What process involves assessing the severity, probability, and frequency of security threats?

The process of assessing the severity, probability, and frequency of security threats is best captured by the concept of Risk Management. This comprehensive process not only identifies potential hazards but also involves the evaluation of the impact and likelihood of various threats occurring, thereby allowing organizations to prioritize their response strategies effectively.

Risk Management encompasses several key steps: identifying risks, evaluating their likelihood and impact, and determining how to mitigate them. In doing so, it provides a systematic approach to understanding security threats in relation to the organization’s objectives and operational context.

While calculating risk entails the mathematical aspect of assessing potential outcomes, it is a subset of the larger Risk Management process, which includes various qualitative and quantitative analyses. Threat analysis focuses specifically on understanding and identifying threats, but it lacks the broader framework that includes management and mitigation strategies. Security assessment encompasses a wider evaluation of the security posture but may not necessarily involve a thorough assessment of risk in terms of severity and frequency.

So, Risk Management comprehensively captures the necessary evaluations needed to assess security threats in a systematic way.