Professional Risk Assessments That Identify Vulnerabilities Before They Become Breaches
Every business faces cybersecurity risks—from ransomware and phishing attacks to compliance violations and data breaches. The question isn’t whether these threats exist, but whether you know where your vulnerabilities are and have a plan to address them.
A cybersecurity risk assessment is a systematic evaluation of your IT environment that identifies security vulnerabilities, compliance gaps, and potential threats. For Central Illinois businesses, full assessments typically cost between $2,500-$7,500 (depending on the scope and size of the organization), take 2-4 weeks to complete, and provide a prioritized remediation roadmap.
Facet Technologies has conducted risk assessments for healthcare, manufacturing, and government contractors throughout Peoria and Central Illinois since 1993. Our assessment process identifies security gaps, evaluates compliance requirements, and delivers a clear roadmap for protecting your business—without overwhelming technical jargon or surprise costs.
Ready to get started? Call us at (309) 689-3900 or request your assessment below. Whether you need a standalone assessment or are considering our comprehensive managed IT services, we’ll start with understanding your current security posture.
What Is a Cybersecurity Risk Assessment?
Think of a cybersecurity risk assessment as a health check for your IT infrastructure. Just like you’d see a doctor to identify health problems before they become serious, a risk assessment examines your technology environment to find security weaknesses before attackers exploit them.
During an assessment, we systematically evaluate your organization’s technology to identify security vulnerabilities, compliance gaps, and potential threats to your business operations. We examine your network security, data protection measures, user access controls, backup systems, and compliance posture to determine where you’re protected—and where you’re exposed.
The process typically includes six key phases:
- Discovery: We map all your IT assets, systems, and data to understand what needs protection
- Vulnerability Identification: We evaluate your security controls and identify weaknesses attackers could exploit
- Threat Analysis: We assess the attack vectors most likely to target your specific industry
- Risk Scoring: We prioritize vulnerabilities based on their likelihood and potential impact
- Remediation Planning: We develop an actionable improvement roadmap with timelines and costs
- Documentation: We create compliance evidence and executive reports
The outcome is a prioritized action plan that addresses your most critical vulnerabilities first, aligned with your budget and business objectives. You’ll receive an executive summary (non-technical overview for decision-makers), detailed technical findings for your IT team, a risk score dashboard showing where you stand, a compliance gap analysis if you’re in a regulated industry, and a prioritized remediation roadmap with realistic timelines and cost estimates.
When Should Your Business Get a Risk Assessment?
If any of these situations apply to your business, it’s time for a risk assessment:
You’re applying for cyber insurance or renewing your policy. Most carriers now require documented assessments before they’ll issue coverage. Your industry requires compliance with regulations like HIPAA, CMMC, or PCI DSS—all of which mandate regular risk assessments. You’ve experienced a security incident or near-miss and need to understand what went wrong. It’s been more than a year since your last assessment, and threats have evolved significantly. You’re implementing new technology, moving to the cloud, or making other significant IT changes. You have remote employees accessing company data from home networks. You’re preparing for an audit or working toward a certification. You handle sensitive customer or patient data that could cause significant harm if breached. You process credit card payments and need to maintain PCI compliance. You’re bidding on government contracts that require security documentation.
How often should you assess your risks? Most businesses benefit from annual assessments as a baseline. If you’re in healthcare, finance, or another high-risk industry, quarterly assessments make more sense. You should also conduct an assessment after major changes like implementing new systems, mergers, or significant employee turnover. Always schedule one before regulatory audits or certifications, and definitely after any security breach or incident to prevent recurrence.
Why Your Business Needs a Risk Assessment
Cyber Insurance Requirements
Most cyber insurance providers now require documented risk assessments before issuing policies. Carriers want proof that you’ve identified vulnerabilities and implemented appropriate safeguards. Without this documentation, you may face:
- Policy application denials
- Higher premiums
- Reduced coverage limits
- Claim denials after an incident
Our risk assessments provide the documentation insurers require while actually improving your security posture.
