Security decisions made without a risk assessment are guesses. You might fix the wrong things, spend budget on controls that don't reduce your actual exposure, or miss risks that seem low-profile until they aren't. A proper risk assessment gives you a ranked, evidence-based picture of where the real problems are.

It's also a formal requirement. ISO 27001 requires a documented risk assessment before certification. SOC 2 auditors look for evidence of systematic risk identification. PCI DSS requires risk assessments annually and after significant changes. Most organizations need this work done regardless — a risk assessment provides it in a form that satisfies both operational and compliance needs simultaneously.

Methodologies we use

ISO/IEC 27005

The international standard for information security risk management, designed to support ISO 27001 requirements. Defines a structured process for risk identification, analysis, evaluation, and treatment. We follow ISO 27005 for organizations pursuing or maintaining ISO 27001 certification, as it produces risk documentation in exactly the format auditors expect.

NIST Risk Management Framework (SP 800-37)

A six-step framework covering categorize, select, implement, assess, authorize, and monitor. Widely used in government and regulated industries. NIST RMF provides a repeatable, lifecycle-oriented approach to risk that works well for organizations managing multiple systems with different risk profiles.

FAIR (Factor Analysis of Information Risk)

A quantitative risk model that translates cyber risk into financial terms — probability of loss and expected loss magnitude. FAIR is particularly useful when leadership wants to understand risk in dollar terms and make investment decisions based on risk-adjusted return. We use FAIR for organizations that want to go beyond qualitative risk ratings (High/Medium/Low) and quantify what risks are actually worth treating.

How the assessment works

1

Asset inventory and classification

Identify and classify the information assets your business depends on: data (guest PII, payment data, financial records), systems (PMS, POS, core banking, cloud infrastructure), processes (reservations, payment processing, reporting), and people. Risk lives in assets — you can't assess risk without knowing what you're protecting.

2

Threat identification

Map threat actors and threat events relevant to your organization and industry. For the Maldives context this includes ransomware targeting hospitality operations, payment card fraud, nation-state interest in government systems, and insider threats in distributed resort environments.

3

Vulnerability analysis

Identify weaknesses in controls that threat actors could exploit. This draws on penetration test findings, configuration reviews, policy gaps, and architectural weaknesses. Vulnerabilities without relevant threats are low priority; threats without relevant vulnerabilities are not actionable.

4

Likelihood and impact analysis

For each risk: assess the likelihood of exploitation given existing controls, and the business impact if it materialized — financial, operational, reputational, and regulatory. This produces a risk score that enables comparison and prioritization across very different types of risk.

5

Risk treatment decisions

For each risk above the acceptance threshold: choose a treatment — mitigate (implement controls), transfer (insurance, contracts), accept (document formally), or avoid (change the business process). We document the rationale for each treatment decision and build the treatment plan.

6

Residual risk and review

After treatment, calculate residual risk — the exposure that remains after controls are applied. Risks above the residual threshold are escalated for management acceptance. The risk register is reviewed at least annually and after significant changes.

What you receive

Risk register

Complete asset-based risk register with threat scenarios, vulnerability analysis, likelihood/impact scores, risk ratings, risk owners, and treatment decisions.

Risk heat map

Visual risk landscape showing distribution of risks by severity. Useful for board reporting and communicating overall risk posture to leadership.

Treatment plan

Prioritized roadmap for risk treatment, with specific control recommendations, effort estimates, and implementation timeline.

Asset inventory

Structured inventory of information assets with classification, ownership, and criticality ratings. A prerequisite for both risk management and ISO 27001 compliance.

Management summary

Executive-ready summary translating risk findings into business terms — what the top risks are, what they'd cost if they materialized, and what it would take to address them.

Compliance mapping

Risk register formatted for ISO 27001, SOC 2, and PCI DSS compliance requirements. Produced in auditor-ready format from the start.

Who this is for

→ Organizations pursuing ISO 27001 certification who need a formal risk assessment as a prerequisite
→ Businesses making significant technology changes — cloud migration, new systems, mergers — that change their risk profile
→ Leadership teams that want a defensible answer to the question "what are our top security risks?"
→ Organizations preparing for PCI DSS or SOC 2 audits that require evidence of systematic risk identification
→ Boards that want to understand and formally accept security risks, rather than have them sit undocumented

Know your actual risks before making security decisions

Start with a free consultation. We'll discuss your environment, compliance requirements, and what a risk assessment would involve for your organization.

Schedule Free Consultation

Risk Assessment