Choosing the Right Team: The Key to a Successful Cybersecurity Risk Assessment

A cybersecurity risk assessment is one of the most impactful strategies an organization can employ to strengthen its overall security posture. The cybersecurity risk assessment process offers several key benefits:

• A thorough evaluation of existing cybersecurity controls.
• Deep insights into the effectiveness of the organization's cybersecurity program.
• A clear roadmap for areas of improvement.
• A comprehensive understanding of the specific threats and risks facing the organization.
• A valuable tool for senior management to guide strategic planning, decision-making, and oversight of the security program.

However, the value of a risk assessment is only as good as the team conducting it. Handing this critical task off to an internal team already juggling multiple responsibilities, or to inexperienced consultants, can result in a flawed, unreliable assessment. Given the significant impact this report can have, selecting the right team is not just important—it's essential. Choosing the right team can ensure a quality evaluation that enhances your organization's cybersecurity defenses.

What to look for in a cybersecurity risk contracting company

When hiring a cybersecurity company to conduct a risk assessment, it's important to evaluate the following factors:

Objectivity

An objective team delivers assessments free from bias, emotion, or influence. The team evaluating your security controls should do so without pride of ownership, pressure from management, internal politics, or any other factors that might compromise a neutral analysis. Avoid internal teams that may struggle with objectivity due to existing biases, and consultancies with a vested interest in the outcome. Any team involved in designing, developing, or operating the security controls being assessed may find it difficult to remain impartial. Instead, seek a firm that offers an independent, objective review to ensure a trustworthy assessment.

Familiarization

An assessment team with a deep understanding of your systems or deployed technologies can offer both advantages and drawbacks. On the plus side, a familiar contractor requires less time to get up to speed, potentially lowering costs for the assessment. However, this familiarity could also compromise objectivity if it stems from previous work with your organization or technologies. If a contractor can demonstrate that they maintain objectivity despite this familiarity, they might be a stronger choice than an unfamiliar competitor.

Expertise

Expertise in your industry, specific security risk assessment requirements, and the activities involved in the assessment is a significant advantage. Here are some types of expertise to consider:

• Industry Expertise: Different industries—such as government, education, healthcare, finance, and retail—have unique concerns, terminologies, technologies, risks, and practices. A contractor with experience in your industry will quickly grasp system functions, expected operations, industry regulations, and the threat landscape. They can also effectively communicate with key personnel and present findings using industry-specific language, ensuring the assessment aligns closely with your organization’s needs.
• Regulation, Requirement, and Framework Experience: If your assessment must comply with specific standards or frameworks (like NIST CSF, HIPAA, PCI DSS, or SOX), a contractor familiar with these requirements will provide more accurate and efficient services. Each regulation has unique interpretations and expectations, and a knowledgeable contractor will understand these nuances, reducing the time needed to interpret requirements and increasing the accuracy of their analysis.
• Security Risk Assessment Expertise: Performing an assessment involves many different areas requiring expertise such as specific assessment methods (ISO 27001, NIST 800-30, RIIOT FRAME), assessment techniques (interviews, physical walk-throughs, use of checklists); and assessment activities (social engineering, penetration testing, code review, architectural analysis, organizational structure review). A firm lacking in experience with these methods will face a steep learning curve. Beware of consultancies that propose teams without extensive experience in conducting security risk assessments. Ensure your chosen partner has a proven track record by checking references, reviewing the resumes of project team members, and conducting technical interviews with lead assessors.

Selecting the right cybersecurity risk assessment partner is crucial to ensuring a thorough and effective evaluation of your organization’s security posture. Look for a team that offers objectivity, has relevant experience, and demonstrates deep expertise to get the most value from your investment.

Discussion summarized and modified from The Security Risk Assessment Handbook.

Contact Lantego for information on how we improve your security risk assessment needs. [email protected]