Regulatory Compliance Mandates
If your business operates in a regulated industry, risk assessments aren’t optional:
- HIPAA requires regular security risk analyses for healthcare organizations
- CMMC mandates risk assessments for Department of Defense contractors
- PCI DSS requires annual security assessments for businesses processing credit cards
- State data breach laws increasingly expect documented security measures
We conduct assessments that satisfy regulatory requirements while identifying practical security improvements. Our compliance consulting services help Central Illinois businesses navigate these complex requirements.
Business Continuity Planning
Cybersecurity incidents cause an average of 21 days of downtime for small businesses. The financial impact includes:
- Lost revenue during outages
- Recovery and remediation costs
- Regulatory fines and legal fees
- Reputation damage and customer loss
- Ransom payments (if applicable)
A risk assessment helps you understand these potential impacts and develop strategies to minimize disruption. Learn more about our comprehensive business continuity planning services for Central Illinois businesses.
Informed Technology Investments
Without understanding your actual risk exposure, technology spending becomes guesswork. You might invest heavily in solutions that don’t address your biggest vulnerabilities while ignoring critical gaps.
Our assessments help you allocate security budgets where they’ll have the greatest impact on reducing risk.
The Facet Risk Assessment Process
1. Environment Discovery & Documentation
We begin by mapping your complete technology environment:
- Network architecture and connectivity
- Hardware and software inventory
- Cloud services and third-party applications
- Data storage locations and backup systems
- User access levels and authentication methods
- Existing security tools and configurations
This discovery phase creates a comprehensive baseline of your current state.
2. Vulnerability Identification
Our team evaluates your environment against established security frameworks and industry standards:
- Network security configurations
- Endpoint protection effectiveness
- Email security measures
- Access control policies
- Password and authentication practices
- Physical security controls
- Vendor and third-party security
- Employee security awareness
We identify both technical vulnerabilities and policy gaps that increase risk.
3. Threat Analysis
We assess the specific threats most relevant to your business:
- Industry-specific attack patterns
- Common entry points for your sector
- Insider threat considerations
- Supply chain vulnerabilities
- Regulatory compliance risks
This analysis considers both the likelihood and potential impact of different threat scenarios.
4. Compliance Evaluation
If your business operates under regulatory requirements, we evaluate your compliance posture:
- HIPAA Security Rule requirements
- CMMC Level 1, 2, or 3 standards
- PCI DSS compliance obligations
- State data protection laws
- Cyber insurance policy requirements
We identify compliance gaps and document evidence of implemented controls.
5. Risk Prioritization & Scoring
Not all vulnerabilities present equal risk. We prioritize findings based on:
- Potential business impact
- Likelihood of exploitation
- Compliance requirements
- Cost to remediate
- Available resources
This prioritization helps you address the most pressing issues first.
6. Remediation Roadmap
You receive a clear, actionable plan that includes:
- Prioritized recommendations
- Implementation timelines
- Cost estimates for each item
- Quick wins (low-cost, high-impact fixes)
- Long-term strategic improvements
- Responsible parties for each action
The roadmap becomes your guide for improving security over the next 12-24 months.
7. Executive Summary & Review
We present findings in a format that makes sense for both technical staff and business leadership:
- Executive summary (non-technical overview)
- Detailed technical findings
- Visual risk scoring and metrics
- Budget and timeline recommendations
We review the assessment with your team and answer questions about implementation.
