How Can a Risk Assessment Benefit Your Organization?
By regularly performing a formal risk assessment, you can get a clear picture of where your assets lie and what potential threats might exist. This is why most information security frameworks require a formally documented, annual risk assessment. Risk assessments give you the ability to assess the likelihood and impact of those threats and an opportunity to evaluate your current security controls to determine if what you’re doing will be an effective defense mechanism against a malicious attack.
Risk assessments can also help your organization implement the pillars of information security: confidentiality, integrity, and availability. The impact of unauthorized disclosure of confidential information can range from the jeopardizing of national security to the disclosure of Privacy Act data. If the loss of system or data integrity is not corrected, continued use of the contaminated system or corrupted data could result in inaccuracy, fraud, or erroneous decisions. If a mission-critical IT system is unavailable to its end users, the organization’s mission may be affected.