Risk is the probability that an event will happen - it could bring profit to you. For example, if you place a bet in roulette at a casino then you could win money. It is, however, more likely that a risk will result in financial loss or loss of service. Companies will adopt a risk management strategy to reduce the risk they are exposed to, but may not be able to eliminate the loss completely. In IT, new technology comes out every day and poses new risks to businesses, and therefore risk management is ever evolving.
The main components are assets, risks, threats, and vulnerabilities:
- Asset: The first stage in risk management is the identification and classification of the asset. If the asset is a top secret document, you will handle and store it differently than an asset that is unclassified and available for free on the internet.
- Risk: Risk is the...