How do you assess the cyber risk of a new project or initiative?

The first possible step to assess the cyber risks of a new project is to identify the scope of the project, The scope defines what it aims to achieve, who is involved, and what resources and assets are required. The scope also sets the boundaries and limitations of the project or initiative, such as the budget, timeline, and legal and ethical constraints. By clarifying the scope, you can determine the relevant stakeholders, roles, and responsibilities, as well as the potential sources and targets of cyber threats. The second possible step is to analyze the threats that could affect the project, which are the actions or events that could cause harm or damage to the assets or objectives of the project.

Usually when a new project is implemented, the process of reviewing potential risks and creating a system that will protect it; is often neglected. Evaluating cyber risk for new projects can be done through the following steps. It starts with mapping its critical assets (data, systems) and potential threats (hackers, vulnerabilities). Analyze each threat's impact (data breaches, reputational damage) and likelihood (industry trends, your security posture). Prioritize risks based on severity and implement controls (training, incident plans) to mitigate them. Remember, this is an ongoing process, so adapt as your project evolves and the threat landscape changes.

Adopting a risk-based approach to scope definition enables prioritization of resources and efforts towards areas of highest vulnerability and potential impact, optimizing cybersecurity defenses against emerging threats.

I always recommend a shift-left cybersecurity approach, where we implement cybersecurity strategy earlier into the process. For example, instead of waiting for a tool to be completed, start the cybersecurity talks when you're creating requirements and developing. The earlier security is talked about, the better!

Identify the scope: Clearly define the scope of the project or initiative, including its objectives, stakeholders, resources, and assets involved. Analyze potential threats: Identify and analyze the potential threats that could affect the project or initiative. These threats are the actions or events that could cause harm or damage to the assets or objectives of the project. Assess vulnerabilities: Evaluate the vulnerabilities or weaknesses in the project's systems, processes, or infrastructure that cyber threats could exploit. Evaluate potential impacts: Assess the potential impacts of cyber threats on the project or initiative. Consider a successful cyber attack's potential financial, operational, reputational, and legal consequences.

Threat analysis goes beyond identifying general cyber risks; it requires a deep dive into both the external threat landscape and internal vulnerabilities. I recommend leveraging threat intelligence sources, such as industry reports and real-time feeds, to stay informed about emerging threats. It’s also wise to involve your red team to simulate potential attacks specific to your project’s infrastructure. This practical approach exposes gaps that theoretical analysis might miss. A threat model should consider insider threats as well—these are often overlooked but can pose significant risks, especially in projects involving sensitive data.

Extremely refreshing to see this section coming after the scope creation! Analysing what could go wrong or threaten a project is not done anywhere near in-depth enough in most cases. Doing this at this stage(and thoroughly) may bring out new elements not considered before and or completely reshape the project for the better before it even fully begins.

Conducting a comprehensive assessment of the threat landscape involves analyzing not only external threats but also internal vulnerabilities and potential risks, providing a nuanced understanding of the cybersecurity challenges faced by the project or initiative.

Identify the Scope The first step is to define the project or initiative's scope clearly. This involves understanding its objectives, stakeholders, resources, and assets involved. By identifying the scope, you can determine the boundaries and limitations of the project, as well as the potential sources and targets of cyber threats. Analyze the Threats The next step is to analyze the potential threats that could affect the project or initiative. Threats can be categorized as natural, accidental, or intentional and originate from various actors, including competitors, hackers, insiders, or state-sponsored agents. Identify Vulnerabilities, Analyze Existing Controls, Assess the Risks and Impact, and Develop Risk Mitigation Strategies.

Identifying the threat starts with identifying the data involved (public, internal, or confidential) the stakeholders involved (customers, regulators, or employees), and if it's an internal or external project. A content marketing project with public-facing data will not require as much security as a new product trial rollout to select customers which might have competitors seeking to steal the data. Threat actors need to have the means, intent, and enough information to commit the attack. You can subscribe to dark web chatter alerts to see if threat actors are out there about your company and specific products, and then you model how they are likely to attack via phishing business e-mail compromise and do reinforcement training.

