Different impacts of risk
There are some risk categories that will likely appear in every company and require assessment.
“For example, there is the typical risk you think of from threat actors, both internal and external. This risk largely drives proper access controls and security reviews,” said Jon Gulley, senior application security penetration tester at nVisium.
Other risk categories to consider, according to Gulley:
- Regulatory risk from governments can come in the form of new regulations that may increase the burden on the company.
- Risk associated with technical debt accrues when sacrifices are made in the name of quick growth.
- Reputational risk has grown with the rise of social media. The spread of bad publicity is faster than ever, which can lead to boycotts of a company’s products.
“Each category requires its own specialists to fully assess and form risk mitigation plans. This comes by way of a security review in one form or another,” said Gulley.
By gathering information about the situation and analyzing what is possible now while considering what could happen in the future, a risk assessment can provide an overview of vulnerabilities as well as insight on how to best mitigate them.