What is Security Assessment?

                                                                                            Security assessments are periodic exercises that test your organization’s security preparedness. They include checks for vulnerabilities in your IT systems and business processes, as well as recommending steps to lower the risk of future attacks. Security assessments are also useful for keeping your systems and policies up to date.


                                                                                            You can conduct security assessments internally with help from your IT team, or through a third-party assessor. Third-party security assessments, though more costly, are useful if an internal preliminary assessment reveals grave security gaps, or if you don’t have a dedicated team of IT professionals with expertise in this area.


                                                                                              Small businesses are the most vulnerable and have the most to lose

                                                                                            If you believe that small businesses are immune from cyberattacks, or that hackers only target big companies, you’re putting yourself at risk.

                                                                                            Here’s what happened to a fast-growing startup when a hacker spotted a vulnerability in a single employee:

                                                                                            Carl and Alex Woerndle founded Distribute.IT in 2002. The firm offered cloud-based web server hosting, SSL certificate distribution, and SMS services. By 2011, it controlled 10 percent of the market for Australian domain names and hosted over 30,000 clients. In June 2011, a hacker bypassed Distribute.IT's a security protocol, got behind its firewall, and gained access to master data. The hacker targeted web servers, backup systems, and the primary trading and hosting systems. Though the infiltration lasted just half an hour, it wiped out the files and websites of more than 4,800 client accounts. The attack cost the company millions of dollars, but more importantly, Distribute.IT lost its clients' trust and brand equity.

                                                                                            Consequently, the business had to shut down its operations the same year.

                                                                                              The Distribute.IT incident proves why periodically testing for vulnerabilities is so important. It also calls for strong incident response plans, data backup measures, and security awareness training for employees.

                                                                                            If you’re thinking the case of Distribute.IT is an exception, consider the following:

                                                                                            Sixty-two percent of cyberattacks target small businesses because their systems are easier to infiltrate.

                                                                                            One in 3 small businesses has no controls in place to prevent hacks.

                                                                                            Sixteen percent of small businesses conducted a security assessment only after a breach.

                                                                                            The average cost of a data breach for SMBs is between $36,000 and $50,000, but the total costs could be more when factoring in related costs such as fines, forensic examination charges, loss of clientele, etc.

                                                                                            You may have the best security software installed in your organization, but a determined hacker or a careless employee is all it takes to bring the whole system down.

                                                                                            In the aftermath of the cyberattack on Target, cybersecurity expert, Shawn Henry pointed out: “Technology is a piece of the solution, but it’s not the sole solution.”

                                                                                            So, how can you safeguard your business? To mitigate the risk of a cyberattack, you must build a culture of information security in your organization by regularly monitoring your security posture through security assessments.

                                                                                            Why Security Assessments are a must for all businesses 

                                                                                            Security breaches are extremely costly, and installing a security solution alone is not enough to stop them.

                                                                                            One of the main reasons for this? People are the weakest link in your information security chain, according to Gartner’s “Three Critical Factors in Building a Comprehensive Security Awareness Program” (full content available to Gartner clients). Gartner’s report reveals the following finding:

                                                                                            More than 90 percent of the breaches that happened in 2016 were the result of human error.

                                                                                            A security assessment will help you identify the risky behavior of employees and take actions to better train them, in addition to testing your IT systems for vulnerabilities.

                                                                                            Here are a few more important reasons you should be conducting regular security assessments:

                                                                                            You're on the cloud. By 2021, 78 percent of small businesses will have fully adopted cloud computing. While most major cloud providers follow standard security procedures, you still need to remain vigilant. Gartner's research predicts that over the next four years, at least 95 percent of cloud security failures will be the fault of the user, not the provider. However, adopting cloud visibility and control tools, such as dashboards for monitoring cloud usage, will reduce occurrences of security failures by a third.

                                                                                            To ensure compliance. HIPAA, FISMA, GDPR, PCI DSS-the regulations that you need to remain compliant with can feel endless. Many of these require regular security assessments. Regular internal security assessments will help to ensure you pass the third-party audits that are necessary for compliance certifications.

                                                                                            To keep up with new threats. Today, technology changes happen rapidly. According to Gartner's report, " A Comparison of Vulnerability and Security Configuration Assessment Solutions " (full content available to Gartner clients), different approaches to security assessments are necessary because of IoT (internet of things), virtualization, consumerization, Bring Your Own Device (BYOD), big data, and the mobile revolution.

                                                                                            To detect security breaches. Often, companies are not aware of a security breach until the hacker demands ransom or confidential data starts circulating in the public domain. Security assessments help you identify breaches more quickly. The faster you identify and contain a data breach, the lower your costs will be.


                                                                                            Cost of protection must be weighed against cost of a breach

                                                                                            Many small businesses will enlist the services of a third party to conduct a security assessment because they do not have the necessary experience or knowledge of IT security.

                                                                                            Though it can be a significant expense, receiving an assessment by a firm that specializes in this field gives businesses peace of mind knowing that all security controls are in place, risks are minimized, and vulnerabilities are patched.

                                                                                            The cost of a security assessment can range from $1,000 for simple tests to over $50,000, depending on the size of your business, complexity of operations, and scope of the assessment.

                                                                                            Assessors and examiners from large auditing firms may charge up to $500 per hour for reviewing your network for vulnerabilities and noncompliance.

                                                                                            You may opt to conduct an internal security assessment first. Then, based on the results, you can decide whether to do a more thorough checkup of your security posture using a third-party security assessor-especially if you identify several weaknesses or areas of vulnerability.

                                                                                            Businesses also use the help of third-party assessors when they have to complete compliance certifications. Third-party assessments and audits are often compulsory to maintain certifications.