The 4 steps of a successful security risk assessment model
Identification. Determine all critical assets of the technology infrastructure. Next, diagnose sensitive data that is created, stored, or transmitted by these assets. Create a risk profile for each.
Assessment. Administer an approach to assess the identified security risks for critical assets. After careful evaluation and assessment, determine how to effectively and efficiently allocate time and resources towards risk mitigation. The assessment approach or methodology must analyze the correlation between assets, threats, vulnerabilities, and mitigating controls.
Mitigation. Define a mitigation approach and enforce security controls for each risk.
Prevention. Implement tools and processes to minimize threats and vulnerabilities from occurring in your firm's resources.