What’s Included in Your Assessment
Comprehensive Reporting
- Executive Summary: High-level overview of findings and business risk
- Technical Report: Detailed vulnerability documentation with remediation steps
- Compliance Gap Analysis: Specific regulatory requirements and your current status
- Risk Score Dashboard: Visual representation of your security posture
- Remediation Roadmap: Prioritized action plan with timelines and cost estimates
Documented Evidence
- Network diagrams and architecture documentation
- Asset inventory and software listings
- Current security control documentation
- Policy and procedure review
- Compliance evidence gathering
Strategic Guidance
- Security budget recommendations
- Technology refresh planning
- Staff training needs assessment
- Vendor security evaluation
- Cyber insurance preparation
Industry-Specific Risk Assessments
Healthcare & HIPAA Compliance
Healthcare organizations face unique security requirements under HIPAA regulations. Our healthcare-focused assessments evaluate:
- Electronic Protected Health Information (ePHI) safeguards
- Access controls and audit logging
- Business Associate Agreement compliance
- Physical security measures
- Breach notification procedures
- Required documentation for OCR audits
We help medical practices, clinics, and healthcare service providers meet HIPAA requirements while protecting patient data.
Learn More About HIPAA Compliance Services
Manufacturing & Industrial Operations
Manufacturers face risks to both information technology and operational technology systems. Our manufacturing assessments address:
- Production system security
- Supply chain vulnerabilities
- Remote access security
- Email and phishing risks
- Data backup and recovery
- Intellectual property protection
We understand the unique challenges of securing manufacturing environments without disrupting production.
Learn More About Manufacturing IT Services
Government Contractors & CMMC
Organizations working with the Department of Defense must comply with Cybersecurity Maturity Model Certification requirements. Our CMMC assessments prepare you for:
- CMMC Level 1, 2, or 3 certification
- NIST SP 800-171 compliance
- Controlled Unclassified Information (CUI) protection
- System Security Plan development
- Gap analysis and remediation planning
We help government contractors achieve and maintain compliance while protecting sensitive federal information.
Learn More About CMMC Compliance Services
Professional Services & Legal Firms
Law firms, accounting practices, and other professional services handle sensitive client information requiring strong protection. Our assessments for professional services evaluate:
- Client data protection measures
- Confidentiality controls
- Secure file sharing practices
- Email encryption and security
- Remote work security
- Professional liability considerations
How Much Does a Risk Assessment Cost?
Most small to medium businesses in Central Illinois pay between $2,500 and $7,500 for a comprehensive cybersecurity risk assessment. The exact cost depends on several factors.
Size matters most. Organizations with 10-25 employees typically pay $2,500-$3,500 for an assessment. If you have 25-50 employees, expect $3,500-$5,000. Businesses with 50-100 employees usually fall in the $5,000-$7,500 range. Larger organizations with 100+ employees generally invest $7,500-$15,000 or more.
Network complexity affects pricing too. If you have multiple locations, extensive cloud services, or complex server infrastructure, the assessment takes more time. Compliance requirements add documentation work—HIPAA, CMMC, and PCI DSS assessments require additional evidence gathering and reporting. Industry-specific needs also play a role, particularly in healthcare and government contracting where security standards are more rigorous.
Here’s what you get for that investment:
Complete network and asset discovery so we know exactly what you have. Vulnerability scanning and testing to find weaknesses. Compliance gap analysis if you’re in a regulated industry. Risk scoring and prioritization so you know what to fix first. Executive and technical reports tailored for different audiences. A remediation roadmap with realistic cost estimates for improvements. A review meeting with your team to walk through everything. Plus 30 days of follow-up consultation to answer questions as you implement changes.
Let’s talk about what this prevents. The average data breach costs small businesses over $150,000. A typical ransomware incident runs $185,000 when you factor in downtime and recovery. HIPAA violations can cost between $100 and $50,000 per violation. A risk assessment that costs $2,500-$7,500 represents just 2-5% of what you’d spend on a single breach incident.
Looking at other options? You could try a DIY assessment for free, but you won’t have the expertise or third-party validation that insurers require. Automated tools alone run $500-$2,000 and lack human expertise to understand context. Professional assessments from national firms often cost $10,000-$25,000+ for the same work. Our local pricing reflects Central Illinois business realities while delivering the same quality documentation and recommendations.