Assessing the impact of a cyber event means understanding both direct and indirect consequences. Direct impacts may include financial loss, downtime, or data breaches. However, indirect impacts like reputational damage, customer trust erosion, and regulatory penalties often have longer-lasting consequences. In my experience, a well-rounded impact assessment should also include legal and compliance ramifications, particularly with ever-evolving data protection laws. Collaboration with legal and PR teams at this stage ensures you're prepared for worst-case scenarios and can mitigate long-term fallout efficiently.

Developing strategic resilience plans based on impact evaluations empowers organizations to implement preemptive measures and contingency plans, ensuring effective response and recovery in the face of unforeseen cyber threats or disruptions.

Evaluating the impacts of cyber threats on a new project or initiative is essential for understanding the potential consequences of security breaches. This involves assessing both direct and indirect effects on the project's objectives, operations, and stakeholders. Direct impacts may include financial losses, data breaches, operational disruptions, and reputational damage, while indirect impacts could encompass legal penalties, loss of trust, and long-term business repercussions. Understanding the severity and duration of potential disruptions helps prioritize risk mitigation efforts and allocate resources effectively.

When assessing the cyber risk of a new project or initiative, it is essential to evaluate the potential impacts that threats could have on the project. This involves considering the consequences or losses resulting from realizing these threats. The impacts can be measured in different dimensions, such as financial, operational, reputational, or legal, and can vary in severity, frequency, and duration Various techniques and metrics can be used to evaluate the impacts, such as impact analysis, risk matrix, or key performance indicators. These methods help understand the potential consequences of cyber threats and enable organizations to prioritize their risk management efforts. Since I'm limited to content here, there are more considerations.

My recommendation would be to identify impacts based on financial, operational, reputational and legal consequences. This can be done by conducting a thorough analysis to quantify the potential impacts in each dimension. This may involve scenario analysis to explore different threat realizations and their outcomes. Another suggestion is to utilize a risk matrix to visually map the likelihood of threats against their potential impacts, helping to prioritize risks based on their severity.

Determining the likelihood of a cyber event isn't just about probabilities; it's about analyzing your current security posture in relation to the sophistication of known threats. Regularly conducting vulnerability assessments and penetration tests can help gauge how likely it is that specific threats could exploit weaknesses. I also recommend factoring in your organization's history of incidents and any industry-specific risks. Understanding the maturity of your cybersecurity controls can provide a realistic picture of the likelihood. By doing so, you can allocate resources more efficiently to areas that are most at risk.

Calculating the likelihood of threats and their impact is an every day occurrence for an organization, based on the risk they're willing to absorb. Startups are notorious for flying by the seat of their pants because their focus is on sales revenue and growth. This opens them up for tremendous risk. Large public organizations can't afford to take chances, and are much more conservative when it comes to the amount of risk they're willing to take. Executives at major corporations, such as Equifax and Uber, were prime examples of leaders that either underestimated the risks they were facing, or weren't aware of them in the first place. Careers can be derailed by miscalculating the risks they face, and the impact of a data breach.

I would recommend to gather insights from cybersecurity experts who can assess the likelihood based on their knowledge and experience. This qualitative method is useful when statistical data is limited or when assessing new or emerging threats.

