First Steps to Identifying Your Cyber Risk

Understanding Cyber Risk

Cyber risk refers to the potential harm from cyber threats, including data breaches, system intrusions, and online fraud. Whether you are a business owner, an investigator, or an individual looking to protect personal data, identifying cyber risks is the first step towards safeguarding your digital assets.

Step 1: Identify What Needs Protection

Before assessing cyber threats, you must determine what digital assets are valuable and vulnerable. These may include:

Personal and sensitive data (e.g., financial records, identity information)
Business-critical systems and networks
Intellectual property and confidential documents
Customer and employee information

List these assets and consider the potential impact if they were compromised.

Step 2: Assess the Threat Landscape

Understanding potential threats is crucial in cyber risk identification. Common cyber threats include:

Phishing Attacks – Fraudulent emails or messages designed to steal sensitive information
Malware and Ransomware – Malicious software that can disrupt or encrypt your data
Insider Threats – Employees or partners misusing access to cause harm
Weak Passwords and Credential Theft – Poor password hygiene leading to unauthorised access
Unpatched Software Vulnerabilities – Exploiting outdated software to gain system access

Research recent cyber threats in your industry or personal sphere to stay informed.

Step 3: Evaluate Existing Security Measures

Once you’ve identified your digital assets and potential threats, assess your current security posture:

Are your systems and software updated regularly?
Do you have strong password policies and multi-factor authentication?
Are staff or family members aware of cyber hygiene best practices?
Do you have secure backups of critical data?

This evaluation will help you pinpoint weak spots in your cyber defences.

Step 4: Identify Vulnerabilities

A vulnerability assessment can highlight security gaps in your systems. Consider:

Conducting internal security audits
Using free online security tools like:
- Have I Been Pwned (to check for leaked credentials)
- SSL Labs (to test website security)
- Shodan (to identify exposed devices)
Running simulated phishing tests to check staff awareness

Identifying vulnerabilities early can help prevent costly breaches.

Step 5: Prioritise Risks Based on Impact and Likelihood

Not all cyber risks are equal. Use a simple risk matrix:

High Impact, High Likelihood – Immediate action needed (e.g., unpatched critical software, weak passwords)
High Impact, Low Likelihood – Monitor and implement safeguards (e.g., insider threats, targeted attacks)
Low Impact, High Likelihood – Address through automation (e.g., spam filtering, bot traffic)
Low Impact, Low Likelihood – Lower priority but still important for long-term security

Step 6: Develop a Mitigation Plan

Based on your prioritisation, create an action plan:

Update and patch systems regularly
Implement strong access controls and authentication measures
Train employees or family members on cyber awareness
Back up critical data securely
Monitor for suspicious activity

Step 7: Establish Continuous Monitoring and Response

Cyber threats evolve rapidly, so ongoing vigilance is key. Set up:

Alerts for suspicious login attempts
Regular security assessments and audits
Incident response plans in case of a breach

Cyber risk identification is not a one-time process—it requires continuous monitoring and adaptation.

Conclusion

Identifying your cyber risk is the first step in securing your digital assets. You can create a resilient security strategy by understanding what needs protection, assessing threats, and strengthening vulnerabilities. Regular reviews and proactive measures will help mitigate risks and protect against emerging cyber threats.

Stay vigilant, stay informed, and stay secure!