Two sessions

Two showings

Ensuring Compliance and Quality in the
Fast-Changing Automotive Manufacturing Sector

88% Reduction of production
issues in as little as
12 months

What is an IT Risk Assessment Template & How To Create One?

What is an IT Risk Assessment Template & How To Create One

Nowadays, businesses rely on IT systems to keep operations running smoothly. With a huge chunk of businesses done online, IT systems have become even more crucial. However, these systems can be vulnerable to security risks impacting business assets and information. That’s why businesses need to perform an IT risk assessment regularly. Creating an IT risk assessment template can help you track potential risks and ensure that your IT systems are secure. This article will discuss IT risk assessment and how to write an IT risk assessment template.

 

What is IT Risk Assessment?

Information Technology (IT) risk assessment is identifying and assessing security risks to implement measures and manage threats. IT Risk Assessment helps IT professionals and Information Security Officers minimize vulnerabilities that can negatively impact business assets and information technology. 

IT risk assessment is important because it allows businesses to take proactive steps in addressing risks before they happen. At the same time, IT risk assessment can help businesses maximize their IT systems by identifying and addressing these risks. 

 

What is an IT Risk Assessment Template?

An IT risk assessment template is a tool that can be used by businesses to identify and assess IT-related risks. IT personnel use this type of risk assessment template to anticipate potential cybersecurity issues and prevent potential data breaches as a result.

 

Vulnerabilities and Threats to Information Securities in 2022

Every year, cybersecurity threats, new and old, hinder business operations. That’s why businesses need to be aware of the current threats that are making an impact on IT systems across industries. Here are some of the vulnerabilities and threats to information securities that businesses should watch out for this year:

  • Ransomware: software designed to restrict access to a computer system until a ransom is paid. Many large companies have fallen victim to ransomware attacks, costing millions of dollars.
  • Phishing: fraudulent emails that appear to be from a legitimate source to steal sensitive information. Once the email is opened, the attacker can access the victim’s computer system.
  • Malware: a type of software designed to hijack, damage amd disable a computer system. Malicious applications may gather information without the user’s knowledge and permission.
  • Major data breaches: unauthorized access to sensitive information (also known as “cyber attacks”) exposing confidential data to the public. These data breaches often result in financial loss and damage to a company’s reputation.
  • Artificial Intelligence (AI): using advanced machine-learning technology to create more sophisticated hacking programs and implement stronger phishing techniques.
  • Internet of Things (IoT): more connected devices are prone to greater risks, making IoT networks more vulnerable to lockdown or overload.

 

7 Key Items for Effective IT Risk Assessment Template

When conducting risk assessment, make sure to consider these seven key points:

Identify Company Assets

These company assets could be hardware or software, proprietary information, network topology, client information, etc. Collaborate with other departments to identify other valuable company assets that were overlooked and which ones to prioritize.

What are the Threats?

Be wary of these main threat sources:

  • Natural disasters:  floods, hurricanes, earthquakes, etc.
  • Accidents: power outages, system failure, data loss
  • Malicious attacks: viruses, hacking, phishing, etc.
  • Human error: mistakes, negligence, unauthorized access
  • System failure: hardware or software failure, compatibility issues

 

What are the Vulnerabilities?

Security weaknesses can expose assets to threats. To mitigate this, conduct internal audits regularly or penetration testings regularly. Doing so will help you find vulnerabilities in your organization.

Likelihood of Incidents

Assess the company’s assets and determine their vulnerabilities to the associated threats. Also, assess the likelihood of an incident happening by taking into account the company’s location, history, and type of business.

What are the Possible Repercussions?

If company assets are affected by threats, one or a combination of the following can happen:

  • Data loss
  • Legal action
  • fines and penalties
  • Production downtime
  • Negative impact on company reputation

 

Determine Controls

Determine what security controls already exist and what is needed to mitigate these risks. The potential options would be to:

  • Introduce and implement new controls.
  • Update old controls to adapt to new risks.
  • Remove ineffective controls.
  • Outsource IT security functions.

 

Continuous Improvement

Finally, IT risk assessment should not be a one-time event. Instead, as new risks emerge, IT experts need to conduct IT risk assessment continuously to ensure that the company’s IT security posture is healthy and up-to-date.

 

Tips to Create an IT Risk Assessment template

At this point, you may already have an idea of what items to add to your IT risk assessment template. Keep in mind that these items may vary depending on the company’s size, industry, and IT structure. Regardless, here are some useful tips:

  • Start with a list of IT assets. This list should include everything from hardware to software to client data.
  • For each asset, identify the associated risks. These risks can come from internal or external sources.
  • Determine the likelihood of an incident happening and it’s possible repercussions.
  • Evaluate the effectiveness of existing controls and identify what new controls are needed.
  • Repeat the IT risk assessment process on a regular basis to account for new risks.

 

Why Use DATAMYTE?

If you want to reinforce your IT risk assessment efforts, you’ll need DATAMYTE and its array of tools. With software like the DataMyte Digital Clipboard, you have a tool that can help you create an entire workflow that can help you create, collect, analyze, and report IT risk assessment data. 

The DataMyte Digital Clipboard is the right software to help improve your risk assessment efforts. It will enable you to collaborate with your IT department and other stakeholders to create a risk assessment template tailored to your company’s specific needs. And with an easy-to-use drag-and-drop interface, creating, editing, and sharing your IT risk assessment template is going to be a breeze.

With the DataMyte Digital Clipboard, you have everything you need to streamline your IT risk assessment efforts. So what are you waiting for? Get started today and see how DATAMYTE can help you improve your IT risk assessment process.

 

Conclusion

By following the tips outlined in this article, you can create a comprehensive IT risk assessment template that tailors to your specific needs. And by conducting IT risk assessments regularly, you can proactively address security risks and make the most out of your business operations.

 

 

Related Articles: