Risk assessment is a fundamental process in cyber security that involves identifying, analysing, and evaluating risks to an organisation's digital assets. Its primary goal is to understand potential vulnerabilities and threats and determine the likelihood and impact of these risks materialising. By assessing risks, organisations can implement effective measures to mitigate them and safeguard critical information.

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The process typically begins with identifying assets, such as systems, data, and networks, that require protection. Next, potential threats—like malware, unauthorised access, or insider threats—are identified, along with the vulnerabilities that could be exploited by these threats. The assessment then evaluates the likelihood of each risk occurring and the potential impact it could have on the organisation.

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Risks are usually prioritised using a risk matrix, which helps organisations focus on the most critical threats. For example, a high-likelihood, high-impact risk, such as a ransomware attack targeting sensitive customer data, would demand immediate attention compared to a lower-risk issue.

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Once the risks are understood, appropriate security controls and measures are implemented to mitigate or reduce the risks to acceptable levels. These controls may include technical solutions like firewalls and encryption, administrative measures such as policies and training, or physical security measures.

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Risk assessment is an ongoing process. Cyber threats and vulnerabilities evolve constantly, and organisations must regularly review and update their assessments to remain resilient. Adopting frameworks like ISO 27005, NIST SP 800-30, FAIR (Factor Analysis of Information Risk), COBIT (Control Objectives for Information and Related Technologies), OCTAVE (Operationally Critical Threat, Asset, and Vulnerability Evaluation), the UK’s National Cyber Security Centre (NCSC) Risk Management Framework, and the European Union Agency for Cybersecurity’s (ENISA) Risk Management Approach can provide structured methodologies.

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In essence, a thorough risk assessment helps organisations proactively manage cyber threats, minimise potential damage, and ensure business continuity, contributing significantly to a robust cyber security posture.

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