What is a Cybersecurity Assessment?
Information security risk assessments are increasingly replacing checkbox compliance as the foundation for an effective cybersecurity program. As more executive teams and Boards take greater interest and concern around the enterprise's security posture, effectively managing both internal and external risks and reporting out has become a core tenet of a CISO's job description.
Cybersecurity risk assessments are the foundation of a cyber risk management strategy and efficient risk responses. It is essential to understand where the organization stands as it relates to potential threats and vulnerabilities specific to the enterprise’s information systems and critical assets. Vulnerability assessments, both as a baselining method and as a means to track risk mitigation, guide both the security strategy and, as we’re starting to see, the strategy for the enterprise as a whole. Deciding on a framework to guide the data protection and risk management process to conduct this critical function can seem daunting. However, we’ll dive into the top cyber security risk assessment models that your organization can leverage to ensure that this process aligns with your business operations and helps you proactively assess cyber threats.
Cyber Security Risk Analysis Report Templates
What most people think of when they hear “template” is almost incongruous with the notion of risk - what caused the shift from compliance-based to risk-focused cybersecurity project management was the need for a more tailored approach to treating risks, identified risks, and potential impact specific to the organization that may not have been considered by the governing body that created the compliance requirement.
However, there is good news; in the context of security assessments, many gold-standard frameworks that organizations already have in place or are working to adopt include guidance to assess the impact and likelihood of risk to the organization as it relates to cyber and IT.
CIS Risk Assessment Method (RAM)
The Center for Internet Security (CIS) is a leading cybersecurity research organization responsible for creating the popular CIS Top 20 Security Controls. The CIS Risk Assessment Method was initially developed by HALOCK Security Labs, after which HALOCK approached CIS to make the framework more widely available, and Version 1.0 of the CIS RAM was published in 2018. The CIS RAM leverages other industry standards from the National Institute of Standards and Technology (NIST) and the International Organization for Standardization (ISO), both of which have their own risk assessment program template that we will touch on in this article.
Based on the Duty of Care Risk Analysis (DOCRA) that many regulatory bodies rely on to ensure that organizations are delivering reasonable risk management plan templates to protect their customers and vendors, the CIS RAM aligns with the CIS Controls specifically and uses a simplified risk statement to benchmark the level of risk associated and determine a viable safeguard to mitigate risk.
The CIS RAM uses a tiered method based on the goals and maturity of the organization to reduce the risk. Again the CIS RAM tiers align with implementation tiers seen in other frameworks (i.e. the NIST CSF Implementation Tiers). On the whole, if your organization leverages the CIS Controls, the CIS RAM can be a good fit. However, should your organization rely on frameworks and standards from NIST or ISO, aligning your security threat assessment reporting to their respective project plans might make more sense.
NIST Cybersecurity Framework/Risk Management Framework Risk Assessment
The National Institute of Standards and Technology (NIST) outlined its guidelines for risk assessment processes in their Special Publication 800-30. The guidance outlined in SP 800-30 has been widely applied across industries and company sizes, primarily because the popular NIST Cybersecurity Framework recommends SP 800-30 as the risk assessment methodology for conducting a risk assessment.
The sizeable supporting body of work that comes with it is the value of using NIST SP 800-30 as a cyber risk assessment template. NIST has developed a robust ecosystem of guidance and supporting documentation to guide organizations as regulated as the United States federal government, but the guidance given has been applied across organizations of all industries and sizes.
Similar to the CIS RAM, NIST SP 800-30 uses a hierarchical model but, in this case, to indicate the extent to which the results of a risk assessment inform the organization, with each tier from one through three expanding to include more stakeholders across the organization.
Developed to support the NIST Risk Management Framework and NIST Cybersecurity Framework, SP 800-30 is a management template best suited for organizations required to meet standards built from the NIST CSF or other NIST publications (i.e. defense and aerospace organizations, federal organizations, and contractors, etc.)
ISO 27000 Risk Assessment Methodology
International Organization for Standardization (ISO)’s 27000 series documentation for risk management, specifically ISO 27005, supports organizations using ISO’s frameworks for cybersecurity to build a risk-based cybersecurity program.
Similar to NIST SP 800-30, using the ISO guidance is the most beneficial for organizations pursuing or already maintaining an ISO certification.
LATEST: Check out our step-by-step guide for conducting risk assessments in cybersecurity.
Choosing the Right Risk Assessment Approach for Your Organization
Information technology leaders must use the most effective and efficient risk assessment approach to safeguard business continuity. Regulatory frameworks and standards often require an internal audit risk assessment with allusions and recommendations (i.e., PCI DSS). Managing risk such that the efforts of risk teams and compliance teams align is critical - streamlining the assessment process for both teams ensures that there is a single source of truth for the entire organization and makes risk assessment reporting that much easier. A tool like a risk register is a centralized record of identified cybersecurity threats that can be managed and tracked for all business units to use within risk treatment plans.
Check out our guide to cyber risk analysis and how it can enhance security and business operations.
Ultimately, the most critical factor to consider when deciding on a cybersecurity program assessment methodology is alignment and utility. As we discussed, ensuring that each risk team member is aligned with your compliance team is essential. Utility, in this case, speaks to ensuring that your risk and data security teams are collecting information in such a way that leaders can effectively use that data collected to make informed decisions and proactively protect against cyber attacks. With more business leaders requiring greater insight into the cybersecurity posture of the enterprise as well as third-party risk, ensuring that security leaders can be transparent and clear in their reporting is no longer optional.
In the CyberStrong platform, risk and compliance are completely aligned at the control level in real-time, enabling risk and compliance teams to collect data at the same level of granularity in an integrated approach. For more information on the CyberStrong platform or if you have any questions regarding your following risk assessment, please don’t hesitate to reach out or request a demo.