While a Security Risk Assessment (SRA) may expose organizational vulnerabilities, this process represents an essential first step toward identifying and mitigating risks. Regulatory compliance nearly always mandates conducting an SRA to maintain standing.
Five Key Reasons to Conduct Annual SRAs
1. Policy Review and Update
Organizations need comprehensive IT Security Policies that are straightforward and consistently enforced. Companies should implement a foundational policy framework that employees can easily follow. Revisiting policies at six-month intervals helps address gaps and reflect evolving security needs.
2. Security Risk Assessment
How can you secure and protect your organization if you do not know what current risks exist? Conducting annual assessments helps identify and remediate risks before SOC audits, serving as a baseline measurement of organizational security posture.
3. Penetration Testing
Penetration tests expose vulnerabilities and weaknesses within security models. Results identify issues requiring remediation to achieve SOC compliance. Annual penetration testing should be defined within organizational policies.
4. Vendor Management Process/Policy Review
Vendors represent potential security risks, making regular vetting essential for audit preparation. Organizations must thoroughly evaluate vendors and document vendor management procedures.
5. Disaster Recovery Plan Review and Testing
SOC audits require documented, regularly-tested Disaster Recovery Plans. Organizations should conduct:
- Tabletop exercises
- Walkthroughs
- Simulated testing
These activities ensure recovery procedures meet stated objectives and prepare the organization for real-world incidents.
Take Action
Do not wait for an audit to discover gaps in your security posture. Annual Security Risk Assessments provide the visibility needed to proactively address vulnerabilities and maintain compliance.