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|This article may be too technical for most readers to understand. (November 2013)|
Security Risk describes employing the concept of risk to the security risk management paradigm to make a particular determination of security orientated events.
Security risk is the demarcation of risk, into the security silo, from the broader enterprise risk management framework for the purposes of isolating and analysing unique events, outcomes and consequences.
Security risk is often, quantitatively, represented as any event that compromises the assets, operations and objectives of an organisation. 'Event', in the security paradigm, comprises those undertaken by actors intentionally for purposes that adversely affect the organisation.
The role of the 'actors' and the intentionality of the 'events', provides the differentiation of security risk from other risk management silos, particularly those of safety, environment, quality, operational and financial.
Some security professionals describe the relationship between security terms according to one of the following formulas.
Risk = Threat × Harm
Risk = Consequence × Threat × Vulnerability
Risk = Consequence × Likelihood
Risk = Consequence × Likelihood × Vulnerability
These formulas should be considered as intuitive relations rather than scientific models. Jeff Lowder has in an Internet blog argued that Risk = Consequence x Threat x Vulnerability are mathematical nonsense.
There are a number of methodologies to analyse and manage security risk: see Category:Risk analysis methodologies
Usually after a cost benefit analysis a countermeasure is set to decrease the likelihood or the consequence of the threat. Security service is the name of countermeasure while transmitting the information.
Main article: Risk - Risk in Psychology
Given the strong influence affective states can play in the conducting of security risk assessment, many papers have considered the roles of affect heuristic and biases in skewing findings of the process.