Which step in the General Security Risk Assessment process involves determining the impact of identified events?

The step that focuses specifically on determining the impact of identified events is crucial in the General Security Risk Assessment process. This phase involves assessing how negatively the organization could be affected by various identified risks, including financial, operational, reputational, and legal implications. Understanding the impact allows organizations to prioritize risks and decide on appropriate risk mitigation strategies.

When assessing impacts, it’s important to consider the potential consequences of each risk event, which informs decision-makers about what aspects of their operations might be vulnerable and how severe the repercussions could be. This understanding is necessary for formulating effective security policies and risk management strategies.

The other steps in the process, while important, serve different purposes. For instance, establishing the probability of loss risk helps to evaluate how likely an event is to occur, while specifying loss risk events/vulnerabilities identifies what specific risks may pose a threat. Performing a cost/benefit analysis assesses the economic viability of deploying security measures but does not directly assess the impact of the events themselves. Thus, determining the impact of the events stands central to understanding and managing risks effectively.