Which of the following steps in conducting a risk assessment should be performed FIRST?
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A. B. C. D.A.
Risk assessment first requires one to identify the business assets that need to be protected before identifying the threats.
The next step is to establish whether those threats represent business risk by identifying the likelihood and effect of occurrence, followed by assessing the vulnerabilities that may affect the security of the asset.
This process establishes the control objectives against which key controls can be evaluated.
In conducting a risk assessment, the first step should be to identify and inventory the business assets that need to be protected. Therefore, the correct answer is A. Identify business assets.
Here's why:
Identify Business Assets: The first step in conducting a risk assessment is to identify the assets that need to be protected. This includes both physical and digital assets such as data, equipment, software, hardware, facilities, and personnel. By identifying these assets, you can begin to understand what needs to be protected and the potential risks associated with them.
Identify Business Risks: After identifying the assets, the next step is to identify the risks associated with each asset. This involves identifying potential threats, vulnerabilities, and impacts that could harm the asset. This step allows you to prioritize risks and determine which ones are most critical.
Assess Vulnerabilities: Once the risks have been identified, the next step is to assess the vulnerabilities associated with each asset. This involves evaluating the security controls in place and determining how effective they are in mitigating the identified risks.
Evaluate Key Controls: Finally, the last step is to evaluate the key controls in place to determine their effectiveness in mitigating the identified risks. This step involves reviewing policies, procedures, and technical controls to ensure they are in place and working as intended.
In summary, identifying business assets is the first step in conducting a risk assessment as it helps to establish a baseline of what needs to be protected before identifying risks, assessing vulnerabilities, and evaluating controls.