What is a "risk assessment"?

A "risk assessment" is fundamentally about identifying, evaluating, and prioritizing risks. This process is essential in managing security because it enables organizations to understand the potential risks they face, including vulnerabilities and threats to their assets. By systematically identifying risks, organizations can assess the likelihood of their occurrence and the potential impact on operations, data integrity, and the overall security posture. Prioritizing these risks ensures that resources are allocated effectively to mitigate the most significant threats, thus enhancing an organization's resilience against potential security breaches and other adverse events.

This comprehensive approach provides the foundation for informed decision-making regarding security measures, allowing an organization to focus on the most pertinent risks in a structured manner. It informs stakeholders of the actual risk environment and promotes a proactive rather than reactive attitude toward security management.