Risk prioritization is about balancing potential impact against likelihood, but it also requires strategic alignment with business goals. In my experience, categorizing risks into high, medium, and low isn’t enough; you need to integrate this with your project’s timeline, budget constraints, and overall risk appetite. I advise using a risk heat map or matrix to visualize these factors clearly. Prioritize risks that could halt operations or result in non-compliance first. Balancing short-term and long-term risks ensures that immediate threats are addressed without sacrificing the project’s future stability.

i would consider both the impact and likelihood to determine the overall magnitude of risk. Risks with higher scores or those falling into the “high impact, high likelihood” quadrant in the risk matrix are typically prioritized. Assess how immediate the threat may materialize. Risks that require immediate attention should be prioritized over those that represent a long-term concern

Once threats and vulnerabilities are identified, assess the likelihood of each threat occurring and the potential impact it could have on the project and its assets. This involves considering factors such as the sophistication of potential attackers, the effectiveness of existing security controls, and the criticality of the assets at risk. It's essential to strike a balance between investment in security measures and the value of the assets being protected. Determine whether certain risks are acceptable based on the organization's risk tolerance level and strategic objectives. Some risks may be deemed acceptable if the cost of mitigation outweighs the potential impact of the risk.

Prioritizing cyber risks in new projects is crucial for effective resource allocation. Key strategies include: 1. Rank risks based on impact/likelihood. Go beyond simple qualitative eval 2. Use established frameworks (ISO 31000, NIST SP 800-30, FAIR) 3. Assign risk ratings for clarity 4. Consider urgency and acceptability alongside magnitude 5. Evaluate risks against project objectives and constraints 6. Involve cross-functional teams in risk assessment 7. Regularly review and update risk priorities ?? Remember, risk prioritization is dynamic. What's critical today may change tomorrow based on evolving threats and project progress. The goal? A focused, agile approach to managing the most significant cyber risks first.

Prioritizing risks for a new project or initiative involves assessing the likelihood and potential impact of each identified threat to determine the most critical vulnerabilities. This assessment considers factors such as the probability of occurrence, potential damage, and speed of impact. Risks with higher scores are then prioritized for immediate attention and mitigation efforts, taking into account the organization's risk tolerance and strategic objectives. By focusing resources on addressing the most significant threats, organizations can effectively reduce overall risk exposure and strengthen the security posture of the project or initiative, ensuring its success and resilience against potential cyber threats.

Effective risk mitigation hinges on not just deploying security controls but ensuring they are tailored to the identified risks. I’ve found that adopting a layered security approach—such as combining network segmentation with multifactor authentication—yields the best results. It's essential to consider both preventive controls, like firewalls, and detective controls, like monitoring systems. Continuous testing is key: implement security validation tools that can automate the verification of control efficacy. Engage your stakeholders regularly to reassess the risk landscape as the project evolves.

When an organization has a framework of controls in place, knowing they have strong policies, processes, and procedures helps executives sleep better at night. Implementation of the controls is critical, but how much they follow them will vary by employee. I directly managed employees I knew would follow controls to the letter, others did the bare minimum, while a third group skirted the controls when it suited them. The last group is dangerous, because their Wild West antics can bring down an entire organization. They usually don't last long before crashing and burning, but may be tough to spot until after an incident. Compliance isn't a sprint, it's a marathon. Controls will get you through the daily grind, so follow them!

Beyond these six steps, it’s critical to incorporate an ongoing risk review process. Cyber risks evolve, and the controls you implement today may be insufficient tomorrow. I recommend establishing a risk governance board that meets regularly to review new threats, regulatory changes, and lessons learned from past incidents. This dynamic approach ensures your risk management strategy remains agile. Additionally, embedding security awareness training into project onboarding can create a culture of vigilance, enhancing your defenses from within. Always think of risk management as a continuous process, not a one-time exercise.

Here's my view, risk assessment does NOT stop at control implemetation; it stops at CONTINUOUS IMPROVEMENT. Two easiest data points: 1. Security Incidents - any incident related to the projects? I had incidents such as third party consultant exfiltrating data, developers exfiltrating code because they think they owned it, etc. 2. Compliance rate of the CI/CD - I'm willing to bet 80% of the code did not run through a SAST tool before committing.

Analyze Vulnerabilities: Conduct a thorough assessment to identify potential weaknesses in the project's design, implementation, or operation. Consider both technical vulnerabilities (e.g., outdated software, misconfigurations) and human factors (e.g., lack of awareness, social engineering)