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Your web browser may be malfunctioning. Your internet connection may be unreliable. Various events or incidents that compromise IT in some way can therefore cause adverse impacts on the organization’s business processes or mission, ranging from inconsequential to catastrophic in scale. It is measured in terms of a combination of the probability of occurrence of an event and its consequence. Risk – Possibility that a particular threat will adversely impact an IS by exploiting a particular vulnerability. The loss potential that exists as the result of threat-vulnerability pairs. Reducing either the threat or the vulnerability reduces the risk.
The uncertainty of loss expressed in terms of probability of such loss. A combination of the likelihood that a threat shall occur, the likelihood that a threat occurrence shall result in an adverse impact, and the severity of the resulting adverse impact. Risk is a function of the likelihood of a given threat-source’s exercising a particular potential vulnerability, and the resulting impact of that adverse event on the organization. Failure to exercise due care and diligence in the implementation and operation of the IT system. IT risk is the probable frequency and probable magnitude of future loss. Framework in order to provides an end-to-end, comprehensive view of all risks related to the use of IT. You can’t effectively and consistently manage what you can’t measure, and you can’t measure what you haven’t defined.