Identifying assets: This includes all hardware, software, data, and information systems in your organization.
Identifying threats: This involves recognizing potential hazards, including cyber threats, natural disasters, or even human error.
Assessing vulnerability: Determining how susceptible your system or data is to each threat.
Calculating risk: Analyzing the potential impact of each threat, given the existing vulnerabilities.
Prioritizing risks: Ranking risks based on their likelihood and potential impact helps allocate resources efficiently to address the most significant threats first.