Whether you are a hospital, small medical practice, bank or credit union, or Department of Defense contractor or sub-contractor, you are required to perform a Security Risk Assessment. If the assessment reveals any vulnerabilities, you must implement a remediation plan – you must manage your risk. And because data security threats and compliance requirements are always evolving, your assessment must be reviewed regularly – at least once a year.
The risk assessment is a HIPAA requirement.
The risk assessment is a PCI Data Security Standard requirement.
It’s a requirement under FFIEC examination rules for banks and credit unions.
And now it’s a requirement for all DoD contractors who store, process or transmit controlled unclassified information (CUI) by Cybersecurity Maturity Model Certification (CMMC) practice RM.3.144
Why do all these rules and regulations require a Security Risk Assessment? Because it is one of the most important components of a successful cybersecurity program. A comprehensive analysis allows an organization to document, prioritize, and treat risk in an organized fashion. It is often one of the most difficult components for small or medium-sized businesses to complete on their own.
An effective Security Risk Assessment:
identifies the threats to your data, like malware, hacking or employee indiscretion
quantifies the impact a successful threat would have on your business, such as data loss, fines, or litigation
documents the controls you have in place to mitigate the threats.
quantifies the likelihood that the threat will occur.
Behind all the rules, regulations and technical terms is a pretty simple formula: the impact of a potential data breach on your business multiplied by the likelihood of such a breach happening equals your residual risk. A high-quality Security Risk Assessment is a road map to assessing and lowering your residual risk.
While businesses aren’t required to hire an outside expert to perform a Security Risk Assessment, most small or medium-sized businesses do not have the resources or expertise to handle it on their own. With rapidly evolving threats and limited resources, businesses often have difficulty setting aside time to understand the process and complete a proper analysis.
If you want a knowledgeable, affordable, unbiased view of your data security, Monarch Information Security can help.
Monarch ISC experts have over 20 years of experience creating completely customized National Institute Standards and Technology (NIST)-based Risk Assessment. We take the time to get to know you and your organization, and we create a comprehensive map of your defenses and of your data flow. We pinpoint your vulnerabilities, and we provide a smart, straightforward plan to achieve sustainable, compliant data security, regardless of the regulatory framework you must comply with.
In just a day—and with only a few hours of your time—Monarch ISC can give you a clear picture of the threats you face, the impact they would have on your business, and the controls you have in place to prevent them. The quality and effectiveness of those controls is key to lowering your residual risk and Monarch ISC can help your company create a remediation plan for any vulnerabilities your risk Analysis reveals. We can also notify you when your next Security Risk Assessment is required, either because of mandatory reporting deadlines or changes in standards or your own office environment.
If you want a stress-free Security Risk Assessment that maps out the best ways to protect your data, call Monarch Information Security Consulting today.
