Cybersecurity assessment: How to keep your business safe

Cybersecurity assessment: How to keep your business safe

How secure is your business? The huge costs of recovering from a cyberattack saw 60% of SMEs shut down within six months.

A cybersecurity assessment shows you what’s working and, crucially, what isn’t. From outdated software and weak passwords to risky team behaviour to gaps in your data handling, it reveals where your business is vulnerable–and what to do about it.

We’ll take you through what a cybersecurity risk assessment involves, why SMEs can’t afford to skip it, and how to run one effectively. Download our free and practical seven-step checklist to help.

You can also find out more about cyberthreats in our guide to antivirus and malware, and our deep dive into spyware and ransomware.

What is a cybersecurity assessment?

A cybersecurity assessment is a structured–and honest–look at how well your business is protected. It helps you find the gaps, understand the risks, and focus on the areas which matter most.

It should cover your systems, data, people, and everyday processes, and ask the right questions. What do we need to protect? What could go wrong? How likely is it? And what happens if it does?

It’s also not something you do once and forget about. Threats change fast, so regular assessments are key to staying ahead and making smarter security decisions as your business grows.

Why SMEs need regular cybersecurity assessments

A successful cyberattack can cost thousands, lead to operational downtime, legal penalties, and lasting reputational damage. Often, the real cost of cybercrime isn’t the actual attack. It’s the chaos that follows that can turn a business into another statistic.

Cyber risk management helps you be proactive, spotting vulnerabilities early and patching gaps before attackers exploit them. It can also support your business continuity planning, strengthen your case for cyber insurance, and help you stay on the right side of tightening data protection and security regulations.

So what are the 5 Cs of cybersecurity? They’re a useful way to help you focus your risk management efforts where they’ll really count:

Change – Your business doesn’t stand still. Neither do cybercriminals. Assessments keep pace with both.

Compliance – Laws and regulations are tightening, and the penalties can be severe.

Cost – Prevention is always cheaper than a data breach or ransomware clean-up. Putting budget into prevention can make a big difference.

Continuity – If you’re attacked, how will you bounce back, how fast, and what’s at stake if you can’t?

Coverage - From software to supply chains, are you protected end-to-end?

How to do a cyber risk assessment

Good cyber risk assessment and management takes a simple, structured approach. Here’s our handy guide to help you get started.

1. Set the scope

Start by deciding what you’re assessing. Is it your whole business or just one department? What systems, data, devices, or third parties are in the mix? Be clear about where the boundaries are.

1. List your critical assets

What can’t your business run without? Identify your most valuable systems, devices, and data, and prioritise them based on how essential they are or how damaging it’d be if you lost them.

1. Map out the risks

What’s most likely to go wrong? Think phishing, malware, human error, supplier risks. The goal is to weigh up both the likelihood and the potential impact.

1. Check your current defences

Think about the protections you’ve got in place. This includes antivirus tools, firewalls, password policies, access controls, employee training, business response plans, and more. Are they working? Up to date? And what’s missing?

1. Review supplier and partner risk

You’re only as strong as the weakest link in your supply chain. Identify the third parties you rely on and check what access they have to your systems or data. Do they follow good cyber hygiene? Are contracts and service level agreements clear on security expectations?

1. Create an action plan

What needs to happen next, and who’s doing it? Create a clear, prioritised list of fixes, starting with quick wins and high-impact risks. Set timelines, assign ownership and monitor progress.

1. Test your business response plan

Having a plan is one thing. Knowing it works in a real crisis is another. Run a mock incident to check how your team would react in a real attack. Does everyone know what to do? Are contact lists up to date? Are backups accessible?

Download our handy seven-step checklist.

A massive 90% of businesses worldwide reported a cyberattack in 2024 – and 20% were targeted several times. For SMEs, the fallout can be fatal. One weak point, and you could face major financial, operational, and reputational damage.

Cyber risk management gives you the edge–and a shift in thinking. From firefighting to foresight. From patching gaps to building resilience.

Start with the basics. Focus on what matters. And commit to doing it regularly.

Want more help setting up a cyber security risk assessment? Our V-Hub Digital Advisers are here to help