How often should risk assessments be conducted?

Risk assessments should be conducted regularly and especially whenever there are significant changes in the organization or its environment because the nature of risks is dynamic. Regular assessments help to identify new vulnerabilities and threats that may arise as the organization evolves or as external factors change, such as technological advancements, market shifts, or regulatory updates.

By conducting assessments regularly, organizations can ensure that their security measures and protocols remain effective and relevant. This proactive approach allows organizations to address potential risks before they manifest into actual incidents, which can often lead to costly damages or reputational harm.

In contrast, conducting assessments only during specific events like annual budget planning, after security incidents, or on a set compliance schedule every few years fails to capture the full spectrum of risks that an organization might face. These practices could leave gaps in security or result in outdated risk profiles that do not reflect current realities.