About Lesson
Case Study: Real-World Risk Assessment
A case study can illustrate how a comprehensive risk assessment was conducted in a real-world scenario. For example, a financial institution may perform a risk assessment to evaluate the likelihood of a cyberattack exploiting a vulnerability in their online banking system. The institution would identify the asset (the banking platform), recognize the potential threat (cybercriminals), evaluate the vulnerabilities (such as outdated encryption protocols), assess the likelihood (medium), and assess the potential impact (major financial loss and reputational damage). Based on the findings, the bank would prioritize this risk for mitigation and take steps to upgrade their encryption protocols and enhance their security controls.