Glossary

Risk assessment

Risk assessment is a systematic process used to identify, evaluate, and prioritise potential security threats and vulnerabilities to an organisation’s information systems, assets, and operations.

The goal is to understand the risks, their potential impact, and the likelihood of occurrence, enabling informed decision-making to manage and mitigate those risks.

Key steps in a risk assessment include:

  • Identification: Cataloguing assets and identifying potential threats and vulnerabilities.
  • Evaluation: Assessing the likelihood and potential impact of identified risks on the organisation.
  • Prioritisation: Ranking risks based on their severity and likelihood, helping to allocate resources effectively.
  • Mitigation: Developing strategies to manage or reduce risks, such as implementing security controls, policies, and procedures.

Risk assessment is essential for maintaining robust cybersecurity, ensuring that appropriate measures are in place to protect against and respond to potential security incidents and threats.

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