Risk is the convergence of assets, threats and vulnerabilities and represents the potential for loss, damage or destruction of an asset where threat exploits a vulnerability.
Assets represent people, property and information, both tangible and intangible. Threats are anything that can exploit a vulnerability directly or indirectly and destroy or damage an asset. Vulnerabilities are weaknesses or gaps in security countermeasures that can be exploited by threats to reach assets and cause damage.
Understanding the relationship between the three key elements of risk is essential in order to appreciate the extent of risk affecting assets.
The Risk Equation
Assets + Threats + Vulnerability = Risk
In order for risk to occur threat and vulnerability must exist simultaneously.
Gruppe Technologie undertakes comprehensive risk assessments that encompass all external and internal factors affecting the entity. This includes the value chain in order to understand an organisation’s processes. A detailed report is then presented outlining the methodology, risk situation and recommendations. Gruppe Technologie also carries out a final assessment of residual risk and how it shall be addressed.