AssessITS: Integrating procedural guidelines and practical evaluation metrics for organizational IT and Cybersecurity risk assessment

Abstract: In today's digitally driven landscape, robust Information Technology (IT) risk assessment practices are essential for safeguarding systems, digital communication, and data. This paper introduces 'AssessITS', an actionable method designed to provide organizations with comprehensive guidelines for conducting IT and cybersecurity risk assessments. Drawing extensively from NIST 800-30 Rev 1, COBIT 5, and ISO 31000, 'AssessITS' bridges the gap between high-level theoretical standards and practical implementation challenges. The paper outlines a step-by-step methodology that organizations can simply adopt to systematically identify, analyze, and mitigate IT risks. By simplifying complex principles into actionable procedures, this framework equips practitioners with the tools needed to perform risk assessments independently, without too much reliance on external vendors. The guidelines are developed to be straightforward, integrating practical evaluation metrics that allow for the precise quantification of asset values, threat levels, vulnerabilities, and impacts on confidentiality, integrity, and availability. This approach ensures that the risk assessment process is not only comprehensive but also accessible, enabling decision-makers to implement effective risk mitigation strategies customized to their unique operational contexts. 'AssessITS' aims to enable organizations to enhance their IT security strength through practical, actionable guidance based on internationally recognized standards.