What is a Risk Assessment?

by Paul Davies

Risk Assessment

Risk Assessment is the process of identifying, analysing, and evaluating potential risks to an organisation’s systems, data, and overall security posture.

The objective of a risk assessment is to determine the likelihood and impact of different types of cyber threats (such as malware, data breaches, or insider threats) and to prioritise security efforts accordingly. This process typically involves:

  1. Identifying Assets: Determining what systems, data, and processes are critical to the organisation.
  2. Identifying Threats: Recognising potential threats that could compromise those assets.
  3. Vulnerability Analysis: Examining the existing security controls and identifying weaknesses that could be exploited by the threats.
  4. Evaluating Risk: Estimating the potential consequences of each risk in terms of likelihood and impact.
  5. Mitigating Risk: Developing strategies to reduce, avoid, or transfer the risk, such as applying security controls or purchasing cybersecurity insurance. Risk assessments are crucial for developing effective cybersecurity policies and for ensuring compliance with regulations and standards.