Cyber security risk assessment: a clear, practical guide for UK SMEs
If you run a business of 10–200 people, “cyber security risk assessment” probably doesn’t sound like your favourite way to spend a Tuesday afternoon. Fair. But done sensibly it saves time, money and reputation — and occasionally earns you a calm weekend.
Why a cyber security risk assessment matters (not because techies say so)
This isn’t about shiny dashboards or ticking boxes for the sake of it. A proper cyber security risk assessment tells you three things that matter to a business owner: what you’ve got that’s worth protecting, how likely something is to go wrong, and how bad the fallout would be. When you can answer those, you can prioritise actions that reduce risk without wasting budget.
In the UK we have specific pressures — GDPR fines, supply chain scrutiny from larger customers, and the reputational hit of any breach among local media and regulators. I’ve been in meeting rooms from Glasgow to Brighton where the question wasn’t “can we prevent every attack?” but “what do we fix first so the business keeps moving?” That practical focus is what a risk assessment gives you.
What a cyber security risk assessment actually is
Think of it as a structured conversation, not a wall of tech reports. The process typically covers:
- Identifying key assets: customer data, payroll systems, intellectual property, your website and email.
- Threats and vulnerabilities: how people might lose access or leak data — from phishing and stolen laptops to misconfigured cloud folders.
- Probability and impact: how likely each scenario is, and what it would cost you in downtime, fines, lost customers or repair work.
- Practical controls: what to patch, what to train staff on, and what to insure against.
The output is a prioritised list of risks with recommended actions, not a page of buzzwords. For most small and medium-sized firms this results in a handful of sensible steps that reduce the chance of a disruptive incident.
Common risks I see in UK businesses (and what they cost)
Across retail, professional services and light manufacturing, the same themes recur:
- Phishing: employees click malicious links. Consequence: account takeover or fraud.
- Weak backups: no offsite or tested restore. Consequence: prolonged downtime after ransomware.
- Poor patching: unpatched servers and desktops. Consequence: known exploits used against you.
- Shadow IT: staff using unsanctioned apps and cloud services. Consequence: data leakage and compliance gaps.
Exact costs vary, but the pattern is clear: the incidents that cause the most pain are rarely the exotic ones. They’re usually simple failures layered together — a phishing email hits an account with broad access, backup verification has been neglected, and the incident confidentially escalates into regulatory reporting.
How a practical assessment typically works (and how long it takes)
For a business with 10–200 staff, a sensible assessment can be completed in a few days to a couple of weeks depending on how tidy your documentation is. The steps I recommend are:
- Scoping: agree what systems and data to review. Keep this tight — don’t try to assess everything at once.
- Discovery: map users, devices, cloud apps and suppliers. Interviews with key people are usually the fastest route.
- Risk analysis: score likelihood and impact, using plain English not technical scales.
- Recommendations: prioritise fixes that reduce business impact quickly.
- Roadmap: a 3–6 month plan with estimated costs and responsible owners.
One useful rule: fix the basics first. Strong passwords, multifactor authentication, tested backups and staff training often reduce most of the immediate risk for a modest outlay. If you want help turning those priorities into a manageable plan, there’s sensible cyber security services that focus on outcomes rather than jargon.
How to use the assessment to make decisions
Once you have a report, don’t file it and forget it. Use it as a decision-making tool:
- Budgeting: invest where the expected reduction in downtime or fines outweighs the cost.
- Insurance: show underwriters you’ve assessed and mitigated obvious risks — that usually improves terms.
- Procurement: insist suppliers can demonstrate similar assessments if they handle your data.
- Board reporting: translate technical points into business impact — downtime hours, likely financial loss, and reputational exposure.
Local councils, procurement bodies and larger customers are increasingly looking for evidence of risk management. A concise, business-focused assessment helps you keep winning work without overpromising on security.
Who should be involved from your side
You don’t need to involve every employee, but you do need people who know the business: a finance lead for payment flows, someone from operations for production systems, HR for staff data, and whoever manages IT. If you use external IT support, include them too — they’ll help with technical discovery and remediation effort estimates.
Costs and value — what to expect
Prices vary, but think of a risk assessment as an investment that turns uncertainty into a short list of actions. The most valuable assessments are those that produce quick wins you can implement in weeks and a roadmap for tougher work. For many firms the result is fewer outages, lower insurance premiums, and a smoother audit trail for regulators and customers.
Quick checklist to prepare for an assessment
- List of core systems and suppliers
- Names of people who manage payments, payroll and customer data
- Any recent incidents or near-misses
- Current backup and recovery procedures
Preparing these saves time and reduces cost. It also makes the final report far more accurate.
FAQ
How long does a cyber security risk assessment take?
For a typical 10–200 staff business, expect a few days for scoping and discovery and up to two weeks for a full report and recommendations. If your systems are unusually complex, add time — but most will see useful recommendations within weeks.
Is it worth doing if we already have antivirus and backups?
Yes. Those controls are important, but an assessment looks at how they work together and whether they actually reduce business risk. For example, backups are only useful if restores are tested and ransomware recovery is planned.
Will a cyber security risk assessment satisfy my insurer?
It helps. Insurers like evidence you’ve identified and mitigated risks. While requirements vary, a clear assessment and documented remediation plan typically improves your position during renewal.
Can we do it ourselves?
You can, but an external pair of eyes often spots assumptions you’ve grown used to. A balanced approach is to draft an internal inventory and then commission an external assessment focused on business impact.
