How Often Should Your Business Complete a Data Risk Assessment?

No business is safe from the risk of a data breach. A breach involves the theft, unauthorized access, or destruction of data containing personally identifying information or other confidential information. It is imperative that every business be vigilant about identifying data risks and finding ways to effectively shut those risks down.

Many business owners understand how important this is but may not know how to approach the process of data risk assessment.

What Is a Data Risk Assessment?

A data risk assessment is a process of identifying where your company’s data could potentially be accessed without authorization, prioritizing those risks, and determining the best possible solution. Any good data risk assessment will include an evaluation of all data entry and exit points and a strategy to eliminate or reduce risk.

How Often Should You Perform a Data Risk Assessment?

Your business should plan to have a formal data risk assessment conducted at least twice each year. Ideally, this will be done with the guidance of a professional who specializes in data security.

In some cases, you may want to work with a specialist who understands the risks, regulations, and best practices for your industry. For example, you will have additional considerations if you collect, store, or transmit healthcare data.

When Should You Perform Additional Risk Assessments?

There may be times when you should conduct risk assessments much more frequently. Here are some questions to consider:

• Have you had a recent data breach or attempted breach?
• Are you using new systems or apps?
• Have there been any regulatory changes that impact your company?
• Is your business processing or storing more sensitive information than before?

If you answer yes to any of these questions, it’s probably time for a data risk audit right now.

Also, keep in mind that the twice-yearly recommendation is a rule of thumb. You may decide that you need more assessments due to the nature of your business. Also, you should have technology and policies in place that work to identify and eliminate data risk.

SEAM: Your Partner for The Other Side of Data Risk

If you conduct a data risk audit at your business, the subject of data destruction or disposal is sure to come up. When your company has data it no longer needs or data storage devices that must be disposed of, you must have the right processes in place.

Improperly-disposed-of data is an absolute risk factor when it comes to information security. This is where SEAM can help businesses in North Dakota and South Dakota. We offer shredding, hardware destruction, and other services to ensure that all data is disposed of properly. Contact us, and we can discuss your options