Cybersecurity Risk Assessment

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What does a Cybersecurity Risk Assessment cost?

One of the most frequently asked questions from small businesses to large global enterprises is what does a Cybersecurity Risk Assessment cost? The average cost of a Cybersecurity Risk Assessment is impacted by the scope, size, and complexity of the IT environment, size of the organization, type of industry, number of geographic locations and data centers, and complexity of internal processes. In evaluating the cost for a cybersecurity risk assessment, many industry analysts point to the TCO (total cost of ownership).

The TCO for a cybersecurity risk assessment includes the methodology and approach used, the experience of the assessors, and the quality of the end product. The starting cost for a typical cybersecurity risk assessment for a business with 50 employees is $10,000. Managing the cost of a cybersecurity risk assessment is of course very important – but a cybersecurity risk assessment must follow a sound approach, with experienced assessors to provide value to the organization.

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What is a Cybersecurity Risk Assessment?

One of the best ways to keep security at the forefront of your organization is by conducting a cybersecurity risk assessment. A risk assessment is a questionnaire administered by an outside cybersecurity expert designed to take a snapshot of a company’s security systems, processes, controls, and protocols.

After the examination, a report is generated spelling out any areas that require improvement, along with specific steps that the organization can take to enhance its cybersecurity posture. In most cases, cybersecurity risk assessments should be conducted once or twice each year as well as after any major system changes have been implemented.

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