Effectively managing cyber risks requires an understanding of how to assess the impact of risk. A strategy for the management of a risk should correspond with the nature and degree of the risk to be addressed. Risk assessment tries to identify and anticipate possible events. Effective risk assessment offers an organisation the opportunity to take greater control of its internal and external environment. Instead of reacting to events, the organisation with an effective risk assessment and management strategy can plan and direct its actions with greater confidence that it will not be undermined by unforeseen events.

Risk assessment involves certain processes. The first is to identify the risks associated with a particular ...

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