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What is 'Risk Assessment' in the context of IT security for banks?

Q: Answer-What is 'Risk Assessment' in the context of IT security for banks?

Risk Assessment process 1 Asset Identification critical systems, data, processes. 2 Threat Identification hackers, insiders, natural disasters. 3 Vulnerability Identification weak passwords, unpatched systems. 4 Risk Analysis Qualitative HighMediumLow matrix or Quantitative ALE ARO SLE. 5 Risk Treatment Accept, Avoid, Transfer insurance, Mitigate. RBIs IT Risk and Cyber Security Framework mandates formal risk assessments for all banks. ISO 27001 and NIST frameworks guide structured risk management.

A The systematic process of identifying assets, identifying threats and vulnerabilities, evaluating the likelihood and impact of risks, and prioritizing mitigation actions

B The process of testing software applications for bugs and errors to ensure that the application will run smoothly at the user end.

C The annual financial audit of IT department expenditures where all financial aspects are looked into.

D The process of purchasing cybersecurity insurance for IT assets so that the IT assets are protected from any kind of attack.

E The evaluation of employee performance on security awareness that assesses the level of risk for an organization from cyberattacks.

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