A Must-Have Risk Assessment Checklist For Your Business

risk assessment checklist

If you are planning to conduct a cybersecurity assessment, that is great. This risk assessment checklist will help you effectively conduct that. 

Hackers don’t look at the size of an organization. They attack organizations regardless of their size. Huge businesses heavily invest in cybersecurity. That makes them a harder target for hackers. Yet, small and medium businesses (SMBs) don’t have enough to invest. Moreover, most SMBs have weak security, making them easier to attack.

What The Statistics Show 

Here is some trivia for you. 60% of SMBs that are hit by cyberattacks never recover and end up closing down. That number is shocking and sad! Furthermore, 49% of SMBs report that a cyberattack could cost them $100,000 or more. Meanwhile, 20% say that breaches could cost $1 million to $2.5 million.

We can almost conclude that your business will be hit by a cyberattack. It is not a question of ‘if’. It is a question of ‘when’. Yet, there are many ways to prevent that from happening without hurting your budget. If you’ll follow the small steps in this article, it could mean a lot to your business. 

Risk Assessment Checklist 

These are the main goals you must meet in conducting a risk assessment:

  • Assess your risk
  • Identify security threats
  • Increase your preparedness
  • Reduce your vulnerability

We are sharing the following checklist for you.

Antivirus updates

Antivirus applications usually come by default in all devices. But, having such apps installed is not enough. Your business must have the latest antivirus updates. Otherwise, chances are bigger of malware and viruses entering your system.

However, keeping antivirus applications updated requires subscriptions. Subscribing is worth the price. Renew now if your antivirus is outdated. Make sure to turn on automatic updates so you won’t miss updates.

Strong password policy

Make sure that you change your passwords from default. Having easy passwords such as “password”, “admin”, and “1234” is not a smart move. Moreover, implement multi-factor authentication (if possible). It helps prevent unauthorized access.

End-user training

It is important to educate your employees so they can be aware of risks as they work. Keep them updated on the latest security trends. These are some topics you must cover in the training:

  • Phishing, 
  • Password security, 
  • Device security, and 
  • Physical device security.

Moreover, employees must know what potential security breaches look like. Educate them on how to protect confidential data. Furthermore, have them realize the importance of having strong passwords. The recommended frequency of security awareness training is at least once every six months.

OS and Application patches and updates

This step might seem small but this is the most important. A regularly updated operating system and applications protect your computers. If your computers are still using Windows 7 or XP, you are risking a lot. Microsoft doesn’t provide security updates on XP anymore. Moreover, Microsoft will soon stop giving security updates to Windows 7. You should not ignore this step.

Device security

Implement disk encryption and remote-wipe capability. These features prevent unauthorized access in case a device gets stolen or lost. Establish a strong, sensible policy regarding the use of personal devices for work (known as “bring your own device,” or BYOD).

These are just some of the things you must include on your risk assessment checklist.

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