Risk Scoring – Reduce the Cyber Risk on a Real-Time Basis

The use of cyber risk scores will be a necessity in the future.  

It will be imperative for various industries to achieve and maintain a certain level of score to meet their risk and compliance guidelines 

Many organizations still only take care of their assets but don’t know where their current risks lie and are unaware of how to protect themselves as they do not know where exactly they stand.
A cyber risk score helps with just that. When the security teams have to explain the Board of Directors or the other business teams, the score will tell exactly how much risk is associated with their IT stack.

An Overview of Cyber Risk Scoring

With a cyber risk score, you have an instant readout on assessing the weaknesses and vulnerabilities of your organization. 

You will also know: 

  1. What systems can be hacked and taken offline
  2. What data can be stolen, leaked, or changed 
  3. Whether private information or intellectual property be lost or stolen? 

Organizations that lack sufficient cybersecurity mechanisms will score as a high risk. Those that aren’t critical, and those with few weaknesses with limited exposure, will score as low risk.

Using a scoring system for each asset on a scale of 1-10 allows companies to prioritize which risks to address first. 

By having a numerical cyber risk-scoring method and system, companies can also easily communicate the overall level of risk for assets to the business leaders. 

Also Read: 3 Reasons You Need a Cybersecurity Plan for Your Business

Risk Scoring Drives Mitigation

The risk scoring process drives the security tactics that will be deployed to address the vulnerabilities and weaknesses to reduce their exposure, and ultimately mitigate the risks.

These may be a combination of hardware and software systems as well as corporate policies that govern end-user activities when using company devices. 

It could even include end-user awareness training to minimize the impact humans can have on the systems, data, and surrounding processes.

The risk scoring process will adequately prioritize action plans for upgrading or replacing inadequate controls. The scoring results need to be based on industry-standard cybersecurity frameworks. 

In addition, they incorporate all the risk signals that an organization is aware of and then compare those risks to the controls in place to mitigate the risks.

ESOF’s Cyber Risk Score

Once you know the cyber risk score of your organization, ESOF AppSec will help you measure, prioritize and mitigate the risks in the best way possible in real-time

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