How to carry out a risk and vulnerability analysis?

A risk and vulnerability analysis consists of defining, identifying, classifying and prioritizing application weaknesses to provide an assessment of foreseeable threats and react appropriately. This can bring direct benefits to your company such as complying with internal security protocols, as well as compliance with legal security frameworks such as the raised by the United Nations Organization.

We know that Mexico and Latin America is a region with a large number of cyberattacks, so it is necessary to take prevention and compliance with a good risk management protocol into account. For example, Mexico ranked first with 85 billion cyberattack attempts in the first half of 2022, which represents an increase of 40% in annual figures. It is followed by Brazil with 31.5 billion cyberattacks during the same period of time and Colombia in third place with 6.3 billion.

To ensure that the implementation of a Compliance Program is effective and efficient, a Risk Management methodology must be applied, which allows the identification, prioritization, evaluation, measurement and monitoring of risks and subsequently develop action plans. Said methodology is applicable to any public or private organization, including those of a business nature and Codster can help you implement it. 

A risk and vulnerability analysis can avoid many problems, both inside and outside your company.

What is a risk and vulnerability analysis and how is it applied?

A risk and vulnerability analysis is a method to define, identify, classify and prioritize the weaknesses of an application, service, organization, etc. Performing a risk and vulnerability scan can help protect your organization, system, or process from potential threats. By following these steps, you can identify the most critical risks and develop an effective risk mitigation plan to protect your critical assets:

  1. Identify critical assets: First, identify the critical assets that need to be protected. This could include confidential information, technology systems, buildings, and other physical resources.
  2. Identify potential threats: Next, in your risk and vulnerability analysis, identify potential threats to critical assets. This could include physical threats such as fire or flood, cyber threats such as hacker attacks, and internal threats such as employee theft.
  3. Assess the vulnerability of each critical asset to each identified threat. How vulnerable is each asset to each threat?
  4. Assess the potential impact: Evaluate the potential impact of each threat on each critical asset. How bad would the damage be if a vulnerability were exploited?
  5. Calculate the risk: Calculate the risk for each threat and critical asset. Risk is calculated by multiplying the probability of a threat occurring by the potential impact of that threat.
  6. Prioritize risks: Prioritize the identified risks by their risk level. The most critical risks must be addressed first.
  7. Develop a risk mitigation plan: Develop a risk mitigation plan to address the most critical risks. This could include implementing physical or cyber security measures, creating policies and procedures, and training staff.
  8. Monitor and update: Monitor the risk mitigation plan and update it regularly to ensure it stays current and effective.

Cybersecurity measures in web applications are important to protect sensitive data, prevent cyber attacks, maintain application integrity, and comply with regulatory regulations.

analysis of risks and vulnerabilities in companies
A risk and vulnerability analysis is useful to comply with local and international legal regulations.

Cybersecurity regulations

There are several cybersecurity regulations for web applications which are important, depending on the country and the industry. Some of the most relevant regulations are:

  • General Data Protection Regulation (GDPR): It is a regulation of the European Union that establishes the rules for the protection of personal data and the privacy of European citizens. It applies to all companies that collect and process personal data of European citizens.
  • California Privacy Act (CCPA): It is a United States state law that gives California residents the right to know what personal data is collected, who has access to it, and the ability to request its deletion.
  • Personal Data Protection Law (LGPD): It is a Brazilian law that establishes rules for the protection of personal data and the privacy of Brazilian citizens. Applies to all companies that collect and process personal data of Brazilian citizens.
  • ISO 27001: It is an international standard that establishes the best practices for information security management. This standard applies to any type of organization, regardless of its size, industry or geographic location.
  • PCIDSS: It is an information security standard for the credit card payment industry. It applies to all companies that process, transmit or store credit card information.

These are just some of the most important cybersecurity regulations, but there are many others depending on the country and industry. It is important to note that non-compliance with these regulations can result in significant penalties and fines., as well as the loss of trust and reputation of the company. Therefore, it is necessary to know them and fully comply with them. 

If you still don't know how to implement this type of strategy in your applications, Codster can help you implement it. Request a consultancy and we will be happy to support you.

Eri Gutierrez

Register and boost your company with us