If you’re wondering how to begin or improve your cyber security assessment strategy, you’re not alone. As cyber threats grow more complex and more frequent, businesses of all sizes are investing in robust cybersecurity risk assessments to stay ahead.
Cyber threats aren’t a matter of if—they’re a matter of when. That’s why a cybersecurity risk assessment isn’t just a good idea. It’s a must.
But what exactly is it? And how can you do it in a way that makes sense for your team, without falling into acronym soup or overly complex frameworks?
Let’s break down how you can perform a high-impact cybersecurity risk assessment that aligns with best practices and delivers results.
What Is a Cybersecurity Risk Assessment?
A cybersecurity risk assessment—also known as an information security risk assessment or cyber threat assessment—is a structured approach to identifying, analyzing, and mitigating cyber threats before they cause harm.
It helps organizations understand which of their systems are most at risk and which threats require the most immediate attention. Whether you’re conducting a cyber risk assessment for compliance, prevention, or strategy, the outcome is a prioritized action plan.
Well-known frameworks include NIST (SP 800-30) and ISO/IEC 27005. But you don’t need to read 90 pages to make it work for a tech company or SaaS startup.
It’s about answering:
- What do I need to protect?
- What could go wrong?
- How bad would it be if it did?
And then acting on it.
Why Is a Cybersecurity risk assessment important?
A cybersecurity risk assessment helps prevent the most common causes of ransomware and other cyberattacks. According to Coalition’s 2025 Cyber Threat Index, 47% of ransomware incidents begin with stolen credentials and 29% involve software exploits.
Exposed logins—especially those without multi-factor authentication—are one of the most overlooked risks. Coalition found that 65% of businesses had at least one internet-exposed web login panel, and that organizations with exposed admin panels were three times more likely to suffer a cyber incident.
Risk assessments bring clarity. They help:
- Strengthen resilience through clear controls and accountability
- Support broader cybersecurity strategies like cybersecurity risk management
- Reduce exposure to initial access vectors (like VPNs, RDP, and email)
- Guide smart investments
How to perform a Cybersecurity Risk Assessment
There’s no one-size-fits-all approach, but these five steps work across industries and company sizes:
Step 1: Identify your critical assets
Key apps, sensitive data, infrastructure access. Not everything has the same value. Start with what would hurt most to lose or expose.
Step 2: Identify threats and vulnerabilities
A threat is an external actor (e.g., malware, human error). A vulnerability is an internal weakness (e.g., no MFA, unencrypted database).
Common examples:
- Hardcoded credentials
- Outdated software
- No endpoint monitoring
Step 3: Evaluate impact and likelihood
Use a simple matrix: How likely is this to happen? What would it affect? Use low/medium/high or numerical values.
Here’s how a classic risk matrix works — and how a real-world example might look:
| Likelihood → / Impact ↓ | Low | Medium | High |
|---|---|---|---|
| High | Medium | Medium | High (e.g., exposed database with customer PII) |
| Medium | Low | Medium (e.g., outdated third-party tool with access to billing info) | Medium |
| Low | Low | Low | Low (e.g., internal QA server with no real data, no external access) |
This helps teams prioritize action without relying on gut instinct. Instead, it ties effort to risk.
Step 4: Prioritize risks
The impact/likelihood combo shows where to act first. A public-facing app with open client data = urgent action.
Step 5: Document, act, repeat
Risk isn’t static. Document findings, assign owners, define KPIs, and reassess quarterly or after major changes. Low |
This helps teams prioritize responses without guesswork.
Step 4: Prioritize risks
The impact/likelihood combo shows where to act first. A public-facing app with open client data = urgent action.
Step 5: Document, act, repeat
Risk isn’t static. Document findings, assign owners, define KPIs, and reassess quarterly or after major changes.
Beyond the Basics: Related Assessments
A risk assessment is part of a broader cybersecurity evaluation framework. Here’s how it connects with other types:
Penetration Test
Simulates real-world attacks to test how your system would hold up. Like hiring a professional thief to break in and show you how they did it.