Want a specific quote for your business? Contact us with some basic information about your organization and we’ll provide customized pricing.
How Long Does an Assessment Take?
Most assessments wrap up within 2-4 weeks from kickoff to final presentation. Process breakdown:
- Week 1: Discovery phase, documentation review, initial scans
- Week 2: Detailed evaluation, vulnerability testing, compliance review
- Week 3: Analysis, report preparation, remediation planning
- Week 4: Executive presentation, technical review, Q&A
We work efficiently to minimize disruption to your daily operations. Most of our evaluation happens behind the scenes with minimal involvement required from your team.
What Happens After the Assessment?
You’re not left with just a report. Here’s how we help you move forward:
Option 1: Self-Implementation
Take the remediation roadmap and implement improvements with your existing IT team. We provide:
- Clear, actionable recommendations
- Implementation guidance documentation
- Vendor recommendations when needed
- Follow-up consultation if questions arise
Option 2: Facet-Guided Implementation
Work with our team to address identified vulnerabilities. We can:
- Implement specific security improvements
- Assist with compliance documentation
- Provide project management for security initiatives
- Train your staff on new security measures
For organizations with existing IT teams, our co-managed IT services provide specialized expertise while your internal staff maintains day-to-day operations.
Option 3: Comprehensive Managed Services
Partner with Facet for complete IT and security management:
- Implementation of all assessment recommendations
- Ongoing 24/7/365 monitoring and support
- Regular security updates and improvements
- Quarterly strategic planning sessions
- Continuous compliance management
We’re flexible. Choose the level of involvement that makes sense for your organization.
Explore Managed Services Options
Why Choose Facet for Your Risk Assessment?
Local Expertise, National Standards
Our team operates from our Peoria headquarters, providing personalized service with deep understanding of Central Illinois businesses. We apply nationally recognized frameworks (NIST, CIS Controls, ISO 27001) customized for local market conditions. Our in-house helpdesk team ensures you always reach knowledgeable technicians who understand your systems.
Over 30 Years of Experience
Facet has protected Central Illinois businesses since 1989. We’ve seen technology evolve and understand both legacy systems and modern cloud environments.
Vendor-Neutral Recommendations
We’re not tied to specific products or platforms. Our recommendations focus on what’s best for your business, not what earns us the biggest commission.
Clear, Understandable Reporting
Technical reports are important, but we also provide executive summaries in plain language. Business leaders shouldn’t need an IT degree to understand their security posture.
Transparent Pricing
No surprise fees. No hidden costs. We provide clear pricing upfront and stick to it.
Implementation Support Available Unlike consultants who disappear after delivering a report, we’re here to help you implement recommendations. Whether that’s guidance for your internal team or hands-on implementation by Facet, we’re committed to improving your security—not just documenting problems.
Common Questions About Risk Assessments
Do I really need a risk assessment if I’m a small business?
Yes, and here’s why: Small businesses have become prime targets because attackers assume you have weaker security than larger organizations. They’re often right. Sixty percent of small businesses close within six months of a cyber attack—that’s a sobering statistic.
Beyond the threat landscape, there are practical requirements. Cyber insurance companies don’t care about your size—they require documented assessments before issuing policies. Compliance regulations like HIPAA and PCI DSS apply equally to businesses of all sizes. And when you compare a $2,500-$7,500 assessment to the $150,000+ average breach cost, the math makes sense.
A risk assessment helps you protect your business efficiently without overspending on unnecessary security measures.
How often should I conduct a risk assessment?
At minimum, plan for annual assessments. Technology and threats both evolve quickly, so last year’s assessment doesn’t reflect this year’s reality.
Beyond that annual baseline, you should assess whenever significant changes occur. Implementing new technology or migrating to the cloud? Time for an assessment. Adding remote workers or opening a new location? Assessment. After a merger or acquisition? Definitely assessment time. And of course, after any security incident—you need to understand what happened and prevent it from recurring.
