How Cybersecurity Assessments Work: From Basics to Frameworks

Cybersecurity threats are becoming more sophisticated and widespread, putting sensitive data and critical systems at constant risk. A cybersecurity assessment is a vital process that helps organizations identify vulnerabilities, evaluate security measures, and ensure they are prepared to defend against potential cyberattacks. Whether you’re a small business or a large enterprise, understanding what a cybersecurity assessment involves, and why it’s essential, can be the first step toward strengthening your overall security posture.

What Is a Cybersecurity Assessment?

A cybersecurity assessment, also referred to as a cybersecurity risk assessment, is an analysis of the cybersecurity measures taken within your organization to identify and address vulnerabilities. These assessments are often done with your business objectives in mind as opposed to a cybersecurity audit which is more of a checklist of things to evaluate. The purpose of a cybersecurity assessment is to provide a high-level analysis of weaknesses in your IT infrastructure so your organization can take steps to address these weaknesses and bolster your security.

To fully evaluate the vulnerabilities and potential threats to your IT infrastructure, cybersecurity assessments seek to answer the following questions:

• Are you prepared for a cyberattack? – The assessment will include evaluating what your organization has done to prepare for potential cyberattacks.
• Is there a cybersecurity incident response plan in place? – This includes determining if you have an incident response plan and evaluating the plan to make sure it will be effective in the event of an incident.
• What credentials and authentication protocols are in place? – This is an evaluation of the credentials such as usernames, passwords, and biometrics used to access your network as well as authentication protocols such as multi-factor authentication (MFA).

What Are the Steps of a Cybersecurity Assessment?

Cybersecurity assessments may vary depending on the industry and regulatory requirements specific to the industry and geographic location. However, the process typically follows a similar set of fundamental steps. When partnering with an IT professional for a cybersecurity assessment, here’s what you can expect:

1. Evaluate the Risk Assessment

A comprehensive assessment of your digital footprint requires identifying and evaluating every asset within your IT infrastructure. This includes analyzing networks, devices, and the data linked to each asset. To streamline the process, an IT professional may focus on one asset type at a time rather than attempting to evaluate everything simultaneously.

2. Determining Asset Value

Next, IT professionals assess the value of each asset by considering its cost, tangible attributes, and qualitative risks. Evaluating these factors provides a clearer understanding of each asset’s true value.

3. Identifying Cybersecurity Risks

The next step is to assess cybersecurity risks within your IT infrastructure. This process involves pinpointing specific vulnerabilities, evaluating scenarios where these assets could be exploited, determining the likelihood of exploitation, and understanding the potential impact on your organization. This step helps ensure that your organization meets the required cybersecurity compliance requirements.

4. Compare Asset Value with Cost Prevention

After assessing the value of each asset, it is compared to the cost of protecting it. Potential loss scenarios are evaluated to determine whether the expense of protection outweighs the asset’s worth. If this is the case, your organization should explore alternative prevention or control measures that are more cost-effective.

5. Implement and Monitor Security Controls

Once the cybersecurity assessment is complete, your organization must take action to address identified vulnerabilities by implementing robust security measures. These measures should be continuously monitored and evaluated to ensure they continue to protect your IT infrastructure.

Why Should Organizations Perform a Cybersecurity Assessment?

Businesses and organizations should work with an IT professional to perform a cybersecurity assessment to determine whether your organization is adequately prepared to defend against cyberattacks and other potential threats. By identifying vulnerabilities, organizations can close security gaps and make more informed decisions when developing and implementing new security strategies.

Another reason cybersecurity assessments are important is because they can help ensure that businesses and organizations are in compliance with applicable regulations including the following:

• GDPR: The General Data Protection Regulation (GDPR) is a law in the EU that establishes guidelines for the collection and processing of sensitive data from European Union residents.
• HIPAA: The Health Insurance Portability and Accountability Act (HIPAA) establishes rules and uniform standards for the transfer of healthcare information between healthcare providers.
• PCI-DSS: The Payment Card Industry Data Security Standard (PCI-DSS) includes standards to help businesses maintain a secure network to accept, process, store, or transmit credit card information.
• CMMC: The Cybersecurity Maturity Model Certification (CMMC) is a requirement from the U.S. Department of Defense for defense contractors to complete cybersecurity assessments to certify the necessary level of cybersecurity.
• FERPA: The Family Education Rights and Privacy Act (FERPA) is a federal law protecting the privacy of student education records.

What Are the Frameworks of Cybersecurity Risk Assessments?

Cybersecurity risk assessments rely on a variety of frameworks, tailored to different industries and regions. While some sectors use specialized frameworks, two widely adopted and versatile options are the National Institute of Standards and Technology (NIST) Cybersecurity Framework and the ISO 27000 standards. These frameworks provide comprehensive guidance applicable across multiple industries.

NIST Cybersecurity Framework

The NIST Cybersecurity Framework is a valuable tool for U.S. businesses, addressing key aspects of cybersecurity including identification, protection, detection, response, and recovery. Originally developed through collaboration between government agencies and the private sector, the framework was designed to support organizations managing critical infrastructure. However, its practical guidance has made it widely adopted by businesses of all kinds to shape and strengthen their cybersecurity strategies.

ISO 27000

ISO 27000 is a widely recognized framework adopted by organizations worldwide. Created by the International Organization for Standardization (ISO), it belongs to the broader family of Information Security Management System (ISMS) standards. These standards address the protection of both an organization’s internal data and the information shared with third-party vendors. As an evolving framework, ISO 27000 offers continuous guidance to help organizations enhance their information security practices.

Cybersecurity Risk Assessment from PSM Partners

A cybersecurity assessment is a powerful tool for identifying and addressing potential vulnerabilities in your organization’s digital infrastructure. By proactively evaluating risks, implementing protective measures, and ensuring compliance with industry regulations, businesses can significantly reduce the likelihood of cyberattacks. Whether driven by regulatory requirements or a commitment to protecting sensitive data, regular cybersecurity assessments are a vital part of any robust security strategy, empowering organizations to stay ahead of evolving threats and maintain trust with customers, partners, and stakeholders.

PSM Partners offers comprehensive cybersecurity risk assessments designed to help businesses identify vulnerabilities, evaluate their current security posture, and implement proactive measures to safeguard their data. Our assessments provide a detailed analysis of existing security measures, identification of potential threats, and tailored recommendations to enhance cybersecurity defenses.

Our IT professionals thoroughly review your organization’s IT environment and provide a detailed report of our findings and guidance on compliance with industry best practices. This service is particularly beneficial for businesses seeking to strengthen their cybersecurity strategies and ensure robust protection against evolving cyber threats.

To learn more about our cybersecurity risk assessments, call PSM at (312) 940-7830.