What is the definition of risk management in IT security?

The definition of risk management in IT security as a process to identify, assess, and mitigate risks to information and IT assets captures the holistic approach necessary for safeguarding an organization's vital resources. This process encompasses several critical steps, including identifying potential threats and vulnerabilities to IT systems, evaluating the likelihood and potential impact of these risks, and implementing appropriate measures to mitigate any identified risks.

This approach is not limited to financial aspects or specific security practices like password creation or secure software development. Instead, it prioritizes a comprehensive view of all possible risks—whether they stem from data breaches, system failures, or operational disruptions—that might affect the confidentiality, integrity, and availability of information assets. By systematically addressing these risks through assessment and mitigation, organizations can better protect their information technology environments and maintain the trust of stakeholders. This makes an effective risk management strategy crucial for achieving sound information security practices and ensuring compliance with regulations.