It is difficult to where to determine where to place security resources and investments in the absence of a comprehensive risk and vulnerability assessment. A risk and vulnerability assessment finds, calculates, and prioritizes the potential hazards in an environment. It identifies known threats and threat players and the possible level that these factors will result in harm. An entity is in a position of gaining a thorough comprehension of threats and vulnerabilities in a system and the likelihood that it will be used against the entity ( Renfroe & Smith, 2016). A risk and vulnerability assessment systematically appraises the damage that could be caused by a potential hazard, the severity of the impact, and the available resources during a threat event to reduce vulnerability and loss and increase the capacity to cope with the threat.
Risk identification enables security managers to determine the number of resources and investments to focus on the specified threat. Proper risk identification is crucial as there are many potential threats to consider. It involves clear and explicit identification of the nature of the threat. It enables security managers to understand the predictions laid out clearly.
Delegate your assignment to our experts and they will do the rest.
Severe threats and risks can mean the end of a business, company, or organization. However, effective risk management can mean the difference between collapse and success. It reduces a business’s exposure to threats and enables the formation of business continuity. When risks are identified and mitigating actions are taken, the business continuity framework in place can focus on threats that remain out of the business control. Such arrangements make the business more secure from internal and external threats and allow business continuity. Effective risk management improves business resiliency by minimizing the probability of destruction from harmful threats. When an event inevitably occurs, the ideal objective is to make any interruptions invisible to those outside the affected business.
References
Renfroe, A. & Smith, J. (2016) Threat / Vulnerability assessments and risk analysis. National
Institute of Building Sciences. https://www.wbdg.org/resources/threat-vulnerability-assessments-and-risk-analysis
