A Scalable and Adaptable Asset-Based Cyber Risk Assessment Tool for All Types of Organisations

In today’s complex cybersecurity landscape, effective risk management is cru-cial. This involves fulfilling cyber security controls according to establishedstandards like ISO/IEC 27001, ISO/IEC 27005, the Center for Internet Security’sCIS v8.1, etc. Many organisations, particularly smaller ones, lack dedicatedcyber risk teams. Therefore, streamlined and automated processes are essen-tial. By implementing a robust Cyber Risk Management Policy, companies cangain a comprehensive understanding of their vulnerabilities. This requires atool that can efficiently assess risks and identify necessary security controls.The authors of this paper have developed an asset-based tool that preciselyevaluates risks based on the status of existing security measures for all typesof institutions – from the smallest to large ones.The proposed tool offers a fast and efficient approach to cyber risk as-sessment, enabling organisations to proactively mitigate threats and protecttheir valuable assets. It was developed as a web application that generatesprecise risk levels according to the answers provided on the status of the im-plemented cyber security controls. In addition, the tool also gives instructionsand suggests safeguards to be implemented.