5 Reasons Firms Should Leverage Cyber Security Assessment Services

Cybersecurity is a significant concern for many businesses. For businesses with 10-20,000 employees, the average data breach cost is $5.56 million, and new threats emerge daily. More organizations than ever understand the value of preventive measures like cybersecurity risk assessments. 

Having experts assess your current security posture and identify weaknesses is a powerful tool to combat the ever-changing cyber threat landscape. It forms a starting point for upgrading and monitoring your security protocols, improves your reputation and gives you confidence that your assets are protected. 

What Is an IT Security Assessment?

In today’s threat landscape, the importance of IT security assessments is clear. An IT security or cybersecurity assessment aims to evaluate your current security and identify any threats and vulnerabilities. It provides insight into the cybersecurity risk to your assets, operations and people. In short, it gives you a better idea of how well you protect your data and business-critical processes and determines your level of vulnerability. 

The purpose of a cybersecurity assessment is to provide a holistic view of your overall security from the attacker’s perspective, assessing risks by identifying the following: 

• Threats to your business assets, operations and individuals
• Internal and external system weaknesses
• The potential damage caused by a cybersecurity incident
• The likelihood that a cybersecurity event will occur

Does Your Company Need a Cybersecurity Assessment? 

Today’s threat landscape magnifies the importance of IT security assessments. The cost of cybercrime has risen 10% in the last year and 43% of cyberattacks are aimed at small businesses. Taking advantage of managed security solutions to conduct a thorough evaluation can provide protection you didn’t even know you needed. 

The information gathered through the assessment process can identify vulnerabilities so that you can adjust your procedures and address weaknesses in your system before it’s too late. A proactive stance on cybersecurity issues means your staff, stakeholders and clients can trust you with their sensitive data, confident you’re doing everything you can to keep it safe. 

5 Benefits of a Cybersecurity Assessment

Cybersecurity affects everyone in your organization, and security awareness should be second nature to all team members to foster a security culture. People can be your most significant threat, with 74% of breaches involving the human element. Some of the many advantages of cybersecurity assessments include: 

1. Identify Vulnerabilities and Protect Data

Security assessments combine various techniques to thoroughly audit your organization’s defenses against internal and external attacks. Once you know where your vulnerabilities and unpatched systems are, your provider details everything from accessible credentials to necessary software updates, securing your organization from various innovative cyber threats. 

One of the most significant risks many organizations face is a data breach. Malicious actors accessing your sensitive information can result in substantial fines, lawsuits and loss of reputation. Leveraging a third-party provider’s assessment services can test whether your current security measures protect sensitive and confidential data like bank details and contact information. Depending on your needs, you can choose from various testing options, including penetration testing, data security assessments and web application testing. 

2. Maintain Compliance

A cybersecurity assessment evaluates your compliance controls to understand your risk exposure thoroughly. A managed services provider (MSP) specializing in compliance initiatives is an excellent choice for ensuring you remain compliant with industry regulations. 

Compliance is essential for many reasons. It evaluates your organization’s protocols against globally recognized standards and best practices, ensuring you can protect data and other sensitive information in your possession. Maintaining compliance ensures you avoid substantial fines and legal action and engenders stakeholder trust in your organization. 

3. Take Inventory of Your Current Security Policies and Procedures

Conducting a cybersecurity assessment creates a baseline, outlining your current security controls and evaluating whether they work. With this baseline measurement, you can create a standard for your organization that tests your cybersecurity levels and risk mitigation efforts. You’ll have detailed information about your current weaknesses and opportunities for growth, allowing your team to make informed decisions about your existing policies and procedures. 

Your managed security services providers can review, update and elevate your existing cybersecurity policies, including: 

• Access control and account management
• Overall security architecture
• Data security governance and risk management
• Network security
• Workstation and device security
• Physical security protocols
• Business continuity and disaster recovery

4. Understand Your Security Needs

Cyber threats come from many places. For example, organizations often think they should focus on external threats. In contrast, insider threats are a significant concern, with 97% concerned about the risks. A detailed cybersecurity assessment could reveal needs you had yet to consider, including employee training, physical security in the workplace and implementing access management. 

Understanding your pressing needs allows for data-driven strategic changes about future security expenses. It also reveals where employees need training and presents an opportunity to foster a healthy security culture. 

Develop a Cybersecurity Response Plan

Only 35% of businesses have a disaster recovery response plan. A cybersecurity assessment can prepare you for the worst, detailing roles, responsibilities and protocols in the event of a breach. An incident response plan lays out protocols for detecting, responding to and limiting the effects of an incident. It allows for faster incident responses, early threat mitigation and disaster recovery, protecting your data and providing a strategic backup plan everyone in your organization can follow. 

For your response plan to be effective, you need to play to your strengths and understand your weaknesses. A professional assessment gives you baseline information to identify the most likely threats and predict how cybercriminals may try to access your sensitive data. 

How Does a Cybersecurity Assessment Work? 

Working with a managed security services provider is often the most effective method to get a comprehensive cybersecurity assessment. Their professional teams have the knowledge and experience to identify your organization’s most prevalent threats and uncover hidden vulnerabilities. Although the process differs depending on your organization’s needs, the primary assessment phases include: 

• Categorize assets: Your provider must know the extent of the assets you must protect. They will catalog all your business information, physical, human and data assets to understand potential targets for cybercriminals better. 
• Assess risks: With your assets and security structure in mind, your MSP will consider risks to your information assets and the harm breaches could cause to your enterprise, including downtime and reputational, financial and operational hazards. 
• Analyze risks: With a broad view of the potential risks, your MSP will score them based on their probability and impact, creating a list of priorities. 
• Integrate security controls: Starting with the most probable and impactful risks, your MSP will set controls that manage or eliminate potential hazards. 
• Monitor and review: Cybercriminals continue to innovate, and your MSP will ensure your cybersecurity remains agile and capable of making quick policy adjustments. They can also maintain a risk management program that monitors the threat landscape for new risks. 

Book a Cybersecurity Assessment With Contigo Technology Today

A cybersecurity assessment is another tool you can leverage to elevate your overall cybersecurity profile and protect your assets from malicious access attempts. Contigo Technology can help you understand your current security vulnerabilities and identify opportunities to improve your security posture. We pride ourselves on leveraging the most sophisticated security tools, including constant monitoring, malware and antivirus solutions, breach protection and ongoing cybersecurity training. 

If you’re ready to take the next step in elevating your cybersecurity, contact us online to learn how we can protect your most critical assets today!