives of the assessment are. It can be one or several, and the cybersecurity professional will also help with this. Some common objectives of a risk assessment are:
- To Meet cybersecurity compliance standards
- To follow cybersecurity regulations
- To get an independent view of where your security stands and identify any risks
- To understand how much the business needs to budget for cybersecurity measures
- To Identify and/or assess a specific concern – phishing, hacker, or wireless risks
Once you know what you need from the assessment and the objectives, you’re ready to start the process.
What Do You Get From a FAIR Risk Assessment Partner?
When you collaborate with a cybersecurity service for a risk assessment, you get assurance that it will meet the objectives your business needs to succeed. You will also have access to expert advice. A Fair assessment partner will be able to answer your questions before, during, and after the process.
The cybersecurity service will also have tools that will help you prevent breaches and implement and enforce policies. This not only helps you avoid costly penalties by staying in compliance, but it also builds trust between customers and your business.
The cybersecurity service will provide the business with a solid work statement. It is a proposal for the expense of the risk assessment that includes the objectives. Companies often use the work statement to compare to other services. The work statement should contain five items:
- Purpose of the FAIR assessment
- What work is required to complete the objective
- Impact of the assessment on the business
- Possible outcome results
- How the assessment report will be formatted
This statement ensures that the assessment will meet the objective needs of the business, along with outlining the cost and timeframe. The cost of a cybersecurity service varies. It will depend on the type and scope of the assessment. This will also determine the timeline for the project.
If the cybersecurity service is able to provide this, you’ve found the FAIR risk assessment partner you were looking for.
Benefits of a Risk Assessment Partner
There are several benefits of partnering with a cybersecurity service for a risk assessment. The first is being aware of any vulnerabilities in the system. Here are a few other benefits from taking the time to work with a partner during the assessment.
During the assessment, it’s a good time to educate employees on the risks and potential threats the company handles daily. Employees that understand the threats and how it affects the scope of their jobs are more likely to automatically start practicing cybersecurity protocols.
Lower Potential for Risk
It is impossible to be completely safe from all cyber attacks. Hackers are constantly changing their methods, looking for any vulnerabilities to exploit. While you can’t eliminate every threat, you can minimize your risk. An assessment will help you and your IT team prepare for any cyber attacks by identifying vulnerabilities before they’re exploited.
The assessment will also help the company prepare for the impact if a breach does occur. The assessment will teach them how to implement the necessary cybersecurity measures.
Communication in the company is crucial for cybersecurity maintenance and monitoring. The risk assessment can improve how management, IT personnel, and employees communicate with each other. Internal communications typically improve during the assessment since so many employees from various departments are consulted.
Employees will work together to improve the assessment. Improved communications will also create a clear pathway for employees to follow when reporting suspicious activity or potential breaches.
These are only a few of the benefits companies get with a Fair risk assessment partner.
Do You Need a FAIR Model Risk Assessment?
If your business handles any data that is considered nonpublic personal information (NPPI) it needs a risk assessment ideally at least once every two years. NPPI includes financial, healthcare, and credit card data. If this information is breached, penalties for companies responsible for its protection can be severe.
Being found to be out of compliance with cybersecurity regulations is often devastating to businesses. It’s not only the fines but the loss of trust with consumers.
An assessment is not only a proactive step towards managing your cybersecurity when documented. It can be beneficial if a breach does occur. Some standards have reduced penalties if a company can show that they were proactively managing their cybersecurity protocols when the breach happened.
You know the benefits when you perform risk evaluations. However, you’re not familiar with your network. A cybersecurity service can assist you or perform the assessment for you. They will find out the objectives of the evaluation along with the security needs of the business.
When the assessment is completed, all vulnerabilities will be identified and a plan will be documented to implement adequate security controls. Going through the entire system is time-consuming, which is why many businesses choose to outsource the project.
Whether you need a questionnaire or are looking for a FAIR risk assessment partner, contact the experts at RSI Security for a free consultation today.