Security risk assessment: Meaning and working process

Although the above technologies could greatly enhance security, it is always better to be safe than sorry. So, in addition, one needs to carry out frequent assessments, with the aim of ensuring that all loose ends are tied up during the implementation and operation of any security measures. The process of assessing also involves identifying and working to incapacitate potential breaches, and involves four steps:

Identifying Threats: Assessing data areas which a bot or malware would gravitate towards.

Assessing Situations: If a threat is found, the team or individual will have to assess the situation and determine the best course of action.

Mitigating Threats: The approach or solution arrived at in the previous step will undergo execution in this one, including the assessing team working to stem the growth of the malware.

Preventive Measures: Finally, the team will look to prevent future occurrences. It does so by putting improved practices or measures in place.

Compliance and legalities

Governing bodies from around the world have been noticing the widespread collection and use of consumer information. Therefore, to mitigate the chances of its unnecessary collection, there are legalities in place. Rules regarding required data security measures differ depending on the volume of data as well as its kind. Regulatory methods/pieces of legislation include:

Health Insurance Portability and Accountability Act (HIPAA): This U.S. law, signed in 1996, principally applies to security standards used in medical institutions. Under this act, the capabilities of a healthcare establishment will be reviewed with respect to the collection and protection of consumers’ information. It requires these institutions to focus on the following requirements:

  1. Monitoring parameters: Monitoring the accessibility of databases from an external source. That includes possible data breaches.
  2. Written record: There should be a record of files and data stored in databases.

General Data Protection Regulation: The European Union imposed this set of regulations to check for data security vulnerabilities in 2018. It works to protect personal data. Key provisions include:

  1. Classification of data: An enterprise should ensure that it tracks what data is being stored. In order to achieve this, such an enterprise will have to classify it accordingly.
  2. Governance of data: A business owner is required to put forward a plan for governance of data to better deal with security breaches.

Sarbanes-Oxley Act: This 2002-instituted U.S. federal law requires companies to carry out annual assessments and audits regarding data security measures, including a detailed report outlining various aspects of data security.

Failure to comply with any of these regulations depending on the geographical location of the business, and could lead to to hefty fines.

Don’t be unprepared

A security breach or leak of consumer information can have devastating consequences for a business, not least because it results in bad blood between it and customers. Therefore, to conduct risk-free business, operations have to carry out two activities: frequent assessment of current security protocols, and constant search for methods that could enhance security measures. Doing so allows businesses to give consumers the security they need and deserve.