Security Risk Assessment & Audit (SRAA)

SARR is an assessment and audit for cybersecurity assurance. SRAA is mandatory for HK Government departments and Government Funded Organizations (NGO/NPO) to adhere to these requirements.

What is Security Risk Assessment (SRA) & Security Audit (SA) ?

Our SRA process is to identify, analyze and evaluate the security risks, with a report of findings about risks, to support the client’s decisions on the establishment of a security program and taking mitigation measures to reduce the risks to an acceptable level.

It involves a systematic approach to understanding potential vulnerabilities and threats to an organization's IT infrastructure. Our assessment team of experienced professionals conducts thorough assessments to identify weaknesses so our customers can enhance their security posture and controls.

Security Audit (SA):

Our SA process is an audit on the level of compliance with the client’s established security policy and standards, with a report of findings of compliance or non-compliance, to determine the overall state of the existing protection and to verify whether the existing protection has been performed properly.

SA plays a crucial role in ensuring compliance with IT security policies, standards, and requirements. It involves reviewing security measures and configurations. Our assessment team performs a comprehensive analysis of your organization's security controls, policies, and procedures to identify any gaps or areas which need improvement.

SRAA is intended to be carried out at planned intervals and after significant changes.

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Who is SRAA suitable for?

SRAA is suitable for a wide range of organizations, including:

Government Departments: SRAA services are mandatory for HKSARG (Hong Kong Special Administrative Region Government) departments to comply with the security requirements set by the Office of the Government Chief Information Officer (OGCIO).
Government Funded Organizations (NGO/NPO): NGOs and NPOs that receive funding from the government are also required to adhere to the SRAA requirements.
Private Sector Organizations: Private companies and organizations that prioritize data security and want to assess and mitigate security risks within their IT infrastructure.
Healthcare Organizations: Hospitals, clinics, and other healthcare providers need to safeguard patient information and comply with data protection regulations.
Technology Companies: Organizations involved in software development, IT services, and technology-driven industries.
Any Organization Concerned with Data Security: In today's digital landscape, data security is a concern for organizations across various industries. SRAA services provide a proactive approach to identify security risks, strengthen controls, and safeguard sensitive data.

What are the benefits of SRAA?

Enhanced Security: SRAA helps organizations identify vulnerabilities, weaknesses, and potential threats in their IT infrastructure. By offering management a comprehensive and methodical overview of the prevailing IT security risks, organizations can implement security measures in the future to strengthen their overall security posture.
Regulatory Compliance: SRAA ensures that organizations meet the necessary regulatory requirements and standards. This is particularly important for government departments, government-funded organizations, and industries with strict compliance regulations such as finance and healthcare.
Risk Mitigation: By identifying and evaluating potential security risks, SRAA enables organizations to prioritize and address high-risk areas. This proactive approach helps mitigate the likelihood and impact of security incidents, minimizing potential financial losses, reputational damage, and legal consequences.
Protection of Sensitive Information: SRAA identifies vulnerabilities that could lead to unauthorized access, data breaches, or data leaks. This helps organizations to make decisions about protect sensitive information, including customer data, intellectual property, financial records, and personal information.
Third-Party Validation: SRAA is typically conducted by independent third-party assessors or auditors, providing unbiased and objective assessments. This validation adds credibility to an organization's security measures and can enhance trust among stakeholders, clients, and partners.
Proactive Approach: SRAA takes a proactive approach to security by identifying potential risks before they are exploited. This allows organizations to take preventive measures, strengthen security controls, and stay ahead of emerging threats.

How does SRAA works?

Security Risk Assessment and Audit (SRAA):

Planning plays a crucial role in identifying and choosing the most effective and efficient approaches for conducting the audit or assessment.

The following key elements should be defined before audit/ assessment:

Project scopes and objectives
Background information
Constraints
Roles and responsibilities of stakeholders
Approach and methodology
Project size and schedule
Data and tools protection considerations.

Security Risk Assessment and Audit (SRA&A):

The goal is to gain an understanding of the existing system and environment. The following types of information are often gathered:

Security requirements and objectives
System or network architecture and infrastructure, including network diagrams illustrating asset configuration and interconnections
Publicly available information and web page content
Physical assets such as hardware equipment
Systems like operating systems and network management systems
Content such as databases and files
Application and server information
Networking details such as supported protocols and offered network services
Access control measures
Processes such as business, computer, network, and application operation processes
Identification and authentication mechanisms
Applicable statutory, regulatory, and contractual requirements for minimum security controls
Documented or informal policies and guidelines

Risk Analysis (SRA):

It is crucial for determining the value of assets and assessing associated risks. It is essential to perform risk analysis on various aspects, including but not limited to:

Human resource security
Asset management
Access control
Cryptography
Physical and environmental security
Operations security
Communications security
System acquisition, development, and maintenance
Outsourcing security
IT security aspects of business continuity management

In general, the risk analysis process can be divided into several sub-processes, which include:

Asset identification and valuation
Threat analysis
Vulnerability analysis
Asset/threat/vulnerability mapping
Impact and likelihood assessment
Analysis of risk results
Improvement actions by organizations

Improvement by the Organization

Typically, the organization will take actions to address the risks identified from SRA, before performing a following security audit. Nevertheless, a security audit may be performed without a SRA, depending on the organization's needs.

Security Audit (SA):

Following meticulous planning and data collection, security auditors can carry out the following activities:

Conduct a comprehensive review of the existing security policies or standards within the defined audit scope.
Perform a thorough examination of security configurations.
Conduct technical investigations using various automated tools for diagnostic reviews and/or penetration tests.

The scope of the audit will determine which systems or networks are involved in the security audit.

Our SRA or SA service may not exactly follow the steps or items in the guidelines of other parties or authorities.

Security Risk Assessment and Audit (SRAA):

After completing the audit / assessment, a security audit report / assessment report will be delivered, addressing the above topics.

How much does SRAA cost?

As every company has distinct prerequisites and specific requirements for SRAA, the costs for the analysis and reports relating to SRA and SA cannot be provided as a fixed amount. Please get in touch with us, and we will be pleased to offer you a personalized solution.

What you can expect from us?

More than 35 years of experience in the certification of management systems and processes, including information security and privacy information security segments.
Industry-experienced assessors from the worldwide DQS network.

Depending on the scope of a particular project, the assessment team will be assigned experts of different professional IT security qualifications, such as CISA, CISSP, CEH, CPENT, GPEN, CRT, OSCP, OSEP, ISO 27001 Auditor, or equivalent.

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Security Risk Assessment & Audit (SRAA)