Risk Assessment Frameworks for Identifying Risks
To facilitate risk identification, organizations often use established risk assessment frameworks. These frameworks provide structured processes for identifying risks, evaluating their likelihood and impact, and determining appropriate mitigation strategies. Some of the most widely used frameworks include:
NIST Cybersecurity Framework (CSF): The NIST CSF provides guidelines for identifying and managing cybersecurity risks through five key functions: Identify, Protect, Detect, Respond, and Recover. The “Identify” function focuses on identifying assets, threats, vulnerabilities, and risks.
ISO/IEC 27005: This standard provides guidelines for information security risk management, with a focus on the identification of risks, assessment, and treatment. It emphasizes a structured approach to risk identification through risk assessment techniques.
OCTAVE (Operationally Critical Threat, Asset, and Vulnerability Evaluation): The OCTAVE framework is a risk assessment methodology that focuses on organizational risks rather than technical risks alone. It involves identifying critical assets and threats, and understanding how they impact the organization’s mission.