Cyber Security Risk Assessment

A Cyber Security Risk Assessment shows you where your business is vulnerable, how likely an incident is, and what it would cost you if it happened. For small business owners, this is often the first clear, unbiased picture of their real cyber risk.

Studies show that small and mid-sized businesses are now a primary target for attackers. Recent reports estimate that around 40–46% of small businesses experience a cyber attack, with typical losses around $120,000 per breach, and a significant portion closing within six months of a serious incident. (DeepStrike)

Many of these businesses had an IT provider in place and still believed they were “too small to be a target” or “already secure”.

A structured Cyber Security Risk Assessment cuts through that false confidence.

What is a Cyber Security Risk Assessment?

A Cyber Security Risk Assessment is a structured review of:

What you need to protect (systems, data, people, processes)
The threats that are most likely to hit your business
The weaknesses that would let those threats succeed
The business impact if those weaknesses are exploited

It typically covers:

Network, server, and workstation security
Email and identity security
Remote access and VPN
Cloud applications and file sharing
Backup and disaster recovery
Policies, passwords, and user behaviour

The goal is not just a technical report. The goal is a business-level roadmap that prioritizes which risks to fix first based on likelihood and impact.

Why small businesses need a Cyber Security Risk Assessment

Attackers now see small businesses as “high value, low defense” targets. Recent data shows:

Roughly 41–46% of small businesses report a cyber attack, with median losses that can easily wipe out a year of profit. (DeepStrike)
The average cost of a small business breach is estimated between $120,000 and over $1 million, depending on the scope of the incident. (PurpleSec)
Most security incidents involve the human element. Some studies estimate that 74–95% of breaches involve human error or social engineering, especially phishing. (hoxhunt.com)

For a small business, that means:

A single ransomware event can halt operations
A compromised mailbox can lead to fraudulent wire transfers
Lost client data can damage your reputation for years and trigger legal or regulatory fallout (Meriplex)

A Cyber Security Risk Assessment gives you a specific, prioritized list of issues to fix before an attacker finds them.

Why trusting “the IT guy has it handled” is a false assumption

Many owners assume their IT person or general IT provider is “taking care of security.” Surveys show that many small businesses that outsource IT security believe they are better protected than they really are, even though a majority still report incidents. (Cyber.gov.au)

There are structural reasons for this:

1. Traditional IT is focused on uptime, not full security

Typical “IT guy” priorities:

Keep the internet working
Fix broken PCs and printers
Install software and manage accounts

What often gets less attention:

Formal risk analysis
Threat modeling based on your industry
Security control testing and validation
Regular security review of cloud apps, vendors, and integrations

2. Security requires specialization and constant updating

Security today involves:

Ransomware trends and detection
Business email compromise and phishing defenses
Endpoint protection tuning
Logging, monitoring, and alert triage
Incident response planning

For one person juggling day-to-day help desk tickets, building and maintaining a complete security program is extremely difficult.

3. No second set of eyes

Without an independent Cyber Security Risk Assessment:

Misconfigurations can sit unnoticed for years
Backups may be failing silently or not tested
Remote access may be open wider than it should be
Old user accounts and weak passwords can accumulate

The assessment provides a neutral review of the environment, not just a confirmation that “things are fine.”

What a professional Cyber Security Risk Assessment includes

While every provider has a different methodology, a strong small business assessment will usually follow steps similar to these:

1. Business and data discovery

Identify critical business processes
Map which systems and applications support those processes
Identify sensitive data (customer data, financial data, IP, PII) and where it lives

2. Asset and access inventory

Workstations, servers, firewalls, switches, Wi-Fi
Cloud services (Microsoft 365, Google Workspace, line-of-business apps)
User accounts, roles, and remote access paths

3. Threat and vulnerability analysis

Look for known vulnerabilities and missing security updates
Review firewall and VPN configurations
Review email security configuration and authentication (SPF, DKIM, DMARC where applicable)
Assess endpoint protection tools and policies

4. People and process review

Password and MFA practices
Onboarding and offboarding processes
Security awareness and phishing training
Incident response and backup procedures

5. Risk scoring and prioritization

Each issue is evaluated based on:

Likelihood of being exploited
Business impact if it happens
Ease and cost of remediation

This gives you a ranked list of actions rather than a generic checklist.

6. Remediation roadmap

A practical roadmap should:

Separate “fix immediately” items from “next 90 days” and “longer term” items
Provide options at different price points where possible
Tie technical recommendations back to business risk and regulatory or client requirements

How a Cyber Security Risk Assessment helps your business

Key outcomes for small business owners:

1. Clear, prioritized action plan

Instead of scattered tips, you get:

A list of your top risks in plain language
Specific steps that will reduce your risk the most
A sequence and timeline that fits your budget and staffing

2. Better protection from common attacks

An assessment typically leads to improvements in:

Patch and update management
Email and phishing defenses
Endpoint protection and logging
Backups and recovery testing

These are the exact areas most often exploited in small business incidents. (CrowdStrike)

3. Reduced downtime and financial exposure

With focused remediation after the assessment:

You lower the probability of a serious incident
You reduce the blast radius if something does slip through
You shorten the time to detect and respond

Given that small business breaches often cost from $120,000 into the high six figures, even modest risk reduction has a strong return. (PurpleSec)

4. Better alignment with clients, insurers, and regulators

A documented Cyber Security Risk Assessment helps you:

Answer security questionnaires from larger clients
Show insurers that you understand and are managing cyber risk
Demonstrate due diligence if an incident ever has legal or regulatory implications (CrowdStrike)

Signs you need a Cyber Security Risk Assessment now

You should seriously consider scheduling an assessment if:

You have grown in size or added remote workers since your last review
You have never done a formal security assessment
You store or process sensitive customer, financial, or health information
You rely heavily on cloud services but have not reviewed their security configuration
Your “plan” is simply to restore from backups without having tested recovery
You are about to apply for cyber insurance or sign a contract with security requirements
Your current IT support rarely talks to you in terms of risk, probability, and impact

Turning risk into a manageable plan

“Hope” is not a cyber security strategy. Relying on the assumption that your traditional IT person has “security covered” is increasingly at odds with the data, which shows high attack rates, rising costs, and significant human error in most breaches. (Astra Security)

A Cyber Security Risk Assessment gives you:

Visibility into your real exposure
A prioritized roadmap for improvements
A way to measure progress over time

For small business owners who want to protect revenue, reputation, and customer trust, investing in a professional Cyber Security Risk Assessment is one of the highest impact steps you can take in your overall cyber security strategy.