You should take several preliminary steps before conducting a security risk assessment. First, identify the purpose, scope and goals of the assessment, as well as any standards that you will use as a baseline. Second, identify all the key players in your organization that will participate in the assessment. Third, carefully select your assessment provider. Finally, set your desired timeline for completing the assessment.

It depends on the nature of your business and the security requirements within your industry. HIPAA, for instance, requires periodic evaluation of security measures, although it does not define the period. As a best practice, PurpleSec recommends performing a security risk assessment at least annually. You should also conduct security assessments when there are significant changes to the laws and regulations that affect your business, as well as when you make changes to your networks, systems or external providers. Acquisitions and mergers are also excellent opportunities to revisit your security assessments.

Every single member of your organization has some degree of responsibility for security, although the buck stops at the C-suite. It is crucial to train employees on security policies and procedures so that they can adequately fulfill their security roles. It is equally crucial for the C-suite to lead by example with respect to security – setting, following and enforcing policies that build an organizational culture focused on security. Organizations must also remember that when they use external service providers (IaaS, PaaS, SaaS or others), there is always some degree of shared responsibility for security.

Ransomware attacks cost businesses $20 billion in 2020, so it is natural to seek unfailing defenses against them. While there are no tools that can completely prevent ransomware attacks, security risk assessments followed with strong remediation efforts can strengthen your systems against such attacks. Moreover, security risk assessments can help you identify processes and procedures to put in place to mitigate the effects of a ransomware attack, including setting up redundant backups.