What are the best methods of assessing network security risks?

1 Risk identification

The first step is to identify the assets, threats, and vulnerabilities that are relevant to your network. Assets are the resources that you want to protect, such as data, devices, or services. Threats are the sources of harm, such as hackers, malware, or natural disasters. Vulnerabilities are the weaknesses that could be exploited by threats, such as outdated software, misconfigured settings, or human errors. You can use tools such as network scanners, vulnerability scanners, or penetration testing to discover and document the vulnerabilities in your network.

2 Risk analysis

The next step is to analyze the impact and likelihood of each risk scenario. Impact is the measure of how much damage a threat could cause to your assets, such as financial loss, reputation damage, or legal liability. Likelihood is the measure of how probable a threat is to exploit a vulnerability, based on factors such as the threat's motivation, capability, and opportunity. You can use qualitative or quantitative methods to estimate the impact and likelihood of each risk, such as risk matrices, scoring systems, or formulas.

3 Risk evaluation

The third step is to evaluate the level of risk and prioritize the actions to address it. Level of risk is the combination of impact and likelihood, which indicates how severe and urgent a risk is. You can use different criteria to rank the risks, such as the cost-benefit analysis, the risk appetite, or the regulatory compliance. You can also use different strategies to address the risks, such as risk avoidance, risk reduction, risk transfer, or risk acceptance.

4 Risk monitoring

The final step is to monitor the changes and trends in the risk environment and update the risk assessment accordingly. Risk monitoring is an ongoing process that involves collecting and analyzing data, such as network logs, security alerts, or audit reports. Risk monitoring helps you to detect and respond to new or emerging risks, evaluate the effectiveness of your risk mitigation actions, and improve your risk management practices.

Assessing network security risks is a vital part of cybersecurity. By using these methods, you can identify, analyze, evaluate, and monitor the risks that could affect your network security and take appropriate measures to protect your assets.

5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?