Understand the Definition of Risk
In the context of cybersecurity, risk can be defined as the possibility of damage, loss, or any negative occurrence that is caused by external or internal vulnerabilities, and that may be avoided through preemptive action. Risk is typically characterized by three main components:
Threat: A potential danger to the confidentiality, integrity, or availability of information in your system. Threats can be natural (e.g., floods, earthquakes), human-made (e.g., hackers, malicious software), or due to technical issues (e.g., hardware malfunction).
Vulnerability: A weakness or flaw in your system that can be exploited by a threat agent to compromise the security of the system. Vulnerabilities can exist in various aspects, such as physical access, network services, or security procedures.
Impact: The potential amount of damage or loss that can occur to your organization, system, or data due to the successful execution of a threat. Impacts can be financial, reputational, operational, or any other negative consequence that your organization faces as a result of a security breach.
When evaluating the risk levels of a cybersecurity scenario, it is important to assess the likelihood of a specific threat exploiting a specific vulnerability, as well as the associated impact if such an event occurs. By understanding risks and their components, you can better prioritize your security resources and take appropriate steps to mitigate potential risks. Remember that risk cannot be entirely eliminated, but rather managed to an acceptable level through effective security measures and strategies.