The frequency of conducting threat risk assessments (also known as a threat, risk and vulnerability assessment (TRVA)) for your company depends on several factors, including the nature of your business, industry regulations, and the evolving threat landscape. While there is no one-size-fits-all answer, here are some general considerations to help you determine the frequency of conducting threat risk assessments:
Conducting a detailed threat risk assessment every 3 to 5 years with reviews annually or biannually is a common practice for many organizations. This timeframe allows you to assess potential threats and vulnerabilities regularly and make necessary adjustments to your security measures.
Changes in Operations:
If your company undergoes significant changes in its operations, such as expanding into new markets, introducing new technologies, or implementing major process changes, it is essential to conduct a threat risk assessment to identify any new risks or vulnerabilities.
Some industries or jurisdictions may have specific regulations or compliance standards that dictate the frequency of threat risk assessments. Make sure to stay informed about any legal obligations that apply to your company.
If there are significant changes in the threat landscape or new types of physical or cyber threats emerging, it is important to conduct a threat risk assessment to evaluate their potential impact on your organization’s security posture.
If your company experiences a security breach or a significant security incident, it is advisable to conduct an immediate assessment to identify the root cause, mitigate any existing vulnerabilities, and prevent similar incidents in the future. Additionally, you should consider conducting a follow-up assessment after resolving the issue to ensure comprehensive security improvements.
If your company relies on third-party vendors, partners, or service providers, it is crucial to assess their security posture regularly. Conducting threat risk assessments on these entities can help identify any potential risks or vulnerabilities that could impact your organization.
Remember that threat risk assessments should be part of an ongoing security management process. While the frequency may vary, it’s important to maintain a proactive and vigilant approach to assess and mitigate risks to protect your company’s assets, data, and operations.
Contact us to discuss if a TRA is right for you and to scope a project