According to FAIR best practices, how often should risk assessments be conducted?

The best practice regarding how often risk assessments should be conducted, as suggested by FAIR, emphasizes the need for a proactive and ongoing approach to risk management. Conducting risk assessments regularly allows organizations to stay updated on their risk posture in a constantly changing environment. This includes adapting to new threats, changes in business processes, technological advancements, and shifts in organizational structure.

Moreover, it is crucial to reassess risks whenever significant changes occur, such as the introduction of new technologies, mergers or acquisitions, changes in regulations, or alterations in business strategy. This approach ensures that organizations can effectively identify and mitigate newly emerging risks and maintain compliance with relevant guidelines.

In contrast, conducting assessments solely in the event of a security breach is reactive and could leave organizations vulnerable to evolving threats. Similarly, stating that risks are static ignores the dynamic nature of risk, as the environment and organizational variables continuously influence risk levels. Regular and situationally-timed assessments are essential for maintaining an appropriate level of preparedness and resilience against potential incidents.