25 Jul Why is an IT Risk Assessment Important for Businesses in Puerto Rico
Technology is constantly changing and as 2020 has shown, businesses in and out of Puerto Rico must innovate or die. Still, scalability has to provide a high measure of safety, supported by an informed assessment. IT risk assessment is the process of identifying security risks and assessing the threat they pose. The ultimate purpose of IT risk assessment is to mitigate risks to prevent security incidents and compliance failures. However, no organization has the resources to identify and eliminate all cybersecurity risks, so your IT consultants develop security risk assessments to provide much-needed focus. The more clearly you can articulate your plan to reduce the most critical vulnerabilities across the network given your top threat sources, the better your business case, and the more likely you are to get funding for an effective security program. An IT risk assessment starts with risk intelligence and threat analysis. Here are three important things to consider:
- The IT assets in your organization and how much damage their loss or exposure would cause
- The business processes that depend on those assets
- The threat events that could impact those assets and how likely those events are
Using the information from this risk assessment process, you can determine which threats are the most important to mitigate and set reasonable timelines. As you outline your enterprise risk mitigation plan, consider how it fits into your existing security program and the various practices it already includes for reducing risks. At the highest level, the purpose of IT risk assessment is to unite your IT department and organizational decision-makers in strengthening cybersecurity. With a clear assessment of your IT vulnerabilities and the value of your data assets, you can refine your security policy and practices to better defend against cyberattacks and safeguard your critical assets.
Need help navigating these procedures? Trust your team of IT experts at FPVG to ensure the highest level of service and stay informed, efficient and compliant. CONTACT US TO LEARN MORE.
About the author: Wilfredo Vera Pujols, CISA, CDPSE
A skilled consultant in the areas of Internal Audits and Compliance, Vera holds a BBA in Information Services from the University of Puerto Rico Mayaguez and a Master’s in Computer Sciences from the illustrious Polytechnic University of Puerto Rico. He has used his excellent preparation in the last 3 years of his specialty in Auditing and Consulting, Internal Controls, and SOX for our diverse clientele. Among some of his major clients are Evertec, Triple S of Puerto Rico, and Banco Popular, to name a few. We are sure that this ISACA member, along with the expertise of FPV & Galíndez’s skilled Consulting Department will provide strategic solutions for any IT and Cybersecurity needs your organization may have.