Security Risk Assessment (Essential Definitions)
As a security officer, it is important for us to conduct security risk assessment of the work place or the organizations we work in.
Before we dive straight into it, it’s important for us to understand the words such as threat, vulnerability and risk because they are often interchanged and misinterpreted, even though they have different meanings. It is essential to understand each word’s definition and their relationship with the concepts they represent.
A vulnerability is a weakness that allows a threat to manifest and compromise security of a place or a system. There are many aspects of vulnerability, arising from various physical, social, economic, and environmental factors.
A threat is any potential danger that has requisite capability, motivation and intent to exploit the existing or inherent vulnerability of a place or system. More or less, threats operate outside the organization and while they are usually beyond control, we may be able to influence their impact by conducting a thorough risk assessment.
A risk is likelihood of a threat source exploiting a vulnerability to target critical asset and its corresponding business impact.
An asset is something to which an organization assigns value to, examples may include physical assets, software assets, information assets and other intangible assets such as reputation or brand image as well.
We apply various kinds of safeguards or we call it countermeasures that eliminate or reduce the vulnerability and thus reduce the risk. The terms such as controls, safeguards and countermeasures are interchangeable. Basically, they are mechanisms put into place to reduce risk.
Now that we are clear of certain fundamental security definitions we are ready to move in for our second video.
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