If you’re in healthcare, finance, or another high-risk industry, quarterly assessments make more sense. The regulatory scrutiny and threat level justify the increased frequency.
Will the assessment disrupt our daily operations?
No, and that’s by design. Most assessment activities happen behind the scenes.
We schedule network scans and any potentially disruptive testing during off-hours—evenings or weekends when it won’t impact your work. The interviews we need with your team typically total just 1-2 hours across all participants. Most assessments can be conducted remotely, minimizing any on-site presence.
Your team’s main involvement is limited to brief meetings at the start (kickoff), middle (progress check), and end (results presentation). We work around your business schedule, not the other way around.
What if the assessment finds serious vulnerabilities?
That’s exactly the point of doing an assessment—you want to find problems before attackers do.
When we discover vulnerabilities, we don’t just hand you a scary report and walk away. We prioritize findings by risk level and help you tackle them systematically. Critical issues that could lead to immediate breach? We help you address those right away, often with quick fixes. High priority items get scheduled for the next 30-90 days. Medium priority issues can wait 3-6 months. Low priority findings get addressed as budget allows.
You don’t need to fix everything at once. That’s not realistic for most businesses. We help you create a practical, phased approach that improves your security over time without breaking your budget.
Can you help us implement the recommendations?
Absolutely. We offer several levels of support depending on what makes sense for your situation.
If you have an internal IT team, we can provide guidance—detailed documentation and advice they can use to implement improvements themselves. For specific projects, we can handle implementation on a project basis. Many businesses choose our co-managed approach where we work alongside their existing IT team, supplementing their capabilities. Or we can handle everything through our full managed services program.
The choice depends on your resources, budget, and preferences. We’re flexible.
Does the assessment satisfy cyber insurance requirements?
Yes. Our assessments are specifically structured to provide what insurance carriers require.
We document vulnerability identification, show risk prioritization and scoring, provide remediation recommendations, gather compliance evidence, and document your security controls. Insurance questionnaires? We’re familiar with what they ask and make sure our reports address those specific points.
If you have a particular policy or carrier in mind, we can review their specific requirements before starting the assessment to ensure everything they need is covered.
What frameworks do you use for assessments?
We base our assessments on nationally recognized frameworks, selecting the ones most relevant to your industry and situation.
The NIST Cybersecurity Framework provides a comprehensive approach that works for all organizations. The CIS Critical Security Controls offer prioritized security measures based on real-world effectiveness. ISO 27001 and 27002 give us international information security standards to reference.
For regulated industries, we apply the specific frameworks you need: the HIPAA Security Rule for healthcare organizations, CMMC requirements for Department of Defense contractors, and PCI DSS standards for businesses processing credit cards.
We don’t force a one-size-fits-all approach. The framework mix depends on your industry, compliance requirements, and business objectives.
How is this different from a compliance audit?
They serve different purposes, though they’re related.
A risk assessment identifies all security vulnerabilities and threats to your business. It evaluates your overall security posture and provides a prioritized roadmap for improvement. We conduct it as your security partner—Facet in this case—and you can schedule it proactively whenever makes sense for your business.
A compliance audit focuses specifically on whether you meet regulatory requirements. It’s a pass/fail evaluation against particular standards. External auditors conduct these assessments, and they’re typically required by regulators or certifying bodies. You don’t choose when—compliance deadlines drive the schedule.
Here’s where they connect: Many compliance frameworks require risk assessments as part of compliance. So when we conduct a risk assessment, we often address both your broader security needs and your specific compliance requirements at the same time.
What makes Facet’s risk assessments different?
A few things set us apart, starting with 30 years of experience serving Central Illinois businesses. We’re not a national firm parachuting in with generic recommendations—we understand local business conditions, common challenges, and regional compliance requirements.
Our team works from our Peoria headquarters. No offshore contractors, no outsourced helpdesk. When you call, you reach someone who knows your network and your needs.
We have deep experience in the industries that make up Central Illinois: healthcare, manufacturing, agriculture, and government contracting. We’ve conducted hundreds of assessments throughout Peoria, Bloomington-Normal, Springfield, and the surrounding area.
Our pricing is transparent—no hidden fees or surprise charges. The recommendations we provide are actionable, not just problem lists. And unlike many consultants who disappear after delivering a report, we’re available for implementation support and can transition into an ongoing partnership if that makes sense for your business.
Do you offer ongoing assessments or monitoring?
Yes. Many businesses start with a one-time risk assessment and then move into ongoing services.
We offer annual assessment programs where we schedule recurring assessments so you never have to remember when the next one is due. Our continuous monitoring service provides 24/7/365 network and security monitoring. Full managed services include complete IT and security management. For businesses with existing IT teams, co-managed support lets us supplement their capabilities without replacing them. And we have specific compliance programs for ongoing HIPAA, CMMC, or PCI compliance management.
The relationship often evolves over time. Start with an assessment, see how we work, and then decide what level of ongoing partnership makes sense.
Risk Assessment vs. Other Security Services: What’s the Difference?
Understanding Your Options:
| Service Type | Purpose | When You Need It | Typical Cost | Duration |
| Risk Assessment | Identify vulnerabilities and create remediation plan | Before implementing security, for insurance, annually | $2,500-$7,500 | 2-4 weeks |
| Penetration Testing | Simulate real attacks to test defenses | After implementing security controls | $5,000-$25,000 | 1-3 weeks |
| Vulnerability Scan | Automated check for known vulnerabilities | Monthly/quarterly monitoring | $500-$2,000 | Hours |
| Security Audit | Verify compliance with specific standards | Before certification or regulatory audit | $5,000-$15,000 | 2-6 weeks |
| Managed Detection & Response | 24/7 threat monitoring and incident response | Ongoing protection | Varies based on options and organization size | Continuous |
Which Service Do You Need?
- Start with Risk Assessment: First-time security evaluation, insurance requirement, annual review
- Add Penetration Testing: After implementing controls, for high-security environments
- Ongoing Monitoring: Continuous protection for sensitive data or compliance needs
- Compliance Audit: When seeking certification (SOC 2, ISO 27001, CMMC)
Ready to Understand Your Cybersecurity Risk?
Stop guessing about your security posture and get clear answers about where you’re protected and where you’re vulnerable.
Starting with a risk assessment gives you a clear picture of your current situation, identifies the most pressing threats to your business, helps you meet cyber insurance and compliance requirements, creates a realistic, budgeted security roadmap, and prevents expensive breaches and regulatory violations.
Let’s talk about your specific situation. Every business has unique risks based on their industry, size, technology, and data. A 15-minute conversation helps us understand your needs and determine if an assessment makes sense for your business right now.
Call us at (309) 689-3900 or email info@facettech.com. You can also visit our office at 3024 W. Lake Ave. in Peoria.
About Facet Technologies
Facet Technologies has provided IT services and cybersecurity solutions to Central Illinois businesses for over 30 years. Our team of experienced engineers and security professionals operates from our Peoria headquarters, delivering personalized service built on honesty, transparency, and technical excellence.
We secure customer data as if it were our own and build long-term partnerships based on respect and quality service. Our commitment to our customers is “True Tech Peace of Mind”—knowing you can focus on your business without worrying about technology and security threats.
Services include: Managed IT Services, Co-Managed IT, Cybersecurity Solutions, Compliance Consulting, Cloud Services, Business Continuity Planning, and Custom Development.
Learn more about our team and values
Facet Technologies is based in Peoria, Illinois and serves businesses throughout Central Illinois including Peoria, Bloomington-Normal, Springfield, and surrounding communities.