What is the purpose of a Risk Assessment?

The purpose of a Risk Assessment is to evaluate risks and their potential impact to prioritize mitigation efforts. This process involves identifying vulnerabilities within an organization’s systems and evaluating the likelihood and consequences of potential threats. By assessing these factors, organizations can effectively prioritize their resources and efforts toward mitigating the most significant risks, ensuring a more strategic approach to cybersecurity. This proactive stance allows organizations to strengthen their overall security posture by addressing high-priority threats before they evolve into more serious issues. The focus on evaluating risks also facilitates informed decision-making regarding the allocation of resources and the development of risk management strategies.