Vulnerability Assessment
Provides a comprehensive list of known system weaknesses, from automated tools to manual checks. Useful but can be overwhelming without prioritization.
Gap Assessment
Compares your current security posture with required standards (SOC 2, HIPAA, GDPR) to identify what’s missing and define an action plan.
Attestation
Third-party validation of your compliance. This gives partners confidence you’re following recognized security frameworks.
Each complements a risk assessment, giving more context and direction for action.
Risk Assessments and Compliance
Risk assessments aren’t just good practice—they’re often mandatory. If your organization handles sensitive data, provides services to regulated industries, or is preparing for an audit, you’ll likely need to align with specific security frameworks. These frameworks require documented, repeatable assessments that demonstrate your ability to identify, measure, and mitigate risk.
Here’s where risk assessments play a key role:
- SOC 2: Trust Services Criteria — proves to partners and clients that your systems are secure and available.
- HIPAA: Security Rule §164.308(a)(1) — mandates administrative safeguards in healthcare, including risk analysis.
- ISO 27001: Annex A.12 — calls for continual risk assessments as part of managing information security.
These frameworks are often used by compliance teams, CISOs, and IT leadership to track progress and pass audits. A well-documented risk assessment shows maturity, builds trust with partners, and reduces audit fatigue by centralizing knowledge and responses.
Example: Remote SaaS Team
Let’s take a real-world scenario. Imagine a SaaS startup with a remote team using tools like Notion, Slack, GitHub, and Google Drive to collaborate and ship code fast.
This setup is flexible—but also introduces risk:
- Sensitive client or employee data may be stored in Notion or shared via GDrive.
- GitHub repositories might include credentials or misconfigured permissions.
- Slack can be a vector for phishing if not properly secured.
- Former employees may still have access to systems long after departure.
A cybersecurity risk assessment helps this team understand where their vulnerabilities are, how likely they are to be exploited, and what impact that could have.
From there, they could implement:
- Mandatory multi-factor authentication (MFA)
- Access audits every quarter
- Clear offboarding protocols and secure IT onboarding processes
- Better secrets management in Git workflows
In short: small steps that create big resilience. If your team allows remote access or personal devices, make sure you’re also evaluating BYOD security risks.
Tool Comparison Table
Choosing the right tool depends on your company’s size, security maturity, and available resources. Below is a simplified comparison of common approaches:
| Approach Type | What It Does | Examples | Best For | Estimated Cost |
|---|---|---|---|---|
| Manual | Uses spreadsheets or checklists to document risks and controls. Requires manual tracking and updates. | Google Sheets, Excel templates | Early-stage startups or teams with limited budgets | Low |
| Semi-automated | Offers guided workflows, templates, and integrations with cloud tools. Reduces manual effort while keeping human oversight. | Vanta, Drata | Startups scaling compliance or pursuing SOC 2, ISO 27001 | Medium |
| Fully automated | Provides advanced security orchestration, monitoring, and real-time risk scoring. Often used in complex environments. | Palo Alto Cortex, Arctic Wolf | Mid-to-large companies with hybrid/cloud infrastructure | High |
Not sure where to begin? Start small. Manual methods help define your priorities before jumping into automation.
Tip: Don’t start with the tool. Start with what you need to protect and where you stand. For broader context, check out our guide on cybersecurity best practices.
Conclusion
A cybersecurity risk assessment is one of the most valuable steps your company can take to protect its digital operations. It gives clarity, structure, and a starting point for making smarter, faster decisions around security.
It’s especially critical for SMBs. Data shows that exposed login panels, misconfigurations, and credential-based attacks are the top drivers of ransomware incidents.
At Interlaced, we specialize in helping startups and tech companies build security strategies that grow with them. If you’re ready to evaluate your risks—or not sure where to start—we’re here to help.
Let’s talk.
