3 Reasons Why Your Organization Should Perform an Enterprise Cybersecurity Risk Assessment

security risk assessment

While it’s important to assess the cybersecurity of your third parties, there’s another crucial process that every organization should consider: An enterprise cybersecurity risk assessment, which provides an external view of your organization’s attack surface along with verification of internal security controls. Here are three key reasons why:

Changing Times

The cyber world is incredibly dynamic. Since new technologies are being introduced all the time and hackers are always looking for new ways to steal data, it’s crucial to keep on top of any new possible threats to your organization. 

In addition, your organizational policies can change over time, which can also lead to cybersecurity issues. For example, implementing a remote working policy can result in significant technology and human risks that must be properly addressed. With an enterprise cybersecurity risk assessment, your organization can better tackle its vulnerabilities and risks before they are exploited by cybercriminals. 

Reporting to the Board

Your board of directors needs to understand your organization’s cybersecurity risk management is being addressed, especially since they will be held liable in the event of a data breach. An enterprise cybersecurity risk assessment can help you keep your stakeholders informed and present a clear overview of your organization’s cybersecurity. 

Presenting your organization’s cybersecurity to your stakeholders can include

  • An explanation of security challenges, the standards your organization adheres to and the overall structure of its cybersecurity defense.
  • Where your company stands in the maturity of its program with regard to the standards it adheres to, as well as what it is doing to increase that maturity.
  • A dashboard showing overall cyber posture and any changes since the last dashboard. It should also include a discussion of recent challenges and the responses.

A thorough enterprise cybersecurity risk assessment is a key ingredient for this process. 

Partnering with Peers

Often, companies must prove that they satisfy strict security requirements in order to do business with business partners, vendors and suppliers. Having an enterprise cybersecurity risk assessment can demonstrate to other companies that your organization has taken steps to put security processes and procedures in place. The assessment can include:

  • A cyber posture evaluation that can be benchmarked with similar industries
  • A 360-degree view that reveals the attack surface while verifying internal controls with the external scan 
  • A list of any findings, their severity and how they can be remediated 
  • An overview of how human behavior might be impacting cyber posture
  • A look at whether your organization is mentioned in Dark Web chatter
  • A list of your organization’s third and fourth parties

Having this information readily available can help your organization partner with other companies, thereby enabling business. 

Conclusion 

With Panorays’ 360-degree enterprise cybersecurity risk assessment, your organization can rapidly find out the status of its own cyber posture and any issues that should be remediated. Panorays is unique in that it reveals the attack surface while assessing and verifying internal controls. Panorays also provides continuous monitoring, so you can be alerted immediately if there are any changes. 

Want to learn more about Panorays’ enterprise cybersecurity risk assessments? Schedule a demo today. 

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