Security Risk Assessment Checklist: Key Steps to Follow

The global internet is a boon for all business organizations. They can use it to promote goods and services and get more business opportunities every day. However, it has a dark side also. Cybercriminals use the same internet to steal company data and customers’ sensitive information and commit financial crimes. In worst cases, they break into corporate computer networks, inject malicious programs, and demand ransom.

It doesn’t matter whether you operate a small or large business organization. It is very important to protect your company from rampant cybercrime. What is risk assessment in cybersecurity? How to conduct it? How does it benefit your company in the short and long term? Let’s evaluate.

• March 2025: X, a popular social media site, faced a massive cyberattack.
• In 2024, Visa prevented over $350 million in attempted fraud.
• In 2024, Australian health insurance companies, hospitals, and clinics faced cyberattacks from swindlers.
• In August 2024, Chinese hackers targeted nearly 9 U.S. telecommunications companies. This exposed the metadata of users’ calls, text messages, IP addresses, and phone numbers.

All these cyberattacks highlight the importance of conducting a cybersecurity risk assessment.

Simply put, a cybersecurity risk asset is an audit. Here, IT security experts evaluate the company’s defenses against cyber threats. It allows them to identify vulnerabilities and weaknesses in security systems and determine the likelihood of potential threats. With a sharp increase in cyberattacks and data breaches, cybersecurity audits and assessments have become mandatory. With it, companies can comply with legal requirements and protect their assets, reputation, and customers.

Gather Information About Your Company’s IT Network
Remember, cybersecurity risk assessments help companies identify existing technical weaknesses in their IT networks. So, get detailed knowledge of your organization’s hardware and software first. If you or your team don’t have a clear understanding of your network settings, seek help from a professional cybersecurity expert.

Once you have a cybersecurity risk assessment, change the IT system of your company immediately to address all current vulnerabilities. Don’t worry about the cost or disruption for the well-being of your organization in the short and long term.

To protect your e-business from data breaches or other security challenges:

• Evaluate your existing service protocol.
• Take your business to a reliable cloud platform
• Instruct all employees to follow data security practices.

Evaluate Your Hardware & Internet Connection
At the beginning of your assessment, analyze the Internet connection and everyone who uses it. Moreover, inspect desktops, laptops, cell phones, printers, Wi-Fi routers, and security cameras. Hackers can enter your company’s digital infrastructure using these points and cause mayhem.

You can take the following steps to mitigate the possibility of cyberattacks to a great extent:

• Turn off Wi-Fi when it is not in use.
• Use complex passwords to access Wi-Fi routers and each device connected to the Wi-Fi network.
• Use updated software, antivirus, and firewall on all computers and laptops used in your company. They come with advanced security features that alert you instantly when a cyberattack takes place.
• Enable two-factor authentication on all your emails, computers, and laptops. When an employee tries to use a computer or laptop, he will receive an OTP from the network to prove his identity. It prevents unauthorized access to your company’s IT ecosystem and helps catch wrongdoers.
• Encrypt sensitive information sent to and from your network.

Evaluate Your Website Security
Review your website and analyze whether it is ready to face cyberattacks. Attach an SSL/TLS or HTTPS certificate to it. Block some countries notorious for SPAM traffic if you don’t receive business opportunities from those locations.

Evaluate Your Apps and Software
Carefully analyze all apps and software used in your company. This will help identify security loopholes. Delete old/unused apps and install new software on all your computers or laptops.

Use A Dedicated Email Service 
You will be surprised to know that 90% of all cyber attacks occur with the help of emails. Cybercriminals often pose as genuine representatives of a particular company, contact recipients with lucrative offers, and ask them to download an attachment or sign into an account. It is one of the most effective ways to inject malicious viruses into computers and laptops, steal valuable information, and commit financial crimes.

Using a dedicated email service eliminates this problem effectively. All incoming and outgoing emails are stored on your company’s database, secured by a strong login password.

Create a Wi-Fi Policy
Many hackers set up Wi-Fi networks (identical to your company’s Wi-Fi) to trick people into logging in. This allows them to track user activity and steal valuable data. There should be a clear Wi-Fi policy in your company. Always create a complex and unpredictable password for the Wi-Fi network. It should be used by only a few employees of the organization for emergency purposes. Change the Wi-Fi password at regular intervals. 

Don’t Reveal Critical Data To Everyone
A company may have lots of important data related to its business activities, products and services, finances, clients, business partners, etc. It’s always beneficial to maintain the privacy of sensitive business data. Decide what your employees can see or browse on the company’s computer or laptop. Store all critical data on a secure hardware or cloud server and determine who can access it.

Information security risk assessment is an effective tool to identify security issues in your company’s IT infrastructure and perform the necessary remedy work. You must conduct it regularly as per your requirements. It will help minimize the chances of cyberattacks, catch wrongdoers working in your organization, and protect your digital assets.

It doesn’t matter how well you are prepared to combat cybercrimes. Cybercriminals just need a single security loophole to break into your company’s IT ecosystem and take your valuables away. If a scam affects you or your company financially, Sky Recoup is always happy to help you. We provide online fraud detection and money recovery services. Just get started with us today to investigate financial crime legally and explore the possibilities of recovering stolen money. Depending on the complexity of the issue, we may use multiple tools and technologies to investigate financial crime and recover digital assets.

Cybersecurity risk assessment is essential for your organization’s robust defenses. You should conduct it from time to time to identify the security vulnerabilities in your company’s IT infrastructure and fix the problems instantly. Follow these recommendations to conduct an information security risk assessment in a proper sequence. Don’t forget to contact us at Sky Recoup if you experience an online scam. Our recovery experts will investigate your case and take all possible measures to recover the stolen money.