How to perform Application Security Risk Assessment?

How-to-perform-Application-Security-Risk-Assessment

How to perform Application Security Risk Assessment?

The applications you develop and use for your business generate, store,and process some of your most important digital assets.Any security breach in an application can put your entire organization at risk. New application security vendors appear almost each day making it increasingly crucial to ensure that your organization is protected from application-related risks.

Here are some tips on how to perform an application security risk assessment for your organization.

Inventory the applications you use

Your organization must be using at least a few, if not several, apps for its daily operations.These may be developed in-house by your organization or purchased from a third-party vendor.To be able to perform an application security risk assessment, you must first inventory all the software packages and applications (apps)used by your workforce.This is the most important step in risk assessment and must be conducted thoroughly.

Identify the risks

Sensitive information may get leaked or stolen through compromised applications. Therefore, it is important that you carefully look at your inventory of apps and determine which are the most vulnerable to compromise. To effectively perform this step, you must investigate the app security measures that are already in place in your organization. Some apps may not be used for processing high-risk data: these should be identified as low-risk apps. Others, which may be used for processing or sharing critical data must be labeled as high-risk apps.

Look at previous incidents of exposure

It is likely that a minor,or perhaps even a major,application security intrusion has taken place at your organization previously. Such events could include exposure of sensitive data, unauthorized access to your organization’s data, insecure deserialization,or security misconfiguration. However, as the saying goes, what doesn’t kill you makes you stronger.Use such incidents to gain insight into your current application security measures. It will help you better identify the vulnerabilities of your inventoried apps.

Check for compliance

An important part of application security risk assessment is to check if your inventoried apps are compliant with cybersecurity regulations.You must verify that the apps developed or used by your organization follow the cybersecurity regulations specific to your business.For example, if your app is required to follow HIPAA regulations, it must be flagged as such. If your app is being used for foreign exchange or remittance, national and international laws must be followed. Create a list of compliant and non-compliant apps in your organization.

Propose a security plan

Application security risk assessment is not limited to just looking at which apps are vulnerable and what data may be at risk. You must also develop a plan to secure the apps that your organization develops and uses. Can you revisit your current apps and modify the source code to enhance security? Do you need a third-party security service? Consider these questions when proposing a robust application security plan for your business.

Conclusion

Applications have become indispensable tools to conduct business in today’s digital world. Follow our tips and perform a thorough assessment of application security risks faced by your business.

 

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