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Written by Ostendio on December 14, 2018

If you’re a technology company with the view that cybersecurity is largely an IT issue, you may take the attitude of “We’ve got this.” Hold that thought. When did you last have a security risk assessment (SRA)? Also known as a security risk analysis, the comprehensive information security threat assessment is hugely beneficial, no matter what your product or service is.

With a security risk assessment, technology companies learn what’s working, what’s missing, and can rate how high the threats are to their data. An SRA is essential to understanding how well – or not – your cybersecurity and data protection program is functioning.

Are you ignoring the benefits just because you think it's not a regulatory requirement for your company? That’s a risk in and of itself.

A thorough security risk assessment:

  1. Shows how your data flows and who touches it. Not all data needs to be available at all points, or accessible at the same levels.
  2. Identifies risks so you know what needs to be remediated. Every gap is a potential point of entry that needs to be locked down.
  3. Readies you for client or regulatory audits. Client due diligence or audits by regulatory or certifying parties can either be a boon or a give your business reputation a boost or take it down.

Plus, if your technology company does fall under most data protection regulatory requirements, you need an SRA in order to be in compliance. You’ll want an SRA:

  • If you’re involved in credit card processing, you fall under PCI requirements for an annual risk assessment.
  • If your company touches ePHI, you must comply with the HIPAA Security Rule, so you’ll need one to identify ePHI data risks.
  • If you plan – ever – to go for certifications like SOC2 or ISO/IEC 27001, the first thing your professional information security consultant will do is conduct a security risk assessment.
  • If you touch personal data of any kind from people who live in the EU, whether they’re EU citizens or not, GDPR’s requirement applies.

Notice a theme? You pretty much can’t deny the benefits of a security risk assessment.

Cybersecurity is a shared responsibility because everyone touching personal data is responsible for its security. Talk to Ostendio about our security risk assessment services. Our professionals take you through the entire process. When it’s done, your technology company will not only know the risks, you’ll have the plan to fix them.

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Avoiding the Hidden Pitfalls of Security Audits

In this webinar, see the 5 most common pitfalls of security audits and learn how you can avoid them with the power of MyVCM CrossWalk Assessments.

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