Security Risk Assessment: Step-by-step Guide with Benefits

A comprehensive Security Risk Assessment is essential to any effective physical security program. With a new wave of risks and threats to businesses, all security companies must have a risk assessment checklist.

As one of the best security companies in Dallas, Texas we can prepare assessments in consent with applicable standards and organization best practices. 

What is a Security Risk Assessment?

Security risk assessment is an important part of security practices. Significantly, it identifies all the critical assets, vulnerabilities in the business to ensure that all risks have been properly mitigated.  In addition, risk assessment involves three basic factors;

  • The importance of the assets at risk
  • How critical the threat is
  • How vulnerable is the system to that threat

Risk assessments are primarily a business concept. Security risk assessment practices control and assess numerous problems associated with your business security system or your procedures. However, it may include several security controls like human guards, physical locks, a CCTV system, proper lightning and alarms, and much more. In general, it aims to measure the security posture of the business. Besides, check whether the organizations abide by the compliance requirements and industry frameworks.

How does a security risk assessment work?

Factors like size, growth rate, resources, and asset portfolio affect the depth of risk assessment models. Businesses can carry out generalized assessments when experiencing budget or time constraints. Moreover, generalized assessments don’t necessarily provide detailed mappings between assets, associated threats, identified risks, and mitigating controls. 

Carrying out a risk assessment allows a business to look from an attacker’s perspective. Thus, conducting an assessment is an integral part of an organization’s risk management process. 

Conducting a physical security audit shows you exactly what the security gaps are present in your facility. Moreover, it might mean that you have to invest more in Dallas area patrol and protection services. Here is a step by step guide for a security risk assessment;

Step-by-Step Guide

To begin the security risk assessment, follow these steps;

1. Value Assets

Find all valuable assets in the organization that could be harmed by threats in a way that results in a monetary loss. For instance;

  • Protection of personnel
  • Hardware and software safety
  • Networks and data from physical actions
  • Infrastructure protection

2. Identify potential consequences

If a given asset is damaged, determine what financial losses the organization would suffer from. Following are some consequences you should care about;

3. Identify threats and their level

A threat is, in fact, a statement of an intention that might exploit a vulnerability to breach the security and cause harm to the assets. Below are some common threats;

  • Natural Disasters
  • System Failure
  • Accidental Human Interference
  • Malicious Human Actions
Security Risk Assessment Matrix
Source: Pratum

4. Identify vulnerabilities and assess the likelihood of their exploitation

There are many kinds of physical security threats and vulnerabilities, including natural accidents, burglary, assets and sensitive information that make your business run. Consequently, think about what protects your assets and infrastructure from a given threat. What if the threat actually occurs? What are the chances that it will actually damage your assets? Therefore, it allows some threat to breach the security and cause harm to an asset.

5. Assess risk

Risk is the potential that a given threat will exploit the vulnerabilities and harm one or more assets. As a result, it leads to monetary loss. So, assess the security risk and assign it a value of high, moderate, or low. Then develop a solution for every type of risk, along with an estimate of its cost.

Read more: Physical Security Checklist For Small Businesses

6. Create a risk management plan

The goal of most security assessments is to minimize risk. Risk mitigation is accomplished by decreasing the threat level by eliminating or intercepting the adversary. Therefore, are five strategies to mitigate risk;

  • Avoidance, 
  • Reduction, 
  • Spreading, 
  • Transfer, and
  • Acceptance. 

Without a doubt, the best strategy for mitigating risk is a combination of following three elements;

  1. Decreasing threats, 
  2. Blockng opportunities 
  3. Reducing consequences.
Source: Threat Analysis

7. Develop a strategy

A strategy is essential for security infrastructure enhancements to mitigate the most important vulnerabilities. Also, get management sign-off. The strategy must be in written form with all aspects in detail. Whether you need to avail Dallas area patrol and protection services or unmanned security options, it must be clearly written down.

8. Define the mitigation process.

Security infrastructure can improve but all the risks cannot be eliminated. When a disaster happens, fix what happened, investigate why it happened, and try to prevent it from happening again. At least make the consequences less harmful.

Benefits of Security Risk Assessments

Security risk assessment offers many benefits.

  1. It helps you identify vulnerabilities. In this part, you can see which parts of your security measures are relatively weak, which parts of the business security system may be targeted, or what are the security threats for your organization. As a result, you can solve the vulnerabilities and enhance the security posture of the organization. 
  2. It allows you to review the security controls. Also, with the help of risk assessment checklist, you can see how efficient your security controls are and how to upgrade them. Subsequently, you can take preventive measures in order to increase the effectiveness of the security controls. 
  3. It lets you see if your organization meets industry-related compliances. There are several compliances that are required by governments and international bodies. Certainly, with the help of security risk assessment, you can see if your organization meets the requirements of related compliances before it gets too late. 

Once you have reviewed your risk assessment checklist, make sure necessary measures are implemented. Remember that it is not a one-time event. Instead, create a risk assessment matrix, that codifies the risk assessment methodology. Particularly, specifies how often the risk assessment process must be repeated.

How Agile Can Help You? 

Agile Security, one of the leading private security companies in Dallas, can help you identify and prioritize your security risks. We can efficiently secure your businesses with a vast knowledge of multidimensional threats. Accordingly, new potential security issues should be discussed regularly. Feel at ease to contact us for a FREE consultation for your security needs.

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