Multiple ProductsRisk Evaluation Definition

Risk evaluation definition

Risk Evaluation Definition

Risk Evaluation Definition

Risk Evaluation Definition

Risk evaluation is defined by the Business Dictionary as: “Determination of risk management priorities through establishment of qualitative and/or quantitative relationships between benefits and associated risks.”

So how does that relate to managed service providers or IT administrators?

Anyone responsible for a company’s data, server, network or software must perform a risk evaluation. A risk evaluation can help determine if those assets are at risk for a cyber attack, virus, data loss through natural disaster or any other threat.

The benefit of a risk evaluation is simple — it provides IT professionals with knowledge of where and how their business and reputation are at risk.

Performing a Risk Evaluation

Risk Evaluation Definition

Performing a Risk Evaluation

A risk evaluation can be performed in five simple steps.

  1. Identify and prioritize assets. Consider all the different types of data, software applications, servers and other assets that are managed. Determine which of these is the most sensitive or would be the most damaging to the company if compromised.
     
  2. Locate assets. Find and list the source of those assets. Be it desktop office computers, mobile devices, internal servers or anything else, you’ll want to trace each asset back to its source.
     
  3. Classify assets. Categorize each asset as either public information, sensitive internal information, non-sensitive internal information, compartmentalized internal information and regulated information.
     
  4. Perform a threat modeling exercise. Identify and rate all the threats faced by your top-rated assets. Microsoft’s STRIDE method is a popular one.
     
  5. Finalize data and make a plan. Once you have your evaluation, it’s time to start tackling those risks, beginning with the most critical.

Additional Measures

Risk Evaluation Definition

Additional Measures

A risk evaluation is just one way IT professionals can be proactive. Another way is to use SolarWinds MSP backup and remote management software. With risk-combating features like task status alerts, hybrid cloud backups and continuous recovery, SolarWinds MSP eliminates risks before they arise.

Sign up for a free trial today and minimize risk while maximizing IT performance and customer satisfaction.

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