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Cybersecurity Risk Assessments Critical to Helping Businesses Prevent Data Breaches by Brandon Bowers

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Posted on September 03, 2024 by Brandon Bowers

Falling victim to a data breach that involves unauthorized access to a company’s confidential information can be especially costly for small and mid-size businesses in terms of lost revenue, loss of productivity and reputational damage. Yet even as the number of small businesses impacted by cyberattacks continues to rise, less than half have adopted cybersecurity best practices[1]. Moreover, less than half consider themselves “somewhat prepared” to respond to such a threat.[2] Businesses that have taken a proactive approach to cybersecurity are discovering that the ever-changing landscape of cyber risks demands continuous vigilance. This often takes the form of regular risk assessments conducted by experienced cybersecurity specialists.

There are many tools that businesses can employ to strengthen their cybersecurity defenses from the threat of a business email compromise (BEC), phishing scam, ransomware attack or other scheme that exposes their data to a breach. At the most basic level, this can include the use of firewalls, anti-virus and anti-malware software, and intrusion detection and prevention systems. Moreover, depending on the industry in which a business operates, additional layers of security may be required to protect the confidentiality and integrity of employees’, customers’ and clients’ personally identifiable information (PII).

Equally important is a set of strong security policies and ongoing training for employees who represent your company’s last line of defense in recognizing and hopefully thwarting a potential threat. However, the hard truth is that most small businesses lack the resources to consistently manage and monitor their cybersecurity environment for possible threats, including the high risk of human error. Under these circumstances, a formal risk assessment is critical to identify internal and external threats as a baseline of cybersecurity measurement, compare your risks with peers in similar industries and prioritize where and how improvements must be made to rectify any weaknesses.

What Should I Expect from a Cyber Risk Assessment?

Periodic cybersecurity risk assessments conducted by specially trained professionals are critical for businesses to understand and manage the threats that can affect their operations today while helping them develop a strong and flexible security roadmap that can evolve with the changing cyber landscape in the future. Doing so allows companies to make more informed decisions about allocating their resources, improving regulatory compliance and reducing the likelihood of a cyberattack.

The depth and breadth of a risk assessment depend on various factors, including the scope of the company’s IT environment, the existence of an in-house IT security team and the level of detail and validation of controls necessary to meet its regulatory requirements. Therefore, it can take a few weeks for a cybersecurity specialist to complete a limited-scope assessment. In contrast, a more in-depth assessment process that includes additional testing, such as a penetration test, can extend several months. Under no circumstances should a cybersecurity risk assessment interrupt a company’s everyday operations.

Each engagement begins with an introductory meeting in which cybersecurity specialists will gather information about your organization’s unique information systems and network components, including hardware, software, cloud services and third-party applications. They will also ask for details on the various internal and external policies, processes and controls your organization has in place to manage user access.

They then test and validate this information, comparing it to industry best practice standards, including the National Institute of Standards and Technology’s (NIST) Cybersecurity Framework (CSF) and the Center for Internet Security’s (CIS) Critical Security Controls, to identify security gaps, uncover potential vulnerabilities and develop a current risk profile. Both frameworks represent the gold standard for determining your company’s cybersecurity profile and comparing it to industry best practices and compliance standards. They also provide a baseline for protecting your organization from internal and external threats and ensuring you have a plan to respond to an attack and recover any breached information.

The risk assessment may also include scanning your systems for security vulnerabilities and identifying weak access points that could be exploited by internal and external threats. Sometimes, more thorough penetration testing may also be required to determine current security compromises and the level of information that is most vulnerable to a breach.

At the end of the cybersecurity risk assessment, you should receive a report identifying your organization’s internal and external threats and vulnerabilities, along with recommended actions to fortify these weaknesses and better manage your cybersecurity risks in the future. Your cybersecurity specialist is a great source to help you remediate these risks, provide ongoing security monitoring and management and provide you and your employees with ongoing training to help protect your business’s assets and reputation from a future breach.

About the Author: Brandon Bowers is director of Managed Cyber Security Solutions with Berkowitz Pollack Brant Advisors + CPAs, where he provides businesses, professional services firms and family offices with business continuity and recovery, cybersecurity and fully outsourced help desk services. He can be reached at the CPA firm’s Ft. Lauderdale, Fla., office at (954) 712-7000 or info@bpbcpa.com.

[1] Identity Theft Resource Center “2023 Business Impact Report”

[2] U.S. Chamber of Commerce, MetLife “2024 Small Business Index”