Assessing IT risk is BEST achieved by evaluating:

Evaluating threats and vulnerabilities associated with existing IT assets provides a comprehensive view of the risk landscape within an organization. By closely examining the specific threats that could exploit vulnerabilities in the IT environment, an organization can prioritize its risk management efforts effectively. This approach allows for the identification of potential attack vectors and the assessment of how a threat could impact the organization’s critical assets.

Understanding the vulnerabilities present in IT systems is crucial, as it enables the organization to implement appropriate controls and mitigations. This risk assessment process involves not only recognizing potential threats but also evaluating the effectiveness of current security measures in protecting against those threats.

While past loss experiences, published statistics, and identified control weaknesses are valuable for gaining insights into risk, they often do not provide a real-time or tailored assessment of the current IT landscape. Past experiences may not reflect future risks, statistics might not represent the specific threats an organization faces, and audit reports may focus on identified weaknesses without providing a full context of overall organizational risks. Therefore, assessing IT risk through the lens of existing threats and vulnerabilities is more actionable and relevant for proactive risk management.