Network Security Assessment: Identifying Weaknesses Before Hackers Exploit Them

Cybersecurity incidents across Europe have intensified, becoming a key geopolitical concern. Cyber threats serve as strategic weapons for state-sponsored entities and organized criminal groups aiming to disrupt critical infrastructure, economic stability, and political cohesion within the European Union (EU).

This growing threat landscape underscores the urgency of implementing regular and thorough network security assessments. Organisations must proactively identify vulnerabilities before attackers capitalise on them, reducing potential financial and operational damage.

What Is a Network Security Assessment?

A network security assessment is a detailed process designed to systematically identify vulnerabilities within an organisation’s information technology (IT) infrastructure. The assessment provides a comprehensive analysis of the organisation’s digital assets, potential threats, and recommendations to mitigate risks effectively.

The primary objective of a network security assessment is to uncover security flaws before malicious actors do. Assessments typically involve a combination of penetration testing, vulnerability scanning, access control audits, and detailed network traffic analysis.

Understanding the Network Security Risk Assessment Process

The network security risk assessment process involves multiple stages, each crucial in forming a complete understanding of the organisation’s cybersecurity posture.

Asset Identification

Effective cybersecurity begins with comprehensive asset identification. This initial phase involves cataloguing every network-connected device or system requiring protection, including:

• Servers, databases, and storage systems

• IoT devices (such as smart thermostats, sensors, and security cameras)

• Cloud-based infrastructure and third-party services

• Employee endpoints (computers, tablets, smartphones)

Unsecured IoT devices are increasingly recognised as a significant vulnerability in modern networks. Their rapid adoption, combined with often limited built-in security, highlights the critical importance of thorough asset documentation. Without a clear understanding of what devices are connected to your network, it’s nearly impossible to protect against evolving cyber threats.

Vulnerability Evaluation

After identifying assets, the assessment team examines each component to detect potential vulnerabilities. Common vulnerabilities include:

• Weak, default, or reused passwords

• Outdated software lacking recent security patches

• Poorly configured security settings or devices

• Insufficient endpoint protection solutions

Network Traffic Analysis

Analysing network traffic patterns is critical for detecting unusual or suspicious activity, potentially indicative of an ongoing breach attempt. Key indicators of compromise include:

• Data transfers at unusual times (especially overnight or weekends)

• Connections originating from uncommon geographic locations

• Sudden increases in network utilisation without a clear business justification

For example, a major logistics firm in Germany discovered a cyber intrusion in 2022 due to abnormal late-night data flows, enabling swift remediation and avoiding severe operational disruption.

Access Control Reviews

Evaluating access controls ensures only authorised personnel have appropriate system permissions. This stage involves:

• Reviewing and regularly updating user credentials

• Implementing and enforcing multi-factor authentication (MFA)

• Limiting administrative privileges to essential personnel only

The EU Cybersecurity Act mandates robust access management. Organisations found non-compliant risk severe penalties, including fines of up to €20 million or 4% of global annual revenue under GDPR regulations.

Security Stress Testing (Penetration Testing)

Security stress tests, or penetration tests, involve simulating real-world cyberattacks to test network defences, identifying potential weaknesses in firewalls, antivirus software, intrusion detection systems (IDS), and other defensive measures.

In a notable case from 2021, penetration testing identified critical firewall misconfigurations in a leading European bank, enabling immediate corrective action and averting a potentially devastating breach.

The Importance of Regular Network Security Assessments

Cyber threats facing EU-based organisations continue to rise. Regular network security assessments play a vital role in mitigating these risks, offering several strategic benefits:

Financial and Reputational Protection

A cybersecurity breach can be financially and reputationally devastating. According to IBM’s Cost of Data Breach Report (2023), the average breach cost for European companies reached €4.1 million, placing significant financial stress on affected organisations.

Moreover, the long-term reputational harm can severely damage customer trust and future business opportunities. By regularly assessing network security, businesses can proactively address vulnerabilities and reduce the likelihood of costly security incidents.

Regulatory Compliance and Avoiding Penalties

Compliance with strict EU data protection regulations such as GDPR is non-negotiable. Organisations failing to perform regular assessments risk substantial fines, severe regulatory scrutiny, and lasting reputational damage.

In 2022, EU regulators fined organisations over €1.6 billion collectively for GDPR non-compliance. Regular network security risk assessments clearly demonstrate an organisation’s commitment to regulatory requirements and due diligence, significantly reducing risk of penalties.

Protecting Sensitive Data

Proactive security assessments are essential for safeguarding sensitive information. Intellectual property, customer records, trade secrets, and strategic business plans are frequent targets of cybercriminals. Regular assessments ensure vulnerabilities are identified and addressed swiftly, preventing data leakage or exploitation.

Improved Security Posture and Confidence

Regular assessments provide detailed insights into the cybersecurity strengths and weaknesses within an organisation. Understanding the exact location of vulnerabilities allows IT teams to strengthen protections and enhance overall security posture, increasing operational confidence.

Consequences of Neglecting Network Security Risk Assessments

Neglecting regular assessments exposes organisations to serious risks. Several high-profile European incidents demonstrate the consequences of inadequate cybersecurity assessments:

• Equifax (2017): A neglected vulnerability allowed cybercriminals to breach Equifax, exposing personal data of 147 million customers. The incident cost Equifax over €1.3 billion in fines, lawsuits, and remediation efforts.

• Maersk (NotPetya, 2017): Danish logistics giant Maersk suffered around €300 million in losses following a ransomware attack originating from compromised supply-chain software. The incident severely disrupted global logistics operations.

• Ireland’s Health Service Executive (2021): The ransomware attack led to nationwide disruption of healthcare services, costing Ireland’s HSE over €100 million.

These cases highlight the tangible risks associated with insufficient network security assessments.

Frequency Recommendations for Network Security Assessments

ENISA provides clear guidance on how often organisations should conduct assessments:

• Quarterly Checks: Regular, smaller-scale assessments quickly identify and address immediate vulnerabilities.

• Annual Comprehensive Reviews: Detailed, thorough examinations assess the organisation’s overall security health, offering strategic insights and long-term planning guidance.

• Event-driven Assessments: Conducted immediately following significant network changes, software or hardware upgrades, or security incidents to ensure new vulnerabilities are promptly identified and managed.

Small Businesses and the Risks of Supply Chain Attacks

Small businesses are increasingly targeted by attackers aiming to exploit their supply chain connections. These organisations often have weaker cybersecurity, making them ideal entry points for attackers seeking to infiltrate larger companies or critical infrastructure.

A prominent case occurred in 2017 during the NotPetya cyberattack. Russian-linked hackers compromised the small Ukrainian accounting software provider, M.E.Doc, embedding malware in software updates. This compromised software infected multiple international corporations, including Danish multinational Maersk, causing widespread disruption and damage totalling hundreds of millions of euros.

This politically motivated incident demonstrated how compromising smaller businesses can become a strategic method for targeting larger geopolitical or economic objectives, emphasising the need for thorough network security risk assessments across all enterprise sizes.

Proactive Network Security as Essential Strategy

European organisations must treat cybersecurity as a proactive, strategic priority. Geopolitical tensions, combined with increasingly sophisticated cybercriminal groups, pose significant risks.

Regular network security assessments provide a structured, comprehensive approach to identifying and addressing cybersecurity vulnerabilities before attackers exploit them. By adopting these proactive strategies, organisations across Europe can significantly reduce risks, ensure regulatory compliance, and protect their assets, reputations, and customers in an increasingly challenging cybersecurity landscape.