Security | Threat Detection | Cyberattacks | DevSecOps | Compliance

Being an important part of cyber security practices, security risk assessment protects your organization from intruders, attackers and cyber criminals. In this article, we will discuss what it is and what benefits it offers. A significant portion of our business processes heavily rely on the Internet technologies. That is why cyber security is a very important practice for all organizations. Making up a crucial part of cyber security, security risk assessment is a topic that must not be overlooked.

Small businesses are significant contributors to the economy. According to the U.S. Small Administration, they generate approximately 44% of the gross domestic product (GDP) in the U.S. However, small to medium enterprises (SMEs) are also frequently more vulnerable to the threats of our contemporary digital landscape.

Traditional cybersecurity risk management remediation efforts start with cybersecurity risk assessments and penetration testing. This commonly involved outsourcing to a consultant who would offer the assessment as a standalone service or as part of a larger risk management program. The issue is cyber risk assessments offered by third-parties only provide a point-in-time assessment of your (or your vendor's) security controls, an inaccurate measure of the true level of risk.

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In April 2016, European legislators passed the General Data Protection Regulation (GDPR) and announced that it would become enforceable in May 2018. With less than 24 months to get their acts together and avoid hefty fines, organizations scrambled to prepare for compliance. Data breaches have unfortunately become the norm over recent years, and the legislation was formed to better regulate and hold these companies accountable for protecting individual privacy rights.

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