Why Do Laws and Regulations Require Risk Assessments for Achieving Compliance?
Risk Assessments are required by a growing number of laws, regulations, and standards including the HIPAA Security Rule, PCI DSS, Massachusetts 201 CMR 17.00, SOX Audit Standard 5, and FISMA. But why are all of these pointing organizations towards Risk Assessments and Risk Management?
Risk Assessments create a unified set of security and compliance priorities. By evaluating risk to your critical assets based on impact to the business should those risks be realized, Risk Assessments ensure that Executive Management, functional departments, IT Operations, Legal, and Audit are all in agreement about security and compliance priorities.
HALOCK guides our clients through Risk Assessments so that they can identify, in a clear, repeatable manner, what parts of their organization they must prioritize to address both compliance and security. HALOCK risk assessment methodology conforms to ISO 27005 and NIST 800-30 to ensure that all requirements for risk assessments are fully met and achieve the following benefits:
- Information security investments will be measurably “reasonable and appropriate” as regulations and statutes require.
- Information, systems, processes, people, and facilities that can create risk will all be identified and assessed.
- Risks will be prioritized, in part, by the impact that a threat has on the organization and its responsibilities.
- Information risks will be considered in terms of the business mission as well as the organization’s responsibilities to its customers—providing a unified view of risk that in line with HALOCK’s Purpose Driven Security® approach.
In addition to the Risk Assessment, HALOCK offers a full suite of Risk Treatment and Risk Management programs to help you achieve and maintain compliance.
Contact HALOCK today to discuss how HALOCK’s Risk Assessment can assist you with your compliance efforts.