NIST Methodology for Risk Assessment

System Characterization

The process of defining the boundaries of a system by identifying and documenting key components such as hardware, software, data, and workflows. It is essential for understanding the system's operational environment and ensuring effective risk assessment and security measures.

Threat Identification

The process of identifying and categorizing potential threats by analyzing their sources, motivations, and manifestation vectors, while evaluating historical incidents to anticipate future risks.

Vulnerability Identification

The process of identifying weaknesses in a system, including technical vulnerabilities (software bugs, configuration errors) and physical vulnerabilities (inadequate security controls, poor access management), using assessment tools, penetration testing, and audits to uncover security gaps.

Control Analysis

A thorough examination of existing security controls to evaluate their design, implementation, and effectiveness in mitigating vulnerabilities, aligning with best practices and regulatory requirements, and identifying any gaps or redundancies.

Likelihood Determination

Assessment of the probability of a threat event occurring based on historical data and trends, considering potential impacts on operations, data integrity, finances, reputation, and compliance.

Impact Analysis

Evaluation of potential negative consequences of a threat event on operations, assets, and individuals, including severity, duration, recovery, and impact on functions, finances, reputation, and compliance.

Risk Determination

Assessing overall risk by combining the likelihood of a threat occurring with an analysis of potential negative impacts on operations, assets, and individuals.

Control Recommendations

Development of security measures to mitigate unacceptable risks, including evaluation and prioritization of controls based on effectiveness, cost, feasibility, and compliance.

Results Documentation

Recording and presenting findings from the risk assessment process, including summaries of threats, vulnerabilities, risk assessment results, methodologies, recommendations, and actionable insights for stakeholders, ensuring transparency